| Variables | Lag period | Lag two | Lag three | Lag five |
| Lag period | −*** | −*** | −*** | −*** |
| Lag two |
| +*** | −*** | +*** |
| Lag three |
|
| −*** | −*** |
| Lag five |
|
|
| +** |
| Lag five |
|
|
| −*** |
| INVCSR | +*** | +*** | +*** | +*** |
| EMPCSR | −*** | −*** | −*** | −*** |
| CONCSR |
|
|
|
|
| SUPCSR | −*** | −*** | +** | + |
| GOVCSR | −*** | −** | −*** | + |
| ENVCSR |
|
|
|
|
| SIZE | + | + | +*** | +* |
| OWNER |
|
|
|
|
| Sargan-p | 0.1907 | 0.1677 | 0.2464 | 0.2000 |
| AR(2)-p | 0.3306 | 0.8115 | 0.9023 | 0.4798 |