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