Model 1

Model 2

Model 3

Model 4

Model 5

ROA_t−1

(0.217)***

(0.201)

(0.177)

(0.196)

(0.189)

(0.063)

(0.067)

(0.039)

(0.054)

(0.065)

CR

(0.468)**

(0.497)

(0.463)

(0.490)

(0.480)

(0.157)

(0.134)

(0.076)

(0.131)

(0.134)

LR

(0.226)**

(0.247)

(0.238)

(0.232)

(0.243)

(0.055)

(0.074)

(0.063)

(0.045)

(0.075)

MR

(0.221) ***

(0.228)

(0.191)

(0.201)

(0.209)

(0.074)

(0.056)

(0.066)

(0.053)

(0.053)

OR

(0.321) ***

(0.354)

(0.274)

(0.298)

(0.314)

(0.086)

(0.129)

(0.091)

(0.101)

(0.119)

CG

0.199**

0.245

0.209

0.212

0.213

(0.073)

(0.086)

(0.058)

(0.055)

(0.056)

Size

0.151 **

0.128

0.123

0.130

0.126

(0.053)

(0.032)

(0.025)

(0.043)

(0.032)

Growth

0.177 ***

0.144

0.109

0.132

0.127

(0.048)

(0.038)

(0.029)

(0.035)

(0.034)

CG * CR

0.130

(0.043)

CG * OR

0.188

(0.056)

CG * LR

0.113

(0.039)

0.121

(0.044)

CG * MR

Constant

0.158

0.263

(0.192)

0.071

0.036

(0.055)

(0.090)

(0.065)

(0.021)

0.009

Firm-fixed effect

Yes

Yes

Yes

Yes

Yes

Time-fixed effect

Yes

Yes

Yes

Yes

Yes

Observations

200

200

200

200

200

Number of Firms

10

10

10

10

10

Wald Chi-squared statistics

533.74

560.74

545.73

555.15

364.37

P-value

0.000

0.000

0.000

0.000

0.000

Sargan test

56.586

55.770

56.423

55.988

44.47

P-value

0.116

0.115

0.116

0.115

0.232

AR (1)

22.08

22.76

22.65

24.65

18.18

P-value

0.001

0.000

0.000

0.000

0.003

AR (2)

20.282

20.439

20.203

20.498

2.341

P-value

0.253

0.255

0.252

0.256

0.161