Dependent Variable: Return on Assets Estimation method: two-step System GMM | |||
Independent Variables | Coef. | Corrected/robust Std. Err. | p-value |
First lag of return on assets | 0.2780*** | 0.1173 | 0.009 |
Treasury bill rate | 0.0532 | 0.4725 | 0.260 |
Lending interest rate | 0.3666** | 0.1782 | 0.040 |
Core inflation | −0.2490** | 0.1271 | 0.050 |
Logarithm of money supply | −0.3233 | 1.282 | 0.801 |
Logarithm of total assets | 1.3917*** | 0.4373 | 0.001 |
Capital ratio | 0.0974*** | 0.0334 | 0.004 |
Constant | −4.378 | 14.330 | 0.309 |
Diagnostic tests |
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Arellano-Bond test for AR(1) in first differences: z = −2.87***; Pr > z = 0.004 | |||
Arellano-Bond test for AR(2) in first differences: z = −1.51; Pr > z = 0.132 | |||
Sargan test of overid. Restrictions: Chi-Sq. = 108.55*; Prob > chi2 = 0.051 | |||
Hansen test of overid. Restrictions: Chi-Sq. = 39.85; Prob > chi2 = 0.192 | |||
Difference-in-Hansen (iv): Chi-Sq. = 12.78; Prob > chi2 = 0.991 | |||
Difference-in-Hansen(gmm): Chi-Sq. = 9.40; Prob > chi2 = 0.152 | |||
Wald Chi-square = 112.87***; Prob > chi2 = 0.000 | |||
Standard instruments for first differences equation: D. (logcapital logloans logsecurities 2010b. year 2011. year 2012. year 2013. year 2014. year 2015. year 2016. year 2017. year 2018. year) GMM-type Standard instruments for first differences: L (1/8). logta Standard instruments for levels equation: logcapital logloans logsecurities 2010b. year 2011. year 2012. year 2013. year 2014. year 2015. year 2016. year 2017. year 2018. year GMM-type for levels equation: D.logta |