DEB_FIN

DEB_CASH

DEB_FIN_it−1

0.45***

(0.04)

-

-

DEB_CASH_it−1

-

-

0.05**

(0.029)

REPUT_it

0.001

(0.001)

0.001*

(0.001)

REPUT_it-1

0.01**

(0.01)

-

-

RENEG_it

−0.001

(0.001)

0.001*

(0.001)

INFOR_it

−0.054

(0.07)

−0.101*

(0.058)

WEALTH_it

−0.01*

−0.014***

(0.006)

(0.005)

MLT1_it

0.01

-

(0.001)

-

MST2_it

SIZE_it

-

-

0.01

(0.013)

0.001***

(0.001)

0.06***

(0.001)

ATTRACT_it

−0.04**

(0.021)

−0.03*

(0.016)

CST

−0.05

−1.23***

(0.325)

(0.23)

Obs

299

299

Nb of groups

23

23

Sargan test (p-value)

AR(1)

AR(2)

0.29

0.01

0.55

0.4

0.02

0.74