China Finance and Economic Review

Table 14 Blundell and Bond GMM estimation 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	0.735			0.420			0.536
LL(L1)	0.265	5.31	0.000	0.580	12.560	0.000	0.464	6.33	0.000
TS	−0.062	−8.09	0.000	0.000	−0.630	0.527	−0.022	−5.26	0.000
BR	0.005	4.44	0.000	0.000	−0.310	0.753	−0.001	−2.16	0.031
ZS	−0.002	−3.49	0.000	0.000	−0.860	0.389	−0.001	−8.3	0.000
NDTS	0.522	3.04	0.002	−0.753	−2.830	0.005	−0.679	−4.18	0.000
AgC	0.016	0.18	0.860	0.026	0.320	0.750	−0.099	−1.32	0.187
GROW	−0.007	−2.21	0.027	0.027	4.300	0.000	0.010	2.29	0.022
CP	−0.066	−5.42	0.000	−0.103	−4.630	0.000	−0.102	−6.05	0.000
PP	0.000	−6.79	0.000	0.000	0.740	0.459	0.000	1.95	0.051
LIQ	0.020	6.67	0.000	0.027	4.310	0.000	0.014	8.83	0.000
TANG	−0.012	−3.72	0.000	0.003	0.230	0.817	−0.016	−2.66	0.008
CV	0.016	1.53	0.126	0.056	6.270	0.000	0.047	10.65	0.000
SIZE	0.024	5.36	0.000	−0.010	−1.400	0.161	0.042	8.44	0.000
INDLL	0.338	4.12	0.000	0.431	5.270	0.000	0.419	11.42	0.000
INMP	−0.004	1.96	0.043	0.000	1.140	0.270	−0.006	0.34	0.148
INF	−0.001	0.28	0.486	−0.002	0.240	0.586	0.000	0.48	0.476
ER	0.041	13	0.000	−0.005	−0.810	0.420	0.023	5.97	0.000
EG	0.003	3.83	0.000	0.001	0.990	0.324	0.000	−0.57	0.571
CF	0.001	3.22	0.001	−0.001	−0.820	0.413	−0.001	−1.69	0.091
_cons	−0.898	−6.75	0.000	0.214	0.970	0.332	−0.999	−6.84	0.000

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