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)