Variables | Model 1 | Model 2 | Model 3 | |||
Coefficient | p-value | Coefficient | p-value | Coefficient | p-value | |
Lag of Dep. Var | 0.0268 | 0.834 | 0.2355** | 0.028 | 0.1030 | 0.400 |
CURRENTETR | 0.0640** | 0.041 |
|
|
|
|
CASHETR |
|
| 0.1329* | 0.078 |
|
|
BTD |
|
|
|
| −0.0947* | 0.096 |
BIG4 | 0.0583 | 0.389 | 0.0352 | 0.442 | 0.0275 | 0.587 |
SIZE | 0.0048 | 0.864 | −0.0158 | 0.395 | −0.0056 | 0.809 |
ROA | 0.4472* | 0.052 | 0.4652** | 0.043 | 0.4393* | 0.093 |
GROWTH | −0.0031 | 0.583 | 0.0038 | 0.401 | 0.0048 | 0.381 |
PPE | 0.8808*** | 0.000 | 0.3977*** | 0.000 | 0.7047*** | 0.000 |
J-statistic | 21.4 | 39.41 | 28.9 | |||
Prob J-statistic | 0.721 | 0.406 | 0.74 |