China Finance and Economic Review

Table 10 GMM estimation results for long term leverage

From: Dynamics of financial leverage across firm life cycle in Chinese firms: an empirical investigation using dynamic panel data model

	Growth				Maturity			Decline
	Coef.	z	P > z	Coef.	z	P > z	Coef.	z	P > z
Adjustment rate	0.750			0.435			0.541
LL(L1)	0.250	13.2	0.000	0.565	18.35	0.000	0.459	34.73	0.000
TS	−0.054	−9.4	0.000	0.000	−0.08	0.938	−0.008	−1.61	0.106
BR	−0.001	−1.57	0.117	0.000	−1.59	0.112	−0.001	−0.9	0.368
ZS	0.001	3.37	0.001	0.000	−0.27	0.789	−0.001	−4.72	0.000
NDTS	0.664	2.84	0.005	−1.103	−4.5	0.000	−0.845	−5.49	0.000
AgC	−0.037	−0.77	0.440	−0.020	−0.24	0.810	−0.043	−0.59	0.552
GROW	−0.007	−1.67	0.095	0.020	3.99	0.000	0.045	8.95	0.000
CP	−0.025	−1.2	0.231	−0.094	−4.97	0.000	−0.089	−4.37	0.000
PP	−0.003	−1.12	0.265	0.000	−3.92	0.000	−0.001	−0.31	0.755
LIQ	0.014	2.44	0.015	0.029	4.63	0.000	0.018	8.52	0.000
TANG	−0.023	−2.25	0.024	0.013	1.21	0.225	−0.018	−2.67	0.008
CV	0.049	3.67	0.000	0.055	5.79	0.000	0.046	6.23	0.000
SIZE	0.028	5.46	0.000	−0.012	−1.61	0.107	0.012	2.42	0.016
INDLL	0.353	5.19	0.000	0.478	6.77	0.000	0.467	16.03	0.000
INMP	−0.001	−1.96	0.050	0.000	1.23	0.217	0.009	0.7	0.482
INF	−0.001	−0.75	0.456	−0.001	−1.25	0.210	−0.001	−3.04	0.002
ER	0.042	5.02	0.000	−0.002	−0.32	0.751	0.015	3.43	0.001
EG	0.004	2.75	0.006	−0.002	−1.91	0.057	−0.003	−5.6	0.000
CF	0.006	3.8	0.000	−0.001	−0.68	0.497	−0.004	−4.06	0.000
_cons	−1.254	−7.27	0.000	0.290	1.39	0.164	−0.166	−1.24	0.215

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