| OLS | FE | Differential GMM | Systematic GMM |
| −0.0016 | −0.2996* | −0.2996*** | −0.1361* |
| (−0.01) | (−1.43) | (−3.59) | (−2.17) |
| −0.7283 | −3.8879* | −3.8879*** | −2.6285* |
| (−0.62) | (−1.78) | (−2.82) | (−3.82) |
| −2.3252*** | −3.1236*** | −3.1236*** | −2.4872*** |
| (−2.85) | (−4.00) | (−6.17) | (−3.27) |
| 0.4346* | 0.3199 | 0.3199 | 0.3094* |
| (1.42) | (0.22) | (0.48) | (0.93) |
| −0.0836 | 0.4913 | 0.4913*** | 0.1882* |