OLS

FE

Differential GMM

Systematic GMM

$L.LOA{N}_{i,t}$

0.3795***

−0.1865*

−0.0394

0.2295***

(4.00)

(−1.33)

(−0.39)

(2.20)

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

−2.2488**

−3.6892**

−6.4782*

−4.5659**

(−1.68)

(−1.74)

(−1.48)

(−1.67)

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

0.7724*

0.0202

0.1511

−0.2228

(0.88)

(0.02)

(0.16)

(−0.27)

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

−0.0627

−1.4855

−4.3230*

−1.2186*

(−0.32)

(−0.48)

(−1.19)

(−1.01)

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

−0.2047*

4.0606***

6.4289***

1.0731*

(−1.29)

(2.06)

(2.69)

(0.92)

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

−0.7228***

−1.7806***

−2.1249**

−1.5122***

(−1.67)

(−3.28)

(−1.79)

(−1.86)

$GDP{R}_t$

−0.6738

3.3900*

0.7546

−2.5465*

(−0.36)

(1.07)

(0.16)

(−0.70)

$M_t$

0.6209*

0.5262*

0.5845*

0.6374*

(1.32)

(1.39)

(1.08)

(1.56)

C

0.1926*

0.3561*

0.6089*

0.6208***

(1.66)

(1.39)

(1.50)

(2.93)

F

11.73

2.22

$Prob>F$

0.0000

0.0391

R-squared

0.4535

0.2410

AR 2(P)

0.1828

0.4849

Sargan(P)

0.8043

0.9887