| One step | Two steps | ||
---|---|---|---|---|
GMM1 | GMM2 | GMM1 | GMM2 | |
LEV(L1) | 0.591*** | 0.521*** | 0.593*** | 0.513*** |
−0.034 | −0.018 | −0.037 | −0.024 | |
PROF | −0.028** | −0.027** | −0.025** | −0.022** |
−0.01 | −0.01 | −0.01 | −0.01 | |
SIZE | 0.027*** | 0.027*** | 0.024*** | 0.022** |
−0.004 | −0.004 | −0.004 | −0.004 | |
NWC | −0.006** | −0.006** | −0.013** | −0.014** |
−0.013 | −0.013 | −0.016 | −0.016 | |
OC | 0.001 | 0.001 | 0.002 | 0.002 |
0 | 0 | 0 | 0 | |
NDTS | −0.255 | −0.215 | −0.214 | −0.159 |
−0.107 | −0.11 | −0.126 | −0.121 | |
BSIZE | 0.002 | 0.001 | 0.002 | 0.001 |
0 | 0 | 0 | 0 | |
MTB | 0.001 | 0.001 | 0.001 | 0.001 |
−0.001 | −0.001 | −0.001 | −0.001 | |
TR | 0.001 | 0.002 | 0.001 | 0.002 |
0 | 0 | 0 | 0 | |
INDLEV | 0.346*** | 0.375** | 0.394*** | 0.410*** |
−0.057 | −0.057 | −0.063 | −0.06 | |
LNDLIQ | −0.080*** | −0.085** | −0.05*** | −0.069** |
−0.039 | −0.038 | −0.04 | −0.038 | |
INDHHI | −0.011** | −0.012** | −0.005** | −0.004** |
−0.005 | −0.005 | −0.006 | −0.006 | |
GDP | 0.003*** | 0.003*** | 0.002*** | 0.002*** |
−0.001 | −0.001 | −0.001 | −0.001 | |
INFL | −0.001** | −0.001** | −0.001** | −0.001** |
0 | 0 | 0 | 0 | |
LR | −0.007** | −0.007** | −0.002** | −0.002** |
−0.002 | −0.002 | −0.002 | −0.002 | |
Constant | −0.489 | −0.501 | −0.487 | −0.469 |
Sargen test | 0.249 | 0.179 | 0.478 | 0.343 |
Abond test | 0.125 | 0.239 | 0.614 | 0.398 |
Wild Chi2 | 1234.12 | 773.21 | 832.01 | 686.21 |