Model 1

Model 2

Model 3

Model 4

Difference GMM

Random Effects

Difference GMM

Random Effects

0.3532***

-

0.3635***

-

(7.05)

-

(7.58)

-

0.0196***

0.0247***

0.0359

0.0616

(2.27)

(2.52)

(1.26)

(1.59)

−0.7148***

−0.7899***

−0.6122*

−0.5429

(−3.43)

(−2.69)

(−2.01)

(−1.39)

-

-

−0.0185

−0.356

-

-

(−0.70)

(−0.96)

0.2116***

0.4036***

0.1990***

0.3954***

(4.26)

（4.90）

（4.42）

(5.04)

0.1976

0.1925

0.2025*

0.1919

(1.68)

(1.24)

(1.76)

(1.25)

−0.9876*

−0.8713

−0.7227

−0.8496

(−1.79)

(−1.53)

(−1.42)

(−1.54)

0.2703

0.1525

0.1941

0.1812

(0.86)

(0.39)

(0.63)

(0.47)

−1.3411***

−1.3692***

−1.2840***

−1.3813***

(−4.56)

(−3.88)

(−4.37)

(−3.94)

0.1523

0.0097

0.1958

0.0810

(0.93)

(0.03)

(1.31)

(0.30)

0.6954***

1.2687***

0.6912***

1.2711***

(4.54)

(4.69)

(4.98)

(4.95)

8.2124***

8.4809***

7.1788***

8.0819***

(3.50)

(2.80)

(3.24)

(2.71)

Sargan-test

0.271

-

0.383

-

AR(1)

0.000

-

0.000

-

AR(2)

0.200

-

0.198

-