Table 6 GMM estimation for ROA model

TDTA

− 0.0185**

− 

− 

STDTA

− 

− 0.2328**

− 

LTDA

− 

− 

3.7165**

FAGE

− 0.0040*

− 0.0044*

− 0.0055

FSIZE

0.0269*

0.0283**

0.0188**

Leverage

− 0.2523**

− 0.2448**

− 0.3141**

Constant

− 0.1359**

− 0.0853**

− 0.0695**

R²

0.4064**

0.04127**

0.4996**

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

0.0587

0.0473

0.02765

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

0.4871

0.9367

0.5465

Sargan test of overid restrictions

0.1873

0.2377

0.2670