China Finance and Economic Review

Table 15 Blundell and Bond GMM estimation 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	0.604			0.287			0.278
TL(L1)	0.397	6.730	0.000	0.713	10.870	0.000	0.722	7.630	0.000
TS	−0.687	−0.890	0.372	−0.060	4.870	0.000	−0.490	−2.520	0.012
BR	−0.218	−1.300	0.194	0.026	0.900	0.368	−0.160	−1.850	0.064
ZS	−0.195	−1.850	0.064	−0.001	−1.130	0.258	0.066	4.660	0.000
NDTS	1.250	−4.590	0.000	0.730	−5.080	0.000	1.120	−1.820	0.069
AgC	0.128	1.920	0.055	0.005	0.060	0.949	0.007	−1.820	0.069
GROW	0.005	2.750	0.006	0.007	5.010	0.000	0.003	3.820	0.000
CP	−0.173	−1.530	0.125	−0.147	−7.730	0.000	−0.213	−4.220	0.000
PP	−0.014	−2.460	0.014	−0.008	−3.190	0.001	−0.005	−2.100	0.035
LIQ	−0.102	−23.920	0.000	−0.101	−2.080	0.037	−0.716	−6.190	0.000
TANG	0.233	0.180	0.857	−3.449	−2.260	0.024	−2.999	−2.580	0.010
CV	−0.433	−6.340	0.000	−0.510	2.090	0.036	−0.689	2.780	0.005
SIZE	0.023	5.500	0.000	0.031	3.670	0.000	0.036	6.880	0.000
INDLL	0.062	3.250	0.000	0.058	4.210	0.000	0.038	3.140	0.000
INMP	0.004	1.370	0.287	0.002	0.376	0.145	0.002	0.852	0.129
INF	0.020	2.140	0.000	0.031	3.540	0.000	0.050	4.120	0.000
ER	0.038	3.870	0.000	0.039	4.780	0.000	0.035	3.160	0.002
EG	0.311	2.270	0.023	0.417	3.340	0.001	−0.039	−0.300	0.767
CF	0.147	1.910	0.056	0.222	3.600	0.000	0.071	1.070	0.284
_cons	−0.663	−3.100	0.002	−1.340	−4.040	0.000	−0.830	−5.880	0.000

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