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