Table 7 Robustness check- GMM approach.

RMD

-0.5416*

-0.2693***

-0.3473***

-0.0395***

-0.0552*

-0.3078***

(0.2985)

(0.0416)

(0.0323)

(0.0158)

0.0323

(0.0295)

FRS

0.2769***

0.1073***

0.1156***

0.0120

0.0073

0.1036***

(0.0725)

(0.0386)

(0.0300)

(0.0147)

(0.0287)

(0.0274)

LEV

0.6567***

-0.1340***

-0.1333***

0.0166

-0.0113

0.1167***

(0.2107)

(0.0294)

(0.0228)

(0.0112)

(0.0228)

(0.0209)

FTY

-0.0567

0.0204***

0.0178***

-0.0006

0.0019

-0.0172***

(0.0375)

(0.0052)

(0.0041)

(0.0020)

(0.0040)

(0.0037)

FAG

-0.0125

0.0004

-0.0065***

0.0064***

0.0008

0.0001

(0.0234)

(0.0033)

(0.0025)

(0.0012)

(0.0026)

(0.0023)

CAP

0.6553*

-0.0264

-0.0574

0.0380***

0.0400

0.0194

(0.3629)

(0.0506)

(0.0393)

(0.0192)

(0.0263)

(0.0359)

Constant

1.4931***

1.3202***

1.2045***

-0.2841

0.1878

-0.9203***

(0.1118)

(0.5729)

(0.4449)

(0.2178)

(0.4517)

(0.4069)

Obs.

2640

2640

2640

2640

2640

2640

Years

13

13

13

13

13

13

No of Firms

240

240

241

240

240

240

Firm-FE

Yes

Yes

Yes

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Yes

Yes

No

AR (1)

-1.94

-8.00

-2.62

-5.26

-3.50

-5.38

(0.05)

(0.00)

(0.01)

(0.00)

(0.00)

(0.00)

AR (2)

8.94

5.81

5.50

8.50

8.15

9.57

(0.35)

(0.27)

(0.62)

(0.62)

(0.27)

(0.57)

Hansen Test

2.63

2.69

8.88

5.66

9.34

2.85

(0.99)

(0.51)

(0.77)

(0.65)

(0.12)

(0.73)

Wald Test

10.55

19.40

12.88

15.63

16.93

17.25

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)