Panel A: Full Sample | ||||||||
(1) | (2) | (3) | (4) | (5) | (6) | |||
DEF | 0.130*** | 0.164*** | 0.160*** | |||||
(0.003) | (0.031) | (0.038) | ||||||
DTLR | 0.507*** | 0.510*** | 0.310*** | 0.466*** | 0.456*** | 0.268*** | ||
(0.008) | (0.067) | (0.056) | (0.008) | (0.067) | (0.053) | |||
Cons | −0.001 | −0.149** | −0.004*** | −0.103 | ||||
(0.002) | (0.071) | (0.002) | (0.073) | |||||
Estimators | FE | DGMM | SGMM | FE | DGMM | SGMM | ||
AR2 | 0.78 | 0.87 | 0.73 | 0.94 | ||||
Sargan test | 0.86 | 0.80 | 0.99 | 1.00 | ||||
Hansen test | 0.06 | 0.37 | 0.23 | 0.47 | ||||
T-test | 0.00 | 0.00 | 0.00 | |||||
r2 | 0.29 | 0.38 | ||||||
N | 11075 | 9858 | 11075 | 11075 | 9858 | 11075 | ||
Panel B: Year 2000-2006 | ||||||||
(1) | (2) | (3) | (4) | (5) | (6) | |||
DEF | 0.118*** | 0.175 | 0.188 | |||||
(0.005) | (0.127) | (0.132) | ||||||
DTLR | 0.655*** | 0.275* | 0.311** | 0.601*** | 0.186 | 0.207 | ||
(0.012) | (0.144) | (0.124) | (0.012) | (0.175) | (0.174) | |||
cons | 0.001 | 0.296 | 0.003** | 0.302 | ||||
(0.001) | (0.524) | (0.001) | (0.447) | |||||
Estimators | FE | DGMM | SGMM | FE | DGMM | SGMM | ||
AR2 | 0.67 | 0.34 | 0.94 | 0.45 | ||||
Sargan test | 0.69 | 0.82 | 0.69 | 0.82 | ||||
Hansen test | 0.29 | 0.51 | 0.21 | 0.41 | ||||
T test | 0.00 | 0.00 | 0.00 | |||||
r2 | 0.38 | 0.45 | ||||||
N | 5973 | 4861 | 5973 | 5973 | 4861 | 5973 | ||
Panel C: Year 2007-2011 | ||||||||
(7) | (8) | (9) | (10) | (11) | (12) | |||
DEF | 0.117*** | 0.178*** | 0.234** | |||||
(0.005) | (0.033) | (0.115) | ||||||
DTLR | 0.711*** | 0.431*** | 0.431*** | 0.653*** | 0.498*** | 0.457*** | ||
(0.013) | (0.090) | (0.093) | (0.013) | (0.072) | (0.094) | |||
Cons | −0.001 | −0.187 | −0.004** | −0.415 | ||||