China Finance and Economic Review

Table 11 GMM estimation results for total 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	0.594			0.286			0.268
TL(L1)	0.406	8.99	0.000	0.714	19.08	0.000	0.732	22.95	0.000
TS	−0.032	−4.18	0.000	0.001	5.03	0.000	−0.002	−0.45	0.651
BS	−0.001	−0.59	0.555	0.000	−1.89	0.059	0.000	−9.27	0.000
ZS	0.000	1.34	0.180	0.000	−0.4	0.692	0.001	6.32	0.000
NDTS	−1.157	−3.71	0.000	−2.074	−7.17	0.000	−0.160	−0.53	0.598
AgC	−0.125	−1.49	0.135	0.104	1.08	0.278	−0.315	−3.62	0.000
GROW	0.005	3	0.003	0.004	1.34	0.182	0.088	7.25	0.000
CP	−0.145	−6.53	0.000	−0.183	−7.9	0.000	−0.247	−7.68	0.000
PP	−0.007	−1.51	0.132	−0.001	−5.19	0.000	−0.002	−0.51	0.607
LIQ	−0.102	−18.19	0.000	−0.002	−3	0.003	−0.007	−12.49	0.000
TANG	−0.003	−0.2	0.838	−0.016	−1.19	0.233	−0.046	−3.5	0.000
CV	−0.033	−2.71	0.007	0.022	1.94	0.052	0.032	3.12	0.002
SIZE	0.031	4.01	0.000	0.062	7.6	0.000	0.028	3.57	0.000
INDLL	0.062	6.99	0.000	0.018	2.01	0.044	0.000	0.05	0.959
INMP	0.001	1.4	0.160	0.002	7.56	0.000	−0.010	−0.56	0.578
INF	0.001	1.83	0.068	0.002	3.68	0.000	0.002	2.28	0.023
ER	0.036	3.75	0.000	0.054	8.57	0.000	0.024	3.22	0.001
EG	−0.001	−0.78	0.436	−0.002	−2.18	0.030	0.000	0.1	0.919
CF	0.003	1.77	0.078	0.004	3.73	0.000	0.002	1.58	0.115
_cons	−0.577	−2.42	0.016	−1.750	−8.61	0.000	−0.737	−3.41	0.001

Back to article page