| One step | Two steps | ||
---|---|---|---|---|
GMM1 | GMM2 | GMM1 | GMM2 | |
LEV(L1) | 0.692*** | 0.653*** | 0.673*** | 0.685*** |
−0.036 | −0.018 | −0.042 | −0.025 | |
PROF | −0.094** | −0.088** | −0.074** | −0.067** |
−0.016 | −0.015 | −0.025 | −0.024 | |
SIZE | 0.042** | 0.042** | 0.026** | 0.032** |
−0.004 | −0.004 | −0.007 | −0.006 | |
NWC | −0.030** | −0.032** | −0.005** | −0.020** |
−0.016 | −0.015 | −0.019 | −0.018 | |
OC | 0.001 | 0.001 | 0.001 | 0.001 |
0 | 0 | 0 | 0 | |
NDTS | −0.163 | −0.097 | −0.196 | −0.052 |
−0.127 | −0.123 | −0.167 | −0.149 | |
BSIZE | 0.001 | 0.001 | 0.001 | 0.001 |
0 | 0 | 0 | 0 | |
MTB | 0.001 | 0.001 | −0.001 | −0.001 |
−0.002 | −0.002 | −0.002 | −0.001 | |
TR | 0 | 0 | 0 | 0 |
−0.001 | −0.001 | 0 | 0 | |
INDLEV | 0.334*** | 0.279*** | 0.317*** | 0.241*** |
−0.055 | −0.051 | −0.06 | −0.055 | |
LNDLIQ | −0.031** | −0.034** | −0.028** | −0.023** |
−0.041 | −0.036 | −0.032 | −0.028 | |
INDHHI | −0.024** | −0.024** | −0.016** | −0.020** |
−0.007 | −0.007 | −0.008 | −0.007 | |
GDP | 0.004*** | 0.004*** | 0.002*** | 0.003** |
−0.001 | −0.001 | −0.001 | −0.001 | |
INFL | −0.001** | −0.008** | −0.005** | −0.009** |
0 | 0 | 0 | 0 | |
LR | −0.011** | −0.011** | −0.015** | −0.006** |
−0.002 | −0.002 | −0.002 | −0.002 | |
Constant | −0.712 | −0.703 | −0.674 | −0.516 |
Abond test | 0.217 | 0.871 | 0.478 | 0.357 |
Sargan test | 0.147 | 0.123 | 0.136 | 0.138 |
Wald Chi2 | 1132.23 | 1234.53 | 1478.32 | 1725.103 |