Table 4 GMM estimation for ROA model

TDTA

− 0.0738*

− 

− 

STDTA

− 

− 0.088**

− 

LTDA

− 

− 

0.2422**

FAGE

− 0.0030

− 0.0031

− 0.0003

FSIZE

0.0084*

− 0.0081*

0.0070*

Leverage

− 0.012**

− 0.0131**

− 0.0203**

Constant

− 0.093**

− 0.0884**

− 0.1047**

R²

0.1286**

0.1093**

0.1128**

Arellano− Bond test for AR (1) (Pr W z)

0.0367

0.0431

0.0271

Arellano− Bond test for AR (2) (Pr W z)

0.1388

0.8357

0.3977

Sargan test of overid restrictions

0.9367

0.0774

0.0355