Table 3 Estimated results of regulated effects based on SYS-GMM

Exd

0.3536***

(2.51)

0.1788

(1.61)

0.1133

(0.99)

0.0655

(0.86)

0.2694***

(2.85)

−0.0433

(−0.86)

0.1336

(1.25)

0.0832

(0.68)

Scal

0.1625***

(2.72)

0.1553**

(2.19)

0.1281*

(1.99)

0.1659

(1.56)

Stat

0.3727***

(2.95)

0.1863**

(2.03)

0.2120*

(1.81)

0.1768

(1.21)

Exd × Scal

0.2869***

(5.10)

0.2009**

(2.15)

Exd × Stat

0.4619***

(3.37)

0.3997***

(2.62)

InpK

0.3435***

(3.66)

0.3060***

(3.13)

0.3245***

(3.09)

0.3007***

(2.75)

InpL

0.2031***

(2.56)

0.1989**

(2.12)

0.1998***

(2.39)

0.1990**

(2.28)

Up

−0.3120

(−1.23)

−0.1063

(−1.44)

0.2869

(1.27)

−0.1423

(−1.62)

Down

−0.1066***

(−3.44)

−0.1386**

(−2.16)

−0.1697**

(−2.16)

−0.1066**

(−2.26)

AR(1)

0.0070

0.0210

0.0080

0.0110

0.0300

0.0320

0.0390

0.0120

AR(2)

0.1240

0.1080

0.1260

0.1290

0.3330

0.2930

0.1860

0.2610

Sargan test

0.4500

0.3750

0.4720

0.3990

0.1620

0.2770

0.4310

0.3670

Hansen test

1.0000

1.0000

0.9880

1.0000

1.0000

1.0000

1.0000

1.0000