Panel C: Year 2007-2011 | ||||||
(1) | (2) | (3) | (4) | (5) | (6) | |
DEF | 0.117*** | 0.172*** | 0.163*** | |||
(0.005) | (0.032) | (0.040) | ||||
DTLRUnder | 0.755*** | 0.431** | 0.157 | 0.699*** | 0.428** | 0.283 |
(0.031) | (0.208) | (0.328) | (0.029) | (0.194) | (0.226) | |
DTLROver | 0.689*** | 0.601*** | 0.366*** | 0.631*** | 0.526*** | 0.282*** |
(0.019) | (0.103) | (0.118) | (0.018) | (0.101) | (0.109) | |
Cons | −0.002 | −0.166* | −0.005*** | −0.136 | ||
(0.002) | (0.096) | (0.002) | (0.088) | |||
Estimators | FE | DGMM | SGMM | FE | DGMM | SGMM |
AR2 | 0.19 | 0.60 | 0.08 | 0.26 | ||
Sargan test | 0.00 | 0.00 | 0.00 | 0.00 | ||
Hansen test | 0.06 | 0.22 | 0.17 | 0.36 | ||
T-test | 0.00 | 0.00 | 0.00 | |||
F-test | 0.11 | 0.52 | 0.62 | 0.08 | 0.70 | 1.00 |
r2 | 0.41 | 0.48 | ||||
N | 5102 | 4997 | 5102 | 5102 | 4997 | 5102 |