| OLS | 2OLS | |||
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | |
PGap1 |
| 0.572*** |
| 3.028*** |
|
| (15.80) |
| (11.58) |
| |
PGap2 |
|
| 0.604*** |
| 3.320*** |
|
| (15.76) |
| (11.37) | |
Roa | 1.674*** | 0.982*** | 1.018*** | −2.008*** | −1.935*** |
(5.76) | (3.38) | (3.52) | (−4.31) | (−4.16) | |
Mgr | 1.986 | 2.022 | 2.133 | 2.142 | 2.808 |
(0.89) | (0.92) | (0.98) | (0.85) | (1.10) | |
Inr | 0.880*** | 0.597*** | 0.590*** | −0.647*** | −0.715*** |
(5.90) | (4.05) | (4.01) | (−2.80) | (−2.99) | |
TQ | 0.209*** | 0.167*** | 0.170*** | −0.013 | −0.007 |
(7.15) | (5.73) | (5.87) | (-0.35) | (−0.17) | |
Dual | 0.072 | 0.097 | 0.101 | 0.206*** | 0.233*** |
(1.11) | (1.53) | (1.60) | (2.67) | (2.99) | |
Size | −0.175*** | −0.384*** | −0.386*** | −1.285*** | −1.331*** |
(−4.88) | (−10.18) | (-10.29) | (-12.19) | (-11.96) | |
Lev | 0.493*** | 0.607*** | 0.593*** | 1.102*** | 1.044*** |
(2.64) | (3.31) | (3.24) | (5.18) | (4.92) | |
Age | −0.014** | −0.018*** | −0.018*** | −0.039*** | −0.038*** |
(−2.24) | (−3.09) | (−3.04) | (−5.16) | (−4.90) | |
H5 | 0.039 | 0.057 | 0.061 | 0.195 | 0.158 |
(0.21) | (0.31) | (0.34) | (0.82) | (0.65) | |
Constant | 3.126*** | 7.143*** | 7.923*** | 24.463*** | 29.500*** |
(4.17) | (9.18) | (10.04) | (11.97) | (11.85) | |
Kleibergen-Paaprk LMstatistic |
|
|
| 201.653 | 188.039 |
|
|
| [0.000] | [0.000] | |
Kleibergen-Paaprk Wald Fstatistic |
|
|
| 213.520 | 197.377 |
|
|
| {16.38} | {16.38} | |
N | 10,719 | 10,719 | 10,719 | 10,719 | 10,719 |
R2 | 0.179 | 0.205 | 0.205 | 0.269 | 0.322 |