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)