OLS

FE

Differential GMM

Systematic GMM

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

0.1450*

−0.1808*

−0.1837***

0.1786***

(1.11)

(−1.13)

(−3.62)

(2.19)

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

−1.5574*

−2.9062*

−4.6587*

−2.4309

(−0.98)

(−0.90)

(−1.15)

(−0.65)

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

1.3662*

0.9662*

0.5741

0.7712

(1.47)

(0.91)

(0.53)

(0.52)

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

2.2740*

−1.6682

−7.2755*

−4.8061*

(1.16)

(−0.24)

(−0.88)

(−1.22)

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

−3.4943**

17.2964***

23.2273***

4.5612*

(−1.82)

(2.61)

(4.73)

(1.33)

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

−1.0466***

−1.1679*

−1.6147*

−1.4228***

(−2.12)

(−1.23)

(−1.07)

(−2.14)

$GDP{R}_t$

0.0628

4.6766*

5.2781*

0.5404

(0.02)

(1.21)

(1.00)

(0.13)

$M_t$

0.7219*

1.2063***

1.2879***

1.0013*

(1.20)

(2.16)

(2.04)

(1.61)

C

0.1715*

−0.2726

−0.1006

0.2651

(1.04)

(−0.54)

(−0.17)

(0.66)

F

3.40

2.37

$Prob>F$

0.0038

0.0369

R-squared

0.3877

0.3446

AR 2(P)

0.5967

0.3301

Sargan(P)

1.0000

0.9999