Variable | System GMM | Differential GMM |
(1) FA | (2) FA | |
L.FA | 0.690*** | 0.652*** |
| (12.76) | (15.18) |
L.MPU | −0.108* | −0.134* |
| (−1.78) | (−1.94) |
Constant | 0.970* |
|
| (1.83) |
|
Firm controls | YES | YES |
Macroeconomic controls | YES | YES |
Observations | 21,854 | 18,989 |
AR(1) | 0.000 | 0.000 |
AR(2) | 0.802 | 0.309 |
Hansen test (P value) | 0.127 | 0.169 |