Panel A: Full Sample | ||||||
(1) | (2) | (3) | (4) | (5) | (6) | |
DEF | 0.128*** | 0.139*** | 0.118*** | |||
(0.003) | (0.022) | (0.022) | ||||
CTLR | 0.827*** | 0.806*** | 0.693*** | 0.747*** | 0.726*** | 0.560*** |
(0.022) | (0.129) | (0.119) | (0.020) | (0.117) | (0.108) | |
LECT | −0.468*** | −0.402*** | −0.394*** | −0.434*** | −0.371*** | −0.365*** |
(0.008) | (0.037) | (0.034) | (0.008) | (0.035) | (0.033) | |
Cons | −0.002 | −0.023 | −0.005*** | −0.015 | ||
(0.002) | (0.023) | (0.002) | (0.022) | |||
Estimators | FE | DGMM | SGMM | FE | DGMM | SGMM |
AR2 | 0.48 | 0.47 | 0.94 | 0.37 | ||
Sargan test | 0.10 | 1.00 | 0.27 | 1.00 | ||
Hansen test | 0.40 | 0.20 | 0.22 | 0.10 | ||
T-test | 0.00 | 0.00 | 0.00 | |||
F-test | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.07 |
r2 | 0.31 | 0.39 | ||||
N | 11075 | 9858 | 11075 | 11075 | 9858 | 11075 |
Panel B: Year 2000-2006 | ||||||
(1) | (2) | (3) | (4) | (5) | (6) | |
DEF | 0.116*** | 0.099 | 0.041 | |||
(0.005) | (0.091) | (0.090) | ||||
CTLR | 0.826*** | 0.086 | 0.409 | 0.739*** | −0.048 | 0.253 |
(0.027) | (0.655) | (0.498) | (0.026) | (0.629) | (0.418) | |
LECT | −0.625*** | −0.435*** | −0.430*** | −0.577*** | −0.405** | −0.423*** |
(0.013) | (0.156) | (0.134) | (0.012) | (0.162) | (0.138) | |
Cons | 0.000 | 0.142 | 0.003** | 0.142 | ||
(0.001) | (0.098) | (0.001) | (0.096) | |||
Estimators | FE | DGMM | SGMM | FE | DGMM | SGMM |
AR2 | 0.25 | 0.71 | 0.43 | 0.61 | ||
Sargan test | 0.77 | 1.00 | 0.73 | 1.00 | ||
Hansen test | 0.52 | 0.52 | 0.38 | 0.44 | ||
T-test | 0.00 | 0.00 | 0.00 | |||
F-test | 0.00 | 0.62 | 0.97 | 0.00 | 0.50 | 0.70 |
r2 | 0.38 | 0.46 | ||||
N | 5973 | 4861 | 5973 | 5973 | 4861 | 5973 |
Panel C: Year 2007-2011 | ||||||
(7) | (8) | (9) | (10) | (11) | (12) | |
DEF | 0.117*** | 0.140*** | 0.139*** | |||
(0.005) | (0.022) | (0.025) |