Variable

Model 1

Model 2

ES-t-1

−0.175***

−0.162***

(0.014)

(0.047)

COGSC

0.005***

-

(0.001)

INBOAR

-

0.014

(0.016)

BOASI

-

0.005

(0.033)

BOAM

-

−0.004

(0.035)

BOAGED

-

−0.001

(0.136)

STABOA

-

−0.139

(0.136)

CHEX

-

−0.732***

(0.245)

OWNC

-

−0.003

(0.003)

SIZE

6.24E−06***

3.75E−06

(1.44E−06)

(2.32E−06)

LEVE

−0.013***

−0.004

(0.001)

(0.004)

ROAS

−0.002

−0.006

(0.001)

(0.005)

DIPS

−0.008***

−0.003

(0.002)

(0.002)

LIQU

0.054

0.324***

(0.043)

(0.118)

FIRG

−0.121***

−0.047

(0.009)

(0.039)

AR (1)-p value

0.000

0.000

AR (2)-p value

0.326

0.371

Hansen’s J test-p-value.

0.1427

0.1123

No. of firms

127

127