China Finance and Economic Review

Table 9 GMM estimation results for short-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	0.905			0.780			0.64
SL(L1)	0.095	3.83	0.0000	0.220	6.88	0.000	0.340	4.24	0.000
TS	−0.004	−0.49	0.6210	−0.004	−1.12	0.262	0.018	1.95	0.052
BR	0.000	0.06	0.9550	0.000	2.66	0.008	0.000	−15	0.000
ZS	0.001	0.91	0.3610	0.000	−12.32	0.000	0.000	−0.37	0.714
NDTS	−0.763	−1.56	0.1180	−0.038	−0.17	0.867	−0.490	−2.76	0.006
AgC	−0.092	−0.6	0.5490	0.044	0.61	0.544	−0.577	−4.8	0.000
GROW	−0.031	−3.84	0.0000	−0.003	−0.65	0.515	−0.009	−1.84	0.066
CP	−0.187	−4.5	0.0000	−0.109	−4.11	0.000	−0.074	−2.29	0.022
PP	−0.011	−2.94	0.0030	−0.009	−2.18	0.029	−0.013	−4.49	0.000
LIQ	−0.083	−10.56	0.0000	−0.046	−8.98	0.000	−0.051	−7.47	0.000
TANG	−0.006	−0.34	0.7330	−0.025	−1.7	0.089	0.024	1.98	0.047
CV	−0.051	−2.63	0.0090	−0.034	−3.04	0.002	−0.018	−1.27	0.205
SIZE	0.003	0.31	0.7590	0.016	2.15	0.031	−0.005	−0.61	0.540
INDSL	0.506	5.77	0.0000	0.281	5.21	0.000	0.344	7.9	0.000
INMP	0.003	5.58	0.0000	0.002	4.36	0.000	0.113	7.01	0.000
INF	0.001	0.69	0.4880	0.002	2.92	0.004	0.000	0.57	0.569
ER	−0.019	−1.52	0.1280	0.010	1.5	0.134	−0.022	−3.25	0.001
EG	0.006	3.57	0.0000	−0.001	−0.94	0.345	−0.005	−4.43	0.000
CF	0.001	0.48	0.6280	−0.001	−0.87	0.385	−0.008	−6.46	0.000
_cons	0.199	0.68	0.4950	−0.231	−1.15	0.252	0.834	4.03	0.000

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