VARIABLES

(1) (SGMM)

(2) (SGMM)

(3) (SGMM)

(4) (SGMM)

(5) (SGMM)

ROA_it−1

0.417***

0.437***

0.291***

0.385***

0.252***

(0.064)

(0.063)

(0.067)

(0.065)

(0.057)

Cr

−0.841

−0.794

−0.752

−1.117

−0.760

(0.757)

(0.749)

(0.702)

(0.747)

(0.629)

Liquidity

4.807***

4.622***

2.009

5.161***

0.603

(1.266)

(1.283)

(1.316)

(1.254)

(1.182)

Der

−0.601*

−0.528*

−0.475

−0.500

−0.167

(0.320)

(0.315)

(0.295)

(0.310)

(0.268)

OP

36.56***

33.53***

28.28***

34.81***

37.89***

(5.315)

(4.170)

(3.337)

(5.170)

(4.420)

Rcp

−0.003

(0.007)

Icp

−0.131

(0.190)

Pdp

0.012***

(0.003)

Ccc

0.001***

(0.001)

OP

Constant

0.501

0.624

−3.331**

1.891

2.161*

(1.475)

(1.522)

(1.525)

(1.503)

(1.208)

Sargan

135.396***

126.7092**

123.5097**

122.608**

118.594

Observations

187

187

187

187

187