OLS

FE

Differential GMM

Systematic GMM

$L.NP{L}_{i,t}$

0.4629***

0.3957**

0.3957***

0.3789***

(2.79)

(1.94)

(4.84)

(5.86)

$LE{R}_{i,t}$

0.2715***

0.0492

0.0492

0.3164***

(2.55)

(0.23)

(0.38)

(3.78)

$CA{R}_{i,t}$

−0.0637*

−0.0881*

−0.0881***

−0.1205***

(−1.07)

(−1.14)

(−2.10)

(−2.85)

$ASSE{T}_{i,t}$

0.0305**

0.0854

0.0854*

0.0480***

(1.87)

(0.51)

(1.04)

(4.80)

$M{S}_{i,t}$

−0.0300**

−0.2212**

−0.2212***

−0.0447***

(−1.99)

(−1.96)

(−2.55)

(−11.78)

$RO{E}_{i,t}$

−0.0074

−0.0340*

−0.0340*

0.0020

(−0.28)

(−0.70)

(−1.29)

(0.17)

$GDP{R}_t$

−0.0751

−0.3410*

−0.3410***

−0.2701***

(−0.52)

(−1.23)

(−2.78)

(−2.11)

$M_t$

0.0736***

0.1100***

0.1100***

0.0768***

(2.90)

(3.66)

(2.62)

(2.46)

C

−0.0061*

0.0376*

0.0376***

0.0022

(−1.12)

(1.06)

(2.42)

(0.28)

F

15.88

5.23

$Prob>F$

0.0000

0.0055

R-squared

0.8336

0.7772

AR 2(P)

0.1534

0.0867

Sargan(P)

0.6714

0.8489