OLS

FE

Differential GMM

Systematic GMM

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

0.7933***

0.5873***

0.8058***

0.7333***

(9.13)

(5.34)

(4.44)

(5.58)

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

0.0705*

0.0534

0.1921*

0.0584*

(1.45)

(0.67)

(1.53)

(0.79)

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

−0.0823***

−0.0686***

−0.0495*

−0.0547***

(−4.34)

(−2.60)

(−1.55)

(−2.51)

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

−0.0243

0.0692

0.3333*

0.0949

(−0.65)

(0.41)

(1.51)

(0.65)

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

0.0619**

0.0583

−0.0131

−0.0189

(1.83)

(0.35)

(−0.07)

(−0.16)

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

−0.0041

−0.0296*

0.0434*

−0.0113

(−0.32)

(−1.07)

(1.11)

(−0.44)

$GDP{R}_t$

−0.0186

−0.0788*

−0.2479***

−0.0900*

(−0.35)

(−0.83)

(−2.19)

(−1.46)

$M_t$

0.0404***

0.0421***

0.0632***

0.0501***

(3.39)

(2.98)

(3.62)

(3.02)

C

0.0057*

0.0096*

−0.0174*

0.0042

(1.33)

(0.75)

(−1.13)

(0.49)

F

66.48

24.03

$Prob>F$

0.0000

0.0000

R-squared

0.9156

0.8423

AR 2(P)

0.1600

0.3081

Sargan(P)

0.9999

1.0000