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 |