Table 8 Results of FGLS, DPD, GLS, and DOLS.
FLGS | GLS-Random | DPD (Robust) | DOLS | |||||
|---|---|---|---|---|---|---|---|---|
Coef. | P > | z| | Coef. | P > | z| | Coef. | P > | z| | Coef. | P > | z| | |
EBITDA | 80.790 | 0.002 | 84.316 | 0.000 | 177.934 | 0.000 | 267.013 | 0.000 |
EBIT | −10.792 | 0.590 | −22.771 | 0.046 | −46.202 | 0.000 | −58.975 | 0.204 |
LEV | 165.610 | 0.000 | 40.501 | 0.082 | 85.148 | 0.000 | 174.613 | 0.004 |
AG | −47.812 | 0.006 | 4.035 | 0.783 | 12.462 | 0.459 | −310.245 | 0.000 |
S | −23.028 | 0.000 | 14.694 | 0.027 | 19.283 | 0.019 | −30.522 | 0.169 |
GRO | 1.910 | 0.386 | 2.153 | 0.017 | 1.284 | 0.143 | 0.9108 | 0.799 |
Constant | 53.788 | 0.035 | −93.2978 | 0.000 | −20.659 | 0.000 | ||
F-value | – | 8.790 | – | – | ||||
Prob > ch2 | 0.000 | 0.000 | 0.0000 | 0.000 | ||||
R2 | – | 0.3173 | – | 0.25041 | ||||
Homoscedastic | – | – | – | |||||
No autocorrelation | – | One-step results | – | |||||
Wald chi2(6) | 55.33 | – | 440.33 | 320.25 | ||||
Instruments for differenced equation GMM-type: L(2/.).ebitda L(2/.).ebit Instruments for level equation Standard: _cons | ||||||||
