| OLS | FE | Differential GMM | Systematic GMM |
| 0.4629*** | 0.3957** | 0.3957*** | 0.3789*** |
| (2.79) | (1.94) | (4.84) | (5.86) |
| 0.2715*** | 0.0492 | 0.0492 | 0.3164*** |
| (2.55) | (0.23) | (0.38) | (3.78) |
| −0.0637* | −0.0881* | −0.0881*** | −0.1205*** |
| (−1.07) | (−1.14) | (−2.10) | (−2.85) |
| 0.0305** | 0.0854 | 0.0854* | 0.0480*** |
| (1.87) | (0.51) | (1.04) | (4.80) |
| −0.0300** | −0.2212** | −0.2212*** | −0.0447*** |
| (−1.99) | (−1.96) | (−2.55) | (−11.78) |
| −0.0074 | −0.0340* | −0.0340* | 0.0020 |
| (−0.28) | (−0.70) | (−1.29) | (0.17) |
| −0.0751 | −0.3410* | −0.3410*** | −0.2701*** |
| (−0.52) | (−1.23) | (−2.78) | (−2.11) |
| 0.0736*** | 0.1100*** | 0.1100*** | 0.0768*** |
| (2.90) | (3.66) | (2.62) | (2.46) |
C | −0.0061* | 0.0376* | 0.0376*** | 0.0022 |
| (−1.12) | (1.06) | (2.42) | (0.28) |
F | 15.88 | 5.23 |
|
|
| 0.0000 | 0.0055 |
|
|
R-squared | 0.8336 | 0.7772 |
|
|
AR 2(P) |
|
| 0.1534 | 0.0867 |
Sargan(P) |
|
| 0.6714 | 0.8489 |