| Variables | Panel-data estimation, two-step system GMM | |
| ESPC | Coefficient Standard error T-Stat (Prob) | 0.005893 0.011786 0.9625 (0.5947) |
| RDEC | Coefficient Standard error T-Stat (Prob) | 133.6736 112.0213 2.3375 (0.2214) |
| PC | Coefficient Standard error T-Stat (Prob) | −41.7666 41.51715 −1.9839 (0.2983) |
| CDC | Coefficient Standard error T-Stat (Prob) | 4.847858 24.71268 0.3929 (0.8018) |
| CONSTANT | Coefficient Standard error T-Stat (Prob) | −1160.77 2579.832 −0.8839 (0.6204) |
| Observations | 440 | 440 |
| Wald test | chi2 (4) = 22.8071 (0.000) |
|
| Adjusted R2 | 0.05 |
|
| AR(1) AR(2) | Z = -1.00 (0.316) Z = 0.98 (0.328) |
|
| Test of overbid. Restrictions | Sargan: chi2 (495) = 562.1394 (0.068) Hansen: chi2 (495) = 53.4482 (1.000) |
|
| Exogeneity tests: GMM instruments for levels | Hansen: chi2 (414) = 51.3072 (1.000) Difference (null H = exogenous): chi2 (81) = 2.14 (1.000) | |
| Exogeneity tests: Individual Instruments | Hansen test excluding group: chi2 (489) = 43.19 (1.000) Difference (null H = exogenous): chi2 (3) = 10.25 (0.156) | |