Kolom 1

Dynamic panel-data estimation, two-step system GMM

------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 9.76 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .065459 .0321841 2.03 0.044 .0016965 .1292215
|
finall | -.0522121 .014171 -3.68 0.000 -.0802874 -.0241368
eqta | -17.73529 10.43406 -1.70 0.092 -38.40706 2.936469
roa | .6252975 .4635063 1.35 0.180 -.2929921 1.543587
overhead | -125.5726 37.3426 -3.36 0.001 -199.555 -51.59018
lnta | -.7692997 .6556913 -1.17 0.243 -2.068342 .529743
inflasi | -.6718771 .3103636 -2.16 0.033 -1.286763 -.0569907
gpdb | .1646699 .251327 0.66 0.514 -.3332541 .662594
_cons | 47.3433 11.1858 4.23 0.000 25.18222 69.50438
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.42 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.82 Pr > z = 0.410
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.85 Prob > chi2 = 0.978
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 8.99 Prob > chi2 = 0.774
(Robust, but can be weakened by many instruments.)

Kolom 2
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 8.98 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0656292 .0337897 1.94 0.055 -.0013143 .1325726
|
p2p | -.0824818 .0265007 -3.11 0.002 -.1349845 -.029979
eqta | -17.22433 10.86363 -1.59 0.116 -38.74715 4.298486
roa | .7334308 .4324826 1.70 0.093 -.1233953 1.590257
overhead | -114.094 34.19671 -3.34 0.001 -181.8439 -46.34414
lnta | -.9502498 .6530678 -1.46 0.148 -2.244095 .3435952
inflasi | -.7015269 .3277982 -2.14 0.034 -1.350954 -.0520996
gpdb | .3816137 .2440972 1.56 0.121 -.1019868 .8652143
_cons | 43.59471 11.55154 3.77 0.000 20.70903 66.48039
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.39 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.85 Pr > z = 0.393
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 6.01 Prob > chi2 = 0.946
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 13.12 Prob > chi2 = 0.438
(Robust, but can be weakened by many instruments.)
Kolom 3
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 9.29 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .065252 .0324688 2.01 0.047 .0009253 .1295786
|
pay | -.2669178 .0669411 -3.99 0.000 -.3995402 -.1342954
eqta | -19.44773 10.64738 -1.83 0.070 -40.5421 1.64664
roa | .5889916 .4992452 1.18 0.241 -.4001031 1.578086
overhead | -132.0201 40.02282 -3.30 0.001 -211.3125 -52.72764
lnta | -.6723472 .6726132 -1.00 0.320 -2.004915 .6602208
inflasi | -.6550563 .3003158 -2.18 0.031 -1.250036 -.0600765
gpdb | -.0550187 .2605293 -0.21 0.833 -.5711742 .4611368
_cons | 54.46364 11.14281 4.89 0.000 32.38772 76.53957
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.43 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.81 Pr > z = 0.417
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.84 Prob > chi2 = 0.978
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 7.57 Prob > chi2 = 0.871
(Robust, but can be weakened by many instruments.)

Kolom 4
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 16.24 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1316652 .0395856 3.33 0.001 .0532389 .2100915
|
finall | -.0233306 .0063426 -3.68 0.000 -.0358965 -.0107648
eqta | -28.12825 4.842715 -5.81 0.000 -37.72254 -18.53396
roa | .740469 .3079285 2.40 0.018 .1304072 1.350531
overhead | -47.88353 16.98435 -2.82 0.006 -81.53259 -14.23446
lnta | -.5589332 .2382778 -2.35 0.021 -1.031004 -.086862
inflasi | -.3358078 .1364439 -2.46 0.015 -.6061277 -.0654879
gpdb | .054465 .0927102 0.59 0.558 -.1292106 .2381407
_cons | 26.53406 4.669448 5.68 0.000 17.28304 35.78508
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.20 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.35 Pr > z = 0.730
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.81 Prob > chi2 = 0.627
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 11.72 Prob > chi2 = 0.551
(Robust, but can be weakened by many instruments.)
Kolom 5
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 15.49 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .131482 .0398243 3.30 0.001 .052583 .210381
|
p2p | -.0399218 .011147 -3.58 0.001 -.062006 -.0178376
eqta | -28.05527 4.787147 -5.86 0.000 -37.53947 -18.57107
roa | .8070455 .2790423 2.89 0.005 .2542123 1.359879
overhead | -46.09751 15.96002 -2.89 0.005 -77.71718 -14.47784
lnta | -.6217283 .2285916 -2.72 0.008 -1.074609 -.1688472
inflasi | -.3658726 .1429684 -2.56 0.012 -.6491188 -.0826264
gpdb | .142792 .0901974 1.58 0.116 -.0359053 .3214892
_cons | 25.17861 4.59646 5.48 0.000 16.0722 34.28503
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.18 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.32 Pr > z = 0.751
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 12.06 Prob > chi2 = 0.523
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.31 Prob > chi2 = 0.503
(Robust, but can be weakened by many instruments.)

Kolom 6
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 14.80 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1367142 .0398018 3.43 0.001 .0578596 .2155688
|
pay | -.104885 .0295768 -3.55 0.001 -.1634821 -.046288
eqta | -27.46625 5.073438 -5.41 0.000 -37.51764 -17.41485
roa | .7339369 .3219001 2.28 0.024 .0961947 1.371679
overhead | -47.08441 17.49285 -2.69 0.008 -81.74091 -12.42791
lnta | -.4949324 .2599851 -1.90 0.059 -1.01001 .0201451
inflasi | -.3068453 .1361653 -2.25 0.026 -.5766132 -.0370774
gpdb | -.0215245 .0981565 -0.22 0.827 -.2159903 .1729413
_cons | 27.89939 4.842348 5.76 0.000 18.30583 37.49296
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.24 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.28 Pr > z = 0.779
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.77 Prob > chi2 = 0.630
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 13.60 Prob > chi2 = 0.403
(Robust, but can be weakened by many instruments.)
Kolom 7
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 112 Obs per group: min = 5
F(8, 113) = 7.90 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0616669 .0199196 -3.10 0.002 -.1011312 -.0222027
|
finall | -.0739435 .025316 -2.92 0.004 -.1240992 -.0237879
eqta | -21.89764 17.73389 -1.23 0.219 -57.03168 13.23639
roa | -.2489104 .7156348 -0.35 0.729 -1.666712 1.168891
overhead | -146.0477 48.97592 -2.98 0.004 -243.0778 -49.01753
lnta | .2924293 1.025914 0.29 0.776 -1.740092 2.32495
inflasi | -1.524528 .352061 -4.33 0.000 -2.222025 -.8270318
gpdb | .2142674 .3900759 0.55 0.584 -.5585433 .9870781
_cons | 44.34958 20.94548 2.12 0.036 2.852814 85.84635
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.81 Pr > z = 0.005
Arellano-Bond test for AR(2) in first differences: z = 0.99 Pr > z = 0.323
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(103) = 128.27 Prob > chi2 = 0.047
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(103) = 111.02 Prob > chi2 = 0.277
(Robust, but can be weakened by many instruments.)

Kolom 8
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 112 Obs per group: min = 5
F(8, 113) = 7.96 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0597137 .0196535 -3.04 0.003 -.0986508 -.0207767
|
p2p | -.1027596 .0369867 -2.78 0.006 -.1760369 -.0294823
eqta | -26.40143 17.33025 -1.52 0.130 -60.73578 7.932919
roa | -.1134274 .6725343 -0.17 0.866 -1.445839 1.218984
overhead | -148.1095 48.47205 -3.06 0.003 -244.1414 -52.07761
lnta | -.1506779 .9508211 -0.16 0.874 -2.034426 1.73307
inflasi | -1.581368 .3548378 -4.46 0.000 -2.284366 -.8783703
gpdb | .5530236 .3405439 1.62 0.107 -.1216553 1.227703
_cons | 43.772 19.84698 2.21 0.029 4.451549 83.09245
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.81 Pr > z = 0.005
Arellano-Bond test for AR(2) in first differences: z = 1.09 Pr > z = 0.277
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(103) = 127.63 Prob > chi2 = 0.050
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(103) = 111.51 Prob > chi2 = 0.266
(Robust, but can be weakened by many instruments.)
Kolom 9
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 112 Obs per group: min = 5
F(8, 113) = 7.90 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0609566 .0194846 -3.13 0.002 -.0995591 -.0223542
|
pay | -.3784434 .1252501 -3.02 0.003 -.6265866 -.1303003
eqta | -18.11849 18.24419 -0.99 0.323 -54.26353 18.02654
roa | -.3543264 .7411133 -0.48 0.634 -1.822606 1.113953
overhead | -143.721 48.36335 -2.97 0.004 -239.5375 -47.90451
lnta | .5868711 1.114736 0.53 0.600 -1.621622 2.795364
inflasi | -1.519795 .35024 -4.34 0.000 -2.213684 -.8259065
gpdb | -.152433 .4290203 -0.36 0.723 -1.0024 .6975336
_cons | 51.14151 21.8414 2.34 0.021 7.869763 94.41326
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.82 Pr > z = 0.005
Arellano-Bond test for AR(2) in first differences: z = 0.97 Pr > z = 0.332
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(103) = 127.23 Prob > chi2 = 0.053
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(103) = 110.98 Prob > chi2 = 0.278
(Robust, but can be weakened by many instruments.)

Kolom 10
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 9.69 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0656167 .0325938 2.01 0.046 .0010425 .1301909
|
finall |
L1. | -.062422 .0176412 -3.54 0.001 -.0973725 -.0274715
|
eqta | -17.60937 10.44377 -1.69 0.095 -38.30035 3.081619
roa | .6284094 .4624772 1.36 0.177 -.2878413 1.54466
overhead | -125.3858 37.34648 -3.36 0.001 -199.376 -51.39573
lnta | -.7986345 .6578058 -1.21 0.227 -2.101866 .5045973
inflasi | -.7032187 .3145977 -2.24 0.027 -1.326494 -.0799439
gpdb | .2115575 .2458644 0.86 0.391 -.2755441 .6986592
_cons | 47.01246 11.24287 4.18 0.000 24.7383 69.28662
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.43 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.83 Pr > z = 0.408
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.89 Prob > chi2 = 0.977
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 9.42 Prob > chi2 = 0.741
(Robust, but can be weakened by many instruments.)
Kolom 11
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 8.65 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0627843 .0341568 1.84 0.069 -.0048865 .1304552
|
p2p |
L1. | -.141132 .0430235 -3.28 0.001 -.2263693 -.0558948
|
eqta | -16.69521 11.19149 -1.49 0.139 -38.86757 5.477151
roa | .7618403 .4207753 1.81 0.073 -.0717915 1.595472
overhead | -107.5337 32.96634 -3.26 0.001 -172.846 -42.22144
lnta | -.9286079 .6584308 -1.41 0.161 -2.233078 .3758622
inflasi | -.6859307 .3329209 -2.06 0.042 -1.345507 -.0263543
gpdb | .3842013 .2464211 1.56 0.122 -.1040032 .8724059
_cons | 42.5135 11.69186 3.64 0.000 19.34981 65.67718
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.36 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.80 Pr > z = 0.424
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 6.51 Prob > chi2 = 0.926
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 14.92 Prob > chi2 = 0.312
(Robust, but can be weakened by many instruments.)

Kolom 12
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 9.52 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0633392 .0326674 1.94 0.055 -.0013808 .1280592
|
pay |
L1. | -.2481529 .0685881 -3.62 0.000 -.3840382 -.1122675
|
eqta | -18.65687 10.54911 -1.77 0.080 -39.55657 2.242832
roa | .5783754 .4890035 1.18 0.239 -.3904287 1.547179
overhead | -130.6442 39.53743 -3.30 0.001 -208.9749 -52.31338
lnta | -.6575855 .6894311 -0.95 0.342 -2.023473 .7083018
inflasi | -.7192627 .3082353 -2.33 0.021 -1.329932 -.1085929
gpdb | .0782553 .2449009 0.32 0.750 -.4069375 .5634482
_cons | 50.87755 11.1876 4.55 0.000 28.71289 73.0422
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.44 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.78 Pr > z = 0.437
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.75 Prob > chi2 = 0.980
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 8.10 Prob > chi2 = 0.837
(Robust, but can be weakened by many instruments.)

Kolom 13
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 15.97 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1298555 .0398764 3.26 0.001 .0508532 .2088578
|
finall |
L1. | -.02814 .0077357 -3.64 0.000 -.0434659 -.0128141
|
eqta | -28.28574 4.795091 -5.90 0.000 -37.78568 -18.7858
roa | .7380529 .3066518 2.41 0.018 .1305203 1.345585
overhead | -47.70992 16.80826 -2.84 0.005 -81.01012 -14.40973
lnta | -.5695814 .2366928 -2.41 0.018 -1.038513 -.1006502
inflasi | -.3551669 .1380202 -2.57 0.011 -.6286097 -.081724
gpdb | .076304 .0903867 0.84 0.400 -.1027684 .2553763
_cons | 26.43032 4.659807 5.67 0.000 17.19841 35.66224
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.18 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.36 Pr > z = 0.722
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 11.21 Prob > chi2 = 0.593
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 11.75 Prob > chi2 = 0.548
(Robust, but can be weakened by many instruments.)

Kolom 14
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 15.32 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1293287 .0394032 3.28 0.001 .0512639 .2073936
|
p2p |
L1. | -.0674411 .0182493 -3.70 0.000 -.1035963 -.031286
|
eqta | -27.63871 4.801325 -5.76 0.000 -37.151 -18.12642
roa | .8364548 .2712735 3.08 0.003 .299013 1.373897
overhead | -44.57707 15.5891 -2.86 0.005 -75.46188 -13.69226
lnta | -.6076888 .2294242 -2.65 0.009 -1.062219 -.1531581
inflasi | -.3601133 .1445171 -2.49 0.014 -.6464278 -.0737989
gpdb | .1437651 .0912716 1.58 0.118 -.0370604 .3245906
_cons | 24.70093 4.608663 5.36 0.000 15.57034 33.83152
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.17 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.33 Pr > z = 0.741
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 12.11 Prob > chi2 = 0.518
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.78 Prob > chi2 = 0.465
(Robust, but can be weakened by many instruments.)

Kolom 15
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 14.32 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1304836 .0400086 3.26 0.001 .0512194 .2097479
|
pay |
L1. | -.0947854 .0283373 -3.34 0.001 -.1509266 -.0386442
|
eqta | -28.45736 5.031176 -5.66 0.000 -38.42503 -18.4897
roa | .728209 .3210274 2.27 0.025 .0921957 1.364222
overhead | -46.57378 16.98989 -2.74 0.007 -80.23381 -12.91374
lnta | -.5331281 .2529724 -2.11 0.037 -1.034312 -.0319441
inflasi | -.3468712 .1392193 -2.49 0.014 -.6226898 -.0710525
gpdb | .0482367 .0907501 0.53 0.596 -.1315556 .2280289
_cons | 27.17211 4.791458 5.67 0.000 17.67936 36.66485
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.19 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.37 Pr > z = 0.715
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 11.93 Prob > chi2 = 0.533
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 13.22 Prob > chi2 = 0.431
(Robust, but can be weakened by many instruments.)

Kolom 16
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 8.60 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0490088 .0261092 -1.88 0.063 -.1007358 .0027182
|
finall |
L1. | -.0660908 .0234537 -2.82 0.006 -.1125568 -.0196247
|
eqta | -33.82074 12.85772 -2.63 0.010 -59.2942 -8.347281
roa | .3884368 .5464 0.71 0.479 -.6940802 1.470954
overhead | -76.74886 43.4199 -1.77 0.080 -162.7715 9.273791
lnta | -.0661239 .9023127 -0.07 0.942 -1.853768 1.72152
inflasi | -1.857116 .3304857 -5.62 0.000 -2.511868 -1.202364
gpdb | .5755585 .2084829 2.76 0.007 .1625162 .9886007
_cons | 37.46953 17.51851 2.14 0.035 2.762206 72.17685
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.90 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.40 Pr > z = 0.161
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.09 Prob > chi2 = 0.687
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 21.29 Prob > chi2 = 0.067
(Robust, but can be weakened by many instruments.)

Kolom 17
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 8.37 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0485342 .0261387 -1.86 0.066 -.1003197 .0032514
|
p2p |
L1. | -.1007052 .0544322 -1.85 0.067 -.2085453 .0071349
|
eqta | -37.64759 13.02111 -2.89 0.005 -63.44476 -11.85041
roa | .5405261 .5171665 1.05 0.298 -.4840741 1.565126
overhead | -77.52313 42.60199 -1.82 0.071 -161.9254 6.8791
lnta | -.3739534 .869748 -0.43 0.668 -2.097081 1.349174
inflasi | -1.826403 .3415096 -5.35 0.000 -2.502995 -1.149811
gpdb | .7846286 .2140055 3.67 0.000 .3606452 1.208612
_cons | 36.56869 17.19841 2.13 0.036 2.495533 70.64185
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.89 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.43 Pr > z = 0.152
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 11.60 Prob > chi2 = 0.561
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 22.32 Prob > chi2 = 0.051
(Robust, but can be weakened by many instruments.)

Kolom 18
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 22 Obs per group: min = 5
F(8, 113) = 9.05 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.048765 .0255179 -1.91 0.059 -.0993206 .0017905
|
pay |
L1. | -.3152926 .0906105 -3.48 0.001 -.4948084 -.1357769
|
eqta | -30.16411 13.07083 -2.31 0.023 -56.05978 -4.268447
roa | .2679467 .5675392 0.47 0.638 -.8564509 1.392344
overhead | -79.14144 44.8759 -1.76 0.081 -168.0487 9.765803
lnta | .2702091 .9484637 0.28 0.776 -1.608869 2.149287
 inflasi | -1.863734 .323519 -5.76 0.000 -2.504683 -1.222784
gpdb | .3118594 .2128061 1.47 0.146 -.1097479 .7334667
_cons | 40.99024 17.86222 2.29 0.024 5.601959 76.37852
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.92 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.39 Pr > z = 0.164
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 9.18 Prob > chi2 = 0.759
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 20.04 Prob > chi2 = 0.094
(Robust, but can be weakened by many instruments.)

Kolom 19
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 9.06 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .069756 .0335701 2.08 0.040 .0032476 .1362644
|
finall | -.0485866 .0145293 -3.34 0.001 -.0773717 -.0198015
eqta | -18.07208 10.42883 -1.73 0.086 -38.73348 2.589308
roa | .5721336 .470852 1.22 0.227 -.3607091 1.504976
overhead | -131.2537 38.72791 -3.39 0.001 -207.9807 -54.52672
lnta | -.8128047 .664898 -1.22 0.224 -2.130087 .5044781
inflasi | -.6990308 .3068806 -2.28 0.025 -1.307017 -.0910451
gpdb | .4261295 .2919335 1.46 0.147 -.1522435 1.004503
GFC | -6.74862 4.506749 -1.50 0.137 -15.6773 2.180063
_cons | 45.48174 11.07602 4.11 0.000 23.53814 67.42533
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.42 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.87 Pr > z = 0.385
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.94 Prob > chi2 = 0.977
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 8.41 Prob > chi2 = 0.816
(Robust, but can be weakened by many instruments.)

Kolom 20
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 8.30 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0701348 .0350831 2.00 0.048 .0006289 .1396407
|
p2p | -.0796979 .026349 -3.02 0.003 -.1319 -.0274958
eqta | -16.79165 10.69693 -1.57 0.119 -37.98419 4.40089
roa | .6523634 .4415254 1.48 0.142 -.2223781 1.527105
overhead | -120.1816 35.5352 -3.38 0.001 -190.5832 -49.77995
 lnta | -.9574462 .6547953 -1.46 0.146 -2.254714 .3398215
inflasi | -.7309582 .3241163 -2.26 0.026 -1.373091 -.0888254
gpdb | .63293 .2763016 2.29 0.024 .0855267 1.180333
GFC | -7.296476 4.699097 -1.55 0.123 -16.60623 2.013282
_cons | 41.59105 11.41831 3.64 0.000 18.96933 64.21278
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.39 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.90 Pr > z = 0.370
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 6.01 Prob > chi2 = 0.946
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.33 Prob > chi2 = 0.501
(Robust, but can be weakened by many instruments.)

Kolom 21
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 8.63 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0672553 .0336798 2.00 0.048 .0005296 .1339811
|
pay | -.2453693 .0725666 -3.38 0.001 -.3891369 -.1016017
eqta | -19.87325 10.73324 -1.85 0.067 -41.13773 1.391226
roa | .5866912 .4995682 1.17 0.243 -.4030436 1.576426
overhead | -134.8427 40.64659 -3.32 0.001 -215.3709 -54.31449
lnta | -.7302866 .6901396 -1.06 0.292 -2.097578 .6370044
inflasi | -.6783641 .2987017 -2.27 0.025 -1.270146 -.0865822
gpdb | .1715283 .3215199 0.53 0.595 -.4654607 .8085173
GFC | -4.832179 4.51465 -1.07 0.287 -13.77651 4.112156
_cons | 52.39081 11.04529 4.74 0.000 30.50809 74.27353
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.43 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.83 Pr > z = 0.406
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 5.02 Prob > chi2 = 0.975
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 7.66 Prob > chi2 = 0.865
(Robust, but can be weakened by many instruments.)

Kolom 22
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 14.61 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1508856 .0416913 3.62 0.000 .0682877 .2334835
|
finall | -.0194671 .0064961 -3.00 0.003 -.0323369 -.0065972
eqta | -27.88358 4.966831 -5.61 0.000 -37.72376 -18.04339
roa | .7366876 .2923947 2.52 0.013 .1574009 1.315974
 overhead | -51.79522 18.27029 -2.83 0.005 -87.99196 -15.59849
lnta | -.5822505 .2400749 -2.43 0.017 -1.057882 -.1066188
inflasi | -.3466326 .1364134 -2.54 0.012 -.6168921 -.0763731
gpdb | .2698227 .1213095 2.22 0.028 .0294867 .5101587
GFC | -4.824505 1.781848 -2.71 0.008 -8.354667 -1.294342
_cons | 24.28664 4.800669 5.06 0.000 14.77565 33.79764
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.32 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.05 Pr > z = 0.963
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 8.63 Prob > chi2 = 0.800
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 10.29 Prob > chi2 = 0.670
(Robust, but can be weakened by many instruments.)

Kolom 23
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 14.48 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1495636 .0416875 3.59 0.000 .0669731 .2321541
|
p2p | -.0354731 .0112803 -3.14 0.002 -.0578215 -.0131248
eqta | -27.38778 4.844038 -5.65 0.000 -36.98469 -17.79087
roa | .7848124 .2665037 2.94 0.004 .2568205 1.312804
overhead | -50.05329 17.10466 -2.93 0.004 -83.9407 -16.16588
lnta | -.615381 .2307792 -2.67 0.009 -1.072596 -.1581657
inflasi | -.371283 .1422545 -2.61 0.010 -.6531147 -.0894512
gpdb | .3450099 .1141388 3.02 0.003 .1188804 .5711395
GFC | -5.096554 1.762031 -2.89 0.005 -8.587455 -1.605653
_cons | 22.85369 4.724391 4.84 0.000 13.49382 32.21356
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.29 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.02 Pr > z = 0.984
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 9.19 Prob > chi2 = 0.759
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 10.44 Prob > chi2 = 0.658
(Robust, but can be weakened by many instruments.)

Kolom 24
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 13.17 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1562739 .0419506 3.73 0.000 .0731622 .2393855
|
pay | -.0802751 .0302618 -2.65 0.009 -.1402291 -.020321
eqta | -27.73537 5.175218 -5.36 0.000 -37.98841 -17.48233
 roa | .7509842 .3013313 2.49 0.014 .1539924 1.347976
overhead | -50.80159 18.64938 -2.72 0.007 -87.74938 -13.8538
lnta | -.5575827 .2592766 -2.15 0.034 -1.071256 -.043909
inflasi | -.3161247 .1368063 -2.31 0.023 -.5871626 -.0450868
gpdb | .216689 .1316233 1.65 0.102 -.0440804 .4774584
GFC | -4.660095 1.850165 -2.52 0.013 -8.325606 -.9945835
_cons | 25.40917 4.976675 5.11 0.000 15.54948 35.26886
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.34 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.00 Pr > z = 0.998
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 9.46 Prob > chi2 = 0.737
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.26 Prob > chi2 = 0.507
(Robust, but can be weakened by many instruments.)

Kolom 25
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 7.77 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0516574 .0259466 -1.99 0.049 -.1030623 -.0002526
|
finall | -.0540734 .020445 -2.64 0.009 -.0945787 -.0135681
eqta | -35.43444 12.98038 -2.73 0.007 -61.15091 -9.717976
roa | .376922 .5859392 0.64 0.521 -.7839292 1.537773
overhead | -77.45205 44.48361 -1.74 0.084 -165.5821 10.67801
lnta | -.1240407 .9106195 -0.14 0.892 -1.928142 1.680061
inflasi | -1.786181 .3122811 -5.72 0.000 -2.404866 -1.167496
gpdb | .4267377 .3009335 1.42 0.159 -.1694659 1.022941
GFC | 2.524864 6.210908 0.41 0.685 -9.780065 14.82979
_cons | 40.16498 17.46437 2.30 0.023 5.564922 74.76505
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.91 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.34 Pr > z = 0.179
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.64 Prob > chi2 = 0.641
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 21.24 Prob > chi2 = 0.068
(Robust, but can be weakened by many instruments.)

Kolom 26
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 7.77 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.050225 .0257433 -1.95 0.054 -.1012272 .0007772
|
 p2p | -.0641867 .0351076 -1.83 0.070 -.1337413 .0053679
eqta | -38.62236 13.02492 -2.97 0.004 -64.42708 -12.81764
roa | .4956015 .5618877 0.88 0.380 -.6175994 1.608802
overhead | -78.62033 43.64983 -1.80 0.074 -165.0985 7.857858
lnta | -.4106408 .8734744 -0.47 0.639 -2.141151 1.31987
inflasi | -1.803123 .3217734 -5.60 0.000 -2.440614 -1.165631
gpdb | .6961316 .2640788 2.64 0.010 .1729439 1.219319
GFC | 1.858879 6.416385 0.29 0.773 -10.85314 14.57089
_cons | 38.38092 17.11452 2.24 0.027 4.473973 72.28787
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.89 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.42 Pr > z = 0.157
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 11.83 Prob > chi2 = 0.541
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 21.82 Prob > chi2 = 0.058
(Robust, but can be weakened by many instruments.)

Kolom 27
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 8.26 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0496336 .0251461 -1.97 0.051 -.0994525 .0001854
|
pay | -.3325479 .1004163 -3.31 0.001 -.5314907 -.1336051
eqta | -32.29405 13.51411 -2.39 0.019 -59.06793 -5.520165
roa | .2511607 .620705 0.40 0.687 -.9785679 1.480889
overhead | -79.63788 46.21581 -1.72 0.088 -171.1997 11.92398
lnta | .2026703 .9706633 0.21 0.835 -1.720389 2.125729
inflasi | -1.796409 .3076577 -5.84 0.000 -2.405934 -1.186883
gpdb | .0313292 .3494087 0.09 0.929 -.6609125 .7235708
GFC | 3.893791 6.03457 0.65 0.520 -8.061781 15.84936
_cons | 47.30636 17.91008 2.64 0.009 11.82326 82.78945
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.93 Pr > z = 0.003
Arellano-Bond test for AR(2) in first differences: z = 1.38 Pr > z = 0.167
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 9.74 Prob > chi2 = 0.715
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 19.68 Prob > chi2 = 0.103
(Robust, but can be weakened by many instruments.)

Kolom 28
Fixed-effects (within) regression Number of obs = 1501
Group variable: id Number of groups = 114

R-sq: within = 0.0442 Obs per group: min = 5

between = 0.0253 avg = 13.2
overall = 0.0021 max = 14

F(8,1379) = 7.97
corr(u_i, Xb) = -0.8023 Prob > F = 0.0000

------------------------------------------------------------------------------
 gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | -.0233971 .0257109 -0.91 0.363 -.0738338 .0270395
|
finall | -.1052708 .0255254 -4.12 0.000 -.1553437 -.0551979
eqta | -44.64298 22.19664 -2.01 0.044 -88.18581 -1.10015
roa | .792123 .6072645 1.30 0.192 -.3991391 1.983385
overhead | -113.313 36.15454 -3.13 0.002 -184.2369 -42.38916
lnta | 9.982719 3.0016 3.33 0.001 4.094523 15.87092
inflasi | -.3854453 .3887316 -0.99 0.322 -1.148014 .3771238
gpdb | .513625 .3430472 1.50 0.135 -.1593258 1.186576
_cons | -120.5061 50.03555 -2.41 0.016 -218.6601 -22.35205
-------------+----------------------------------------------------------------

Kolom 29
. xtreg gdpk1 L.gdpk1 p2p eqta roa overhead lnta inflasi gpdb, fe

Fixed-effects (within) regression Number of obs = 1501

Group variable: id Number of groups = 114

R-sq: within = 0.0407 Obs per group: min = 5

between = 0.0243 avg = 13.2
overall = 0.0034 max = 14

F(8,1379) = 7.31
corr(u_i, Xb) = -0.7291 Prob > F = 0.0000

------------------------------------------------------------------------------
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | -.019869 .025712 -0.77 0.440 -.0703079 .03057
|
p2p | -.1397392 .0404107 -3.46 0.001 -.2190124 -.0604661
eqta | -53.83071 21.908 -2.46 0.014 -96.80732 -10.8541
roa | .9549587 .6050809 1.58 0.115 -.2320199 2.141937
overhead | -120.6443 36.11406 -3.34 0.001 -191.4887 -49.79983
lnta | 6.948879 2.73155 2.54 0.011 1.590437 12.30732
inflasi | -.5209433 .3899383 -1.34 0.182 -1.28588 .2439931
gpdb | .8137682 .3351747 2.43 0.015 .1562608 1.471276
_cons | -79.53315 47.00627 -1.69 0.091 -171.7447 12.67838
-------------+----------------------------------------------------------------

Kolom 30
. xtreg gdpk1 L.gdpk1 pay eqta roa overhead lnta inflasi gpdb, fe

Fixed-effects (within) regression Number of obs = 1501

Group variable: id Number of groups = 114

R-sq: within = 0.0501 Obs per group: min = 5

between = 0.0259 avg = 13.2
overall = 0.0011 max = 14

F(8,1379) = 9.09
corr(u_i, Xb) = -0.8741 Prob > F = 0.0000

------------------------------------------------------------------------------
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | -.0282881 .0256855 -1.10 0.271 -.078675 .0220989
|
pay | -.6788409 .1339143 -5.07 0.000 -.9415387 -.4161431
eqta | -29.85182 22.66794 -1.32 0.188 -74.31919 14.61555
roa | .5799899 .6095316 0.95 0.342 -.6157197 1.775699
overhead | -99.77611 36.28992 -2.75 0.006 -170.9655 -28.5867
 lnta | 14.97617 3.41937 4.38 0.000 8.268438 21.6839
inflasi | -.2996682 .3882857 -0.77 0.440 -1.061363 .4620262
gpdb | .0033434 .3709517 0.01 0.993 -.7243472 .7310341
_cons | -181.3141 53.96215 -3.36 0.001 -287.1708 -75.45728
-------------+----------------------------------------------------------------

Kolom 31
. xtreg adjdpk1 L.adjdpk1 finall eqta roa overhead lnta inflasi gpdb, fe

Fixed-effects (within) regression Number of obs = 1501

Group variable: id Number of groups = 114

R-sq: within = 0.1054 Obs per group: min = 5

between = 0.0276 avg = 13.2
overall = 0.0328 max = 14

F(8,1379) = 20.31
corr(u_i, Xb) = -0.7622 Prob > F = 0.0000

------------------------------------------------------------------------------
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .0125083 .0263813 0.47 0.635 -.0392436 .0642601
|
finall | -.04383 .0086383 -5.07 0.000 -.0607757 -.0268843
eqta | -39.3576 7.498496 -5.25 0.000 -54.06729 -24.64791
roa | .7977149 .2040245 3.91 0.000 .397483 1.197947
overhead | -44.04676 12.16627 -3.62 0.000 -67.91317 -20.18035
lnta | 3.962884 1.014881 3.90 0.000 1.972006 5.953762
inflasi | -.0823508 .1306013 -0.63 0.528 -.3385495 .1738479
gpdb | .1839161 .1152558 1.60 0.111 -.0421795 .4100117
_cons | -44.53494 16.86863 -2.64 0.008 -77.62589 -11.444
-------------+----------------------------------------------------------------

Kolom 32
. xtreg adjdpk1 L.adjdpk1 p2p eqta roa overhead lnta inflasi gpdb, fe

Fixed-effects (within) regression Number of obs = 1501

Group variable: id Number of groups = 114

R-sq: within = 0.0991 Obs per group: min = 5

between = 0.0465 avg = 13.2
overall = 0.0440 max = 14

F(8,1379) = 18.97
corr(u_i, Xb) = -0.6712 Prob > F = 0.0000

------------------------------------------------------------------------------
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .0205986 .0263462 0.78 0.434 -.0310843 .0722816
|
p2p | -.05451 .013657 -3.99 0.000 -.0813008 -.0277193
eqta | -43.25537 7.426192 -5.82 0.000 -57.82322 -28.68751
roa | .8682638 .2036649 4.26 0.000 .4687372 1.26779
overhead | -47.05859 12.17807 -3.86 0.000 -70.94813 -23.16904
lnta | 2.583316 .9227193 2.80 0.005 .7732307 4.393401
inflasi | -.1361162 .1312493 -1.04 0.300 -.3935861 .1213536
gpdb | .3075439 .1129424 2.72 0.007 .0859863 .5291015
_cons | -25.75793 15.84605 -1.63 0.104 -56.8429 5.327037
-------------+----------------------------------------------------------------

Kolom 33
. xtreg adjdpk1 L.adjdpk1 pay eqta roa overhead lnta inflasi gpdb, fe
Fixed-effects (within) regression Number of obs = 1501
Group variable: id Number of groups = 114

R-sq: within = 0.1151 Obs per group: min = 5

between = 0.0131 avg = 13.2
overall = 0.0214 max = 14

F(8,1379) = 22.42
corr(u_i, Xb) = -0.8505 Prob > F = 0.0000

------------------------------------------------------------------------------
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .001669 .0263856 0.06 0.950 -.0500913 .0534293
|
pay | -.2909263 .0453714 -6.41 0.000 -.3799308 -.2019218
eqta | -33.08505 7.624583 -4.34 0.000 -48.04208 -18.12801
roa | .7047453 .2042923 3.45 0.001 .303988 1.105503
overhead | -38.35425 12.17621 -3.15 0.002 -62.24014 -14.46836
lnta | 6.203755 1.157578 5.36 0.000 3.932951 8.474558
inflasi | -.0455996 .1301398 -0.35 0.726 -.3008929 .2096937
gpdb | -.0363857 .1242877 -0.29 0.770 -.2801992 .2074277
_cons | -71.98311 18.19671 -3.96 0.000 -107.6793 -36.28689
-------------+----------------------------------------------------------------

Kolom 34
. xtreg gcasa1 L.gcasa1 finall eqta roa overhead lnta inflasi gpdb, fe

Fixed-effects (within) regression Number of obs = 1501

Group variable: id Number of groups = 114

R-sq: within = 0.0444 Obs per group: min = 5

between = 0.0111 avg = 13.2
overall = 0.0105 max = 14

F(8,1379) = 8.01
corr(u_i, Xb) = -0.5744 Prob > F = 0.0000

------------------------------------------------------------------------------
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.1446122 .0260321 -5.56 0.000 -.1956791 -.0935454
|
finall | -.1109281 .034501 -3.22 0.001 -.1786083 -.0432479
eqta | -25.72588 29.90864 -0.86 0.390 -84.39724 32.94548
roa | -.1171348 .8224456 -0.14 0.887 -1.730515 1.496245
overhead | -154.5068 48.96557 -3.16 0.002 -250.5619 -58.45177
lnta | 8.11061 4.06024 2.00 0.046 .1456944 16.07553
inflasi | -1.382062 .5265072 -2.62 0.009 -2.414904 -.3492204
gpdb | .6501368 .464737 1.40 0.162 -.2615312 1.561805
_cons | -81.24746 67.76129 -1.20 0.231 -214.1738 51.67891
-------------+----------------------------------------------------------------

Kolom 35
. xtreg gcasa1 L.gcasa1 p2p eqta roa overhead lnta inflasi gpdb, fe

Fixed-effects (within) regression Number of obs = 1501

Group variable: id Number of groups = 114

R-sq: within = 0.0412 Obs per group: min = 5

between = 0.0191 avg = 13.2
overall = 0.0137 max = 14

F(8,1379) = 7.42
corr(u_i, Xb) = -0.4292 Prob > F = 0.0000
------------------------------------------------------------------------------
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.142247 .0260518 -5.46 0.000 -.1933525 -.0911415
|
p2p | -.13092 .0546594 -2.40 0.017 -.2381445 -.0236954
eqta | -37.19419 29.48227 -1.26 0.207 -95.02915 20.64076
roa | .0752831 .8192628 0.09 0.927 -1.531853 1.682419
overhead | -163.0458 48.90118 -3.33 0.001 -258.9746 -67.11709
lnta | 4.454287 3.697228 1.20 0.229 -2.798512 11.70709
inflasi | -1.516466 .5279924 -2.87 0.004 -2.552221 -.4807109
gpdb | .9693058 .4538435 2.14 0.033 .0790074 1.859604
_cons | -30.93387 63.6792 -0.49 0.627 -155.8524 93.98471
-------------+----------------------------------------------------------------

Kolom 36
. xtreg gcasa1 L.gcasa1 pay eqta roa overhead lnta inflasi gpdb, fe

Fixed-effects (within) regression Number of obs = 1501

Group variable: id Number of groups = 114

R-sq: within = 0.0482 Obs per group: min = 5

between = 0.0062 avg = 13.2
overall = 0.0070 max = 14

F(8,1379) = 8.74
corr(u_i, Xb) = -0.7277 Prob > F = 0.0000

------------------------------------------------------------------------------
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.1456174 .0259756 -5.61 0.000 -.1965733 -.0946614
|
pay | -.7212884 .1807882 -3.99 0.000 -1.075938 -.3666388
eqta | -9.299132 30.62348 -0.30 0.761 -69.37278 50.77452
roa | -.3478808 .8264739 -0.42 0.674 -1.969163 1.273401
overhead | -139.7826 49.20874 -2.84 0.005 -236.3147 -43.25054
lnta | 13.45054 4.619405 2.91 0.004 4.388719 22.51236
inflasi | -1.289548 .5265067 -2.45 0.014 -2.322389 -.2567076
gpdb | .1008442 .503322 0.20 0.841 -.8865154 1.088204
_cons | -146.4499 73.03321 -2.01 0.045 -289.7181 -3.181644
-------------+----------------------------------------------------------------

Kolom 37
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 9.10 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0646074 .0319454 2.02 0.045 .0013178 .1278969
|
finall | -.0619552 .0156473 -3.96 0.000 -.0929554 -.030955
gov3 | -.9275726 2.436741 -0.38 0.704 -5.755196 3.900051
finallgov3 | .028438 .0168793 1.68 0.095 -.0050028 .0618788
eqta | -16.73459 10.84519 -1.54 0.126 -38.22087 4.751691
 roa | .5735119 .4653555 1.23 0.220 -.3484412 1.495465
overhead | -124.197 36.7163 -3.38 0.001 -196.9386 -51.45535
lnta | -.7774494 .6544265 -1.19 0.237 -2.073986 .5190876
inflasi | -.6652645 .3084855 -2.16 0.033 -1.27643 -.0540992
gpdb | .16311 .2508229 0.65 0.517 -.3338154 .6600354
_cons | 47.70698 11.19461 4.26 0.000 25.52844 69.88552
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.42 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.81 Pr > z = 0.418
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.77 Prob > chi2 = 0.980
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 8.71 Prob > chi2 = 0.795
(Robust, but can be weakened by many instruments.)

Kolom 38
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 8.71 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0646461 .0318449 2.03 0.045 .0015556 .1277367
|
finall | -.0441822 .0176333 -2.51 0.014 -.0791169 -.0092475
dom3 | -3.824651 3.493891 -1.09 0.276 -10.74668 3.097377
finalldom3 | -.0203342 .0203546 -1.00 0.320 -.0606602 .0199918
eqta | -18.72599 10.09914 -1.85 0.066 -38.73421 1.282223
roa | .5304491 .5203294 1.02 0.310 -.5004172 1.561315
overhead | -133.0359 39.53906 -3.36 0.001 -211.3699 -54.70183
lnta | -1.448921 .6532487 -2.22 0.029 -2.743125 -.1547179
inflasi | -.6769343 .3089438 -2.19 0.030 -1.289008 -.0648608
gpdb | .1435907 .2505838 0.57 0.568 -.3528611 .6400425
_cons | 60.70125 12.29448 4.94 0.000 36.34367 85.05883
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.42 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.80 Pr > z = 0.424
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.93 Prob > chi2 = 0.977
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 8.93 Prob > chi2 = 0.778
(Robust, but can be weakened by many instruments.)

Kolom 39
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 8.27 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .064536 .0317559 2.03 0.044 .0016219 .1274501
|
finall | -.0450434 .0133189 -3.38 0.001 -.0714307 -.0186562
 fb3 | 5.416801 3.936017 1.38 0.171 -2.381159 13.21476
finallfb3 | -.0123069 .0238068 -0.52 0.606 -.0594724 .0348587
eqta | -22.48107 10.5158 -2.14 0.035 -43.31477 -1.647365
roa | .6655131 .4525985 1.47 0.144 -.2311661 1.562192
overhead | -124.0521 34.15774 -3.63 0.000 -191.7247 -56.37942
lnta | -1.250918 .6512254 -1.92 0.057 -2.541113 .0392769
inflasi | -.6674228 .3076535 -2.17 0.032 -1.27694 -.0579057
gpdb | .1583879 .2493753 0.64 0.527 -.3356695 .6524453
_cons | 53.71485 10.97437 4.89 0.000 31.97265 75.45706
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.42 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.80 Pr > z = 0.423
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.78 Prob > chi2 = 0.980
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 8.83 Prob > chi2 = 0.785
(Robust, but can be weakened by many instruments.)

Kolom 40
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 18.37 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1314351 .0396146 3.32 0.001 .0529514 .2099187
|
finall | -.0252293 .0075383 -3.35 0.001 -.040164 -.0102946
gov3 | .7993333 1.179845 0.68 0.499 -1.538152 3.136819
finallgov3 | .0049792 .0094467 0.53 0.599 -.0137364 .0236948
eqta | -27.21752 5.127663 -5.31 0.000 -37.37635 -17.0587
roa | .7098493 .3202533 2.22 0.029 .0753697 1.344329
overhead | -48.36375 17.20346 -2.81 0.006 -82.4469 -14.28059
lnta | -.5808093 .2367501 -2.45 0.016 -1.049854 -.1117647
inflasi | -.3359894 .1364903 -2.46 0.015 -.6064013 -.0655776
gpdb | .0539401 .0929433 0.58 0.563 -.1301973 .2380775
_cons | 26.62633 4.671278 5.70 0.000 17.37169 35.88098
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.20 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.35 Pr > z = 0.730
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.92 Prob > chi2 = 0.618
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.00 Prob > chi2 = 0.528
(Robust, but can be weakened by many instruments.)

Kolom 41
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 14.29 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
 L1. | .1311416 .0395552 3.32 0.001 .0527757 .2095075
|
finall | -.0215396 .0074175 -2.90 0.004 -.0362349 -.0068443
dom3 | -.253821 1.479005 -0.17 0.864 -3.183996 2.676354
finalldom3 | -.0055054 .0086773 -0.63 0.527 -.0226967 .0116859
eqta | -28.33571 4.774894 -5.93 0.000 -37.79564 -18.87578
roa | .7304766 .3166181 2.31 0.023 .103199 1.357754
overhead | -48.9635 17.13999 -2.86 0.005 -82.92091 -15.00609
lnta | -.6483384 .2222554 -2.92 0.004 -1.088666 -.2080105
inflasi | -.3399458 .1363445 -2.49 0.014 -.6100688 -.0698228
gpdb | .0521002 .0924797 0.56 0.574 -.1311187 .2353192
_cons | 28.22916 4.375323 6.45 0.000 19.56086 36.89746
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.20 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.35 Pr > z = 0.724
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 11.00 Prob > chi2 = 0.611
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 11.95 Prob > chi2 = 0.532
(Robust, but can be weakened by many instruments.)

Kolom 42
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 13.57 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1320376 .0397046 3.33 0.001 .0533755 .2106997
|
finall | -.0236533 .0061835 -3.83 0.000 -.0359039 -.0114026
fb3 | -.4751879 1.493902 -0.32 0.751 -3.434878 2.484502
finallfb3 | -.0002016 .0097148 -0.02 0.983 -.0194483 .0190451
eqta | -27.46944 4.734118 -5.80 0.000 -36.84858 -18.0903
roa | .73723 .3076948 2.40 0.018 .1276311 1.346829
overhead | -47.73496 16.57807 -2.88 0.005 -80.5791 -14.89082
lnta | -.502703 .2215475 -2.27 0.025 -.9416286 -.0637774
inflasi | -.3345816 .1364532 -2.45 0.016 -.6049201 -.0642431
gpdb | .055856 .0925111 0.60 0.547 -.1274252 .2391372
_cons | 25.68566 4.296879 5.98 0.000 17.17277 34.19856
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.21 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.34 Pr > z = 0.737
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.77 Prob > chi2 = 0.630
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 11.78 Prob > chi2 = 0.546
(Robust, but can be weakened by many instruments.)

Kolom 43
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 8.02 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
 gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0472513 .02598 -1.82 0.072 -.0987223 .0042198
|
finall | -.0528251 .025107 -2.10 0.038 -.1025666 -.0030837
gov3 | -1.301636 3.689541 -0.35 0.725 -8.611283 6.00801
finallgov3 | -.0037045 .0271211 -0.14 0.892 -.0574362 .0500272
eqta | -35.18149 13.71409 -2.57 0.012 -62.35157 -8.011406
roa | .3990993 .528091 0.76 0.451 -.6471441 1.445343
overhead | -77.62782 41.70864 -1.86 0.065 -160.2602 5.004519
lnta | -.0580076 .9246517 -0.06 0.950 -1.889909 1.773894
inflasi | -1.845881 .3249449 -5.68 0.000 -2.489655 -1.202106
gpdb | .552538 .2170755 2.55 0.012 .1224723 .9826036
_cons | 38.49819 17.91386 2.15 0.034 3.007603 73.98877
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.92 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.45 Pr > z = 0.147
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.14 Prob > chi2 = 0.683
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 21.33 Prob > chi2 = 0.067
(Robust, but can be weakened by many instruments.)

Kolom 44
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.93 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0503527 .0259394 -1.94 0.055 -.1017432 .0010379
|
finall | -.0662842 .0233246 -2.84 0.005 -.1124944 -.0200739
dom3 | -9.186739 4.092638 -2.24 0.027 -17.29499 -1.078485
finalldom3 | .0483097 .0277711 1.74 0.085 -.0067099 .1033292
eqta | -36.93218 11.61156 -3.18 0.002 -59.93677 -13.92759
roa | .3608097 .569129 0.63 0.527 -.7667376 1.488357
overhead | -75.17241 43.35914 -1.73 0.086 -161.0747 10.72987
lnta | -.8632252 .8025497 -1.08 0.284 -2.453221 .7267705
inflasi | -1.830667 .3288811 -5.57 0.000 -2.48224 -1.179094
gpdb | .5366704 .2195464 2.44 0.016 .1017093 .9716315
_cons | 54.2375 16.30035 3.33 0.001 21.94356 86.53144
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.91 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.34 Pr > z = 0.179
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 9.84 Prob > chi2 = 0.707
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 21.71 Prob > chi2 = 0.060
(Robust, but can be weakened by many instruments.)

Kolom 45
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.55 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0505087 .0249009 -2.03 0.045 -.0998418 -.0011755
|
finall | -.0315451 .0165939 -1.90 0.060 -.0644206 .0013304
fb3 | 11.93959 5.15765 2.31 0.022 1.721358 22.15783
finallfb3 | -.0545057 .036857 -1.48 0.142 -.127526 .0185146
eqta | -43.78703 11.78455 -3.72 0.000 -67.13434 -20.43972
roa | .4432714 .5335961 0.83 0.408 -.6138787 1.500421
overhead | -73.85976 41.26156 -1.79 0.076 -155.6064 7.886839
lnta | -.9219908 .8106698 -1.14 0.258 -2.528074 .6840922
inflasi | -1.831501 .3183665 -5.75 0.000 -2.462243 -1.20076
gpdb | .5440196 .2174311 2.50 0.014 .1132495 .9747898
_cons | 48.75435 16.40352 2.97 0.004 16.25601 81.25269
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.92 Pr > z = 0.003
Arellano-Bond test for AR(2) in first differences: z = 1.35 Pr > z = 0.176
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 9.28 Prob > chi2 = 0.752
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 20.66 Prob > chi2 = 0.080
(Robust, but can be weakened by many instruments.)

Kolom 46
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 8.01 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0650913 .0334573 1.95 0.054 -.0011935 .1313762
|
p2p | -.1019992 .0301377 -3.38 0.001 -.1617074 -.042291
gov3 | .4384958 2.309868 0.19 0.850 -4.13777 5.014762
p2pgov3 | .05606 .0305558 1.83 0.069 -.0044765 .1165965
eqta | -15.4792 11.22469 -1.38 0.171 -37.71733 6.758931
roa | .6581885 .4291439 1.53 0.128 -.192023 1.5084
overhead | -113.3944 33.18445 -3.42 0.001 -179.1387 -47.64999
lnta | -.9620422 .6501593 -1.48 0.142 -2.250125 .3260407
inflasi | -.6797188 .3264181 -2.08 0.040 -1.326412 -.0330257
gpdb | .3743143 .2427374 1.54 0.126 -.1065922 .8552208
_cons | 43.49585 11.48749 3.79 0.000 20.73705 66.25464
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.39 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.84 Pr > z = 0.400
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 5.87 Prob > chi2 = 0.951
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.50 Prob > chi2 = 0.487
(Robust, but can be weakened by many instruments.)

Kolom 47
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 9.68 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0637834 .0331263 1.93 0.057 -.0018459 .1294127
|
p2p | -.0591082 .0318797 -1.85 0.066 -.1222677 .0040513
dom3 | -4.156348 3.215191 -1.29 0.199 -10.52622 2.213526
p2pdom3 | -.0643402 .0346572 -1.86 0.066 -.1330023 .0043219
eqta | -18.39914 10.28399 -1.79 0.076 -38.77357 1.975296
roa | .6348871 .4912194 1.29 0.199 -.338307 1.608081
overhead | -122.6497 36.51928 -3.36 0.001 -195.001 -50.29844
lnta | -1.608785 .6523311 -2.47 0.015 -2.901171 -.3163994
inflasi | -.6987454 .3233916 -2.16 0.033 -1.339443 -.0580482
gpdb | .3481706 .2423363 1.44 0.154 -.1319414 .8282826
_cons | 57.10222 12.7691 4.47 0.000 31.80433 82.40011
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.40 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.81 Pr > z = 0.416
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 5.83 Prob > chi2 = 0.952
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.23 Prob > chi2 = 0.509
(Robust, but can be weakened by many instruments.)

Kolom 48
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.95 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0639125 .0332606 1.92 0.057 -.0019827 .1298077
|
p2p | -.0783896 .0250351 -3.13 0.002 -.1279887 -.0287904
fb3 | 4.191693 3.396282 1.23 0.220 -2.536955 10.92034
p2pfb3 | .0026952 .0469976 0.06 0.954 -.0904155 .0958059
eqta | -21.78505 11.19981 -1.95 0.054 -43.9739 .4038041
roa | .749579 .4322153 1.73 0.086 -.1067174 1.605875
overhead | -116.6396 31.86199 -3.66 0.000 -179.764 -53.51525
lnta | -1.381945 .6698434 -2.06 0.041 -2.709026 -.0548648
inflasi | -.7018552 .3248079 -2.16 0.033 -1.345358 -.0583521
gpdb | .3685202 .2407456 1.53 0.129 -.1084402 .8454807
_cons | 50.14503 11.57676 4.33 0.000 27.20939 73.08068
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.40 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.82 Pr > z = 0.411
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 5.81 Prob > chi2 = 0.953
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.92 Prob > chi2 = 0.454
(Robust, but can be weakened by many instruments.)
Kolom 49
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 17.23 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1320481 .0397425 3.32 0.001 .0533111 .2107851
|
p2p | -.0469189 .0132913 -3.53 0.001 -.0732515 -.0205864
gov3 | .7809331 .9547206 0.82 0.415 -1.110541 2.672407
p2pgov3 | .019964 .0172653 1.16 0.250 -.0142417 .0541697
eqta | -27.33131 5.067573 -5.39 0.000 -37.37108 -17.29153
roa | .7726778 .2869533 2.69 0.008 .2041715 1.341184
overhead | -46.82268 16.25328 -2.88 0.005 -79.02335 -14.62201
lnta | -.6533157 .2269821 -2.88 0.005 -1.103008 -.2036233
inflasi | -.3655518 .1425283 -2.56 0.012 -.6479261 -.0831774
gpdb | .1427667 .0899124 1.59 0.115 -.035366 .3208995
_cons | 25.47293 4.588684 5.55 0.000 16.38192 34.56394
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.18 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.31 Pr > z = 0.755
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 12.11 Prob > chi2 = 0.519
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.32 Prob > chi2 = 0.501
(Robust, but can be weakened by many instruments.)

Kolom 50
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 14.23 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1309553 .0397029 3.30 0.001 .0522967 .2096138
|
p2p | -.0312912 .0133501 -2.34 0.021 -.0577401 -.0048423
dom3 | -.0907328 1.30556 -0.07 0.945 -2.677283 2.495817
p2pdom3 | -.0264634 .0156113 -1.70 0.093 -.0573921 .0044654
eqta | -28.45798 4.71166 -6.04 0.000 -37.79263 -19.12333
roa | .7943811 .288786 2.75 0.007 .2222439 1.366518
overhead | -47.64055 16.30367 -2.92 0.004 -79.94106 -15.34003
lnta | -.7189647 .2152624 -3.34 0.001 -1.145438 -.2924911
inflasi | -.3700692 .142375 -2.60 0.011 -.6521398 -.0879987
gpdb | .1387806 .0896641 1.55 0.124 -.0388602 .3164213
_cons | 27.03995 4.364143 6.20 0.000 18.3938 35.68611
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.18 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.33 Pr > z = 0.743
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 12.10 Prob > chi2 = 0.520
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.33 Prob > chi2 = 0.500
 (Robust, but can be weakened by many instruments.)

Kolom 51
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 12.79 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1317049 .0400238 3.29 0.001 .0524105 .2109993
|
p2p | -.04276 .0107527 -3.98 0.000 -.0640631 -.0214569
fb3 | -.6372616 1.258569 -0.51 0.614 -3.130714 1.856191
p2pfb3 | .0054478 .0189042 0.29 0.774 -.0320049 .0429004
eqta | -27.28982 4.701896 -5.80 0.000 -36.60513 -17.97452
roa | .8054663 .2765168 2.91 0.004 .2576367 1.353296
overhead | -46.39609 15.74617 -2.95 0.004 -77.59209 -15.20009
lnta | -.5551291 .21297 -2.61 0.010 -.9770611 -.1331971
inflasi | -.3667117 .1431011 -2.56 0.012 -.6502208 -.0832027
gpdb | .1455607 .0899897 1.62 0.109 -.0327252 .3238465
_cons | 24.21808 4.238167 5.71 0.000 15.82151 32.61465
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.19 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.31 Pr > z = 0.759
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 12.04 Prob > chi2 = 0.525
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.46 Prob > chi2 = 0.490
(Robust, but can be weakened by many instruments.)

Kolom 52
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.64 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0458689 .025413 -1.80 0.074 -.0962167 .0044789
|
p2p | -.0702623 .0455995 -1.54 0.126 -.1606031 .0200785
gov3 | -1.970155 3.258215 -0.60 0.547 -8.425266 4.484956
p2pgov3 | .0084532 .0513319 0.16 0.869 -.0932445 .110151
eqta | -38.38176 13.96596 -2.75 0.007 -66.05085 -10.71267
roa | .5098073 .5045215 1.01 0.314 -.4897408 1.509355
overhead | -78.04064 40.40093 -1.93 0.056 -158.0822 2.000885
lnta | -.3217034 .8965987 -0.36 0.720 -2.098027 1.45462
inflasi | -1.865281 .3324289 -5.61 0.000 -2.523882 -1.206679
gpdb | .8052002 .2122089 3.79 0.000 .384776 1.225624
_cons | 36.82077 17.64334 2.09 0.039 1.866136 71.7754
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.91 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.53 Pr > z = 0.126
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 11.19 Prob > chi2 = 0.595
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 21.79 Prob > chi2 = 0.059
(Robust, but can be weakened by many instruments.)

Kolom 53
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 8.00 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0486768 .0258387 -1.88 0.062 -.0998679 .0025143
|
p2p | -.080395 .0426741 -1.88 0.062 -.1649401 .0041502
dom3 | -6.823084 3.49785 -1.95 0.054 -13.75295 .1067874
p2pdom3 | .0662468 .0561014 1.18 0.240 -.0449001 .1773938
eqta | -40.00247 11.92794 -3.35 0.001 -63.63387 -16.37106
roa | .5011233 .541545 0.93 0.357 -.5717749 1.574022
overhead | -78.13974 42.83034 -1.82 0.071 -162.9944 6.714897
lnta | -1.113444 .7756789 -1.44 0.154 -2.650203 .4233162
inflasi | -1.833629 .3409906 -5.38 0.000 -2.509193 -1.158065
gpdb | .7489541 .2144197 3.49 0.001 .32415 1.173758
_cons | 51.86667 15.98414 3.24 0.002 20.19921 83.53413
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.89 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.41 Pr > z = 0.158
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 11.16 Prob > chi2 = 0.597
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 22.64 Prob > chi2 = 0.046
(Robust, but can be weakened by many instruments.)

Kolom 54
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.70 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0486193 .0248871 -1.95 0.053 -.0979252 .0006866
|
p2p | -.0282091 .0302225 -0.93 0.353 -.0880853 .0316671
fb3 | 9.807498 4.011212 2.45 0.016 1.860563 17.75443
p2pfb3 | -.0922427 .0672128 -1.37 0.173 -.2254033 .0409179
eqta | -46.61945 12.00313 -3.88 0.000 -70.39981 -22.83909
roa | .5663957 .5036877 1.12 0.263 -.4315005 1.564292
overhead | -77.90659 40.17019 -1.94 0.055 -157.491 1.677807
lnta | -1.188553 .7979254 -1.49 0.139 -2.769387 .3922811
inflasi | -1.848025 .3230233 -5.72 0.000 -2.487992 -1.208057
gpdb | .7693965 .2058813 3.74 0.000 .3615085 1.177284
_cons | 48.23861 16.00269 3.01 0.003 16.53439 79.94283
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.91 Pr > z = 0.004
Arellano-Bond test for AR(2) in first differences: z = 1.44 Pr > z = 0.151
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.51 Prob > chi2 = 0.652
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 20.79 Prob > chi2 = 0.077
(Robust, but can be weakened by many instruments.)

Kolom 55
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 9.39 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0649366 .0324171 2.00 0.048 .0007125 .1291607
|
pay | -.281101 .0713319 -3.94 0.000 -.4224224 -.1397797
gov3 | -.9388195 3.327473 -0.28 0.778 -7.531144 5.653505
paygov3 | .0420779 .0769455 0.55 0.586 -.110365 .1945208
eqta | -19.31918 11.2253 -1.72 0.088 -41.55852 2.920167
roa | .575863 .5034715 1.14 0.255 -.4216048 1.573331
overhead | -131.5452 39.6714 -3.32 0.001 -210.1415 -52.94905
lnta | -.6768198 .670237 -1.01 0.315 -2.00468 .6510407
inflasi | -.6573042 .3000228 -2.19 0.031 -1.251703 -.062905
gpdb | -.054044 .2610832 -0.21 0.836 -.5712969 .463209
_cons | 54.86634 11.29569 4.86 0.000 32.48753 77.24514
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.43 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.81 Pr > z = 0.420
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.84 Prob > chi2 = 0.978
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 7.50 Prob > chi2 = 0.874
(Robust, but can be weakened by many instruments.)

Kolom 56
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.65 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0643914 .0322449 2.00 0.048 .0005084 .1282744
|
pay | -.2595036 .0821209 -3.16 0.002 -.4222 -.0968073
dom3 | -4.782958 4.380643 -1.09 0.277 -13.4618 3.895886
paydom3 | -.0079888 .0917272 -0.09 0.931 -.1897169 .1737394
eqta | -19.46469 10.37504 -1.88 0.063 -40.01952 1.090146
roa | .4886229 .5643836 0.87 0.388 -.6295227 1.606768
overhead | -137.855 42.25398 -3.26 0.001 -221.5678 -54.14226
 lnta | -1.285794 .6686895 -1.92 0.057 -2.610588 .0390008
inflasi | -.6537283 .300634 -2.17 0.032 -1.249339 -.0581182
gpdb | -.0722904 .2612853 -0.28 0.783 -.5899437 .4453628
_cons | 66.64913 12.08111 5.52 0.000 42.71428 90.58399
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.44 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.79 Pr > z = 0.430
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.90 Prob > chi2 = 0.977
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 7.74 Prob > chi2 = 0.860
(Robust, but can be weakened by many instruments.)

Kolom 57
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.84 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0638735 .0321489 1.99 0.049 .0001807 .1275664
|
pay | -.237095 .063422 -3.74 0.000 -.3627454 -.1114446
fb3 | 6.743845 5.233402 1.29 0.200 -3.624468 17.11216
payfb3 | -.0529124 .100618 -0.53 0.600 -.2522547 .14643
eqta | -24.98232 10.55891 -2.37 0.020 -45.90143 -4.063218
roa | .6609766 .4823022 1.37 0.173 -.2945511 1.616504
overhead | -129.8537 36.62926 -3.55 0.001 -202.4229 -57.28454
lnta | -1.202104 .6462442 -1.86 0.065 -2.48243 .0782223
inflasi | -.6578483 .2981927 -2.21 0.029 -1.248622 -.0670748
gpdb | -.0563466 .2605619 -0.22 0.829 -.5725667 .4598734
_cons | 61.03465 10.87932 5.61 0.000 39.48077 82.58854
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.43 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.78 Pr > z = 0.435
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.82 Prob > chi2 = 0.979
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 7.39 Prob > chi2 = 0.881
(Robust, but can be weakened by many instruments.)

Kolom 58
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 18.75 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1356143 .039773 3.41 0.001 .056817 .2144117
|
pay | -.0946968 .0338444 -2.80 0.006 -.1617488 -.0276449
gov3 | 2.21069 1.642363 1.35 0.181 -1.043127 5.464507
paygov3 | -.0303281 .0404902 -0.75 0.455 -.1105466 .0498904
 eqta | -26.31423 5.227918 -5.03 0.000 -36.67168 -15.95678
roa | .7123445 .3278632 2.17 0.032 .0627884 1.361901
overhead | -48.52095 17.43901 -2.78 0.006 -83.07078 -13.97112
lnta | -.531299 .2569139 -2.07 0.041 -1.040292 -.0223062
inflasi | -.30392 .1358693 -2.24 0.027 -.5731017 -.0347383
gpdb | -.0246695 .098384 -0.25 0.802 -.2195859 .1702469
_cons | 27.75398 4.819145 5.76 0.000 18.20638 37.30157
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.24 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.29 Pr > z = 0.775
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.44 Prob > chi2 = 0.658
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 13.45 Prob > chi2 = 0.413
(Robust, but can be weakened by many instruments.)

Kolom 59
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 13.53 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1357853 .0398091 3.41 0.001 .0569163 .2146544
|
pay | -.1100602 .0339442 -3.24 0.002 -.1773097 -.0428107
dom3 | -1.303028 1.884341 -0.69 0.491 -5.036248 2.430191
paydom3 | .0178323 .0379872 0.47 0.640 -.0574272 .0930919
eqta | -27.53107 4.947646 -5.56 0.000 -37.33325 -17.7289
roa | .7251189 .3296036 2.20 0.030 .0721147 1.378123
overhead | -47.64554 17.55388 -2.71 0.008 -82.42295 -12.86814
lnta | -.5833041 .240947 -2.42 0.017 -1.060664 -.1059446
inflasi | -.3049233 .1357332 -2.25 0.027 -.5738353 -.0360113
gpdb | -.02462 .0983494 -0.25 0.803 -.2194679 .1702279
_cons | 29.8329 4.455184 6.70 0.000 21.00638 38.65942
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.23 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.30 Pr > z = 0.765
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.73 Prob > chi2 = 0.634
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 13.49 Prob > chi2 = 0.411
(Robust, but can be weakened by many instruments.)

Kolom 60
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 12.93 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk1 |
L1. | .1371401 .0398233 3.44 0.001 .0582428 .2160373
 |
pay | -.1093842 .029105 -3.76 0.000 -.1670465 -.0517219
fb3 | -.7525789 1.927162 -0.39 0.697 -4.570634 3.065476
payfb3 | .0087096 .0386164 0.23 0.822 -.0677965 .0852157
eqta | -26.82233 4.92208 -5.45 0.000 -36.57386 -17.0708
roa | .7308297 .3205835 2.28 0.025 .0956959 1.365963
overhead | -47.2251 16.9095 -2.79 0.006 -80.72587 -13.72432
lnta | -.4471793 .2398795 -1.86 0.065 -.922424 .0280653
inflasi | -.3057849 .1363808 -2.24 0.027 -.57598 -.0355899
gpdb | -.0211906 .0981927 -0.22 0.830 -.2157281 .1733468
_cons | 27.33223 4.486756 6.09 0.000 18.44315 36.2213
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.25 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.27 Pr > z = 0.788
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.73 Prob > chi2 = 0.634
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 13.65 Prob > chi2 = 0.399
(Robust, but can be weakened by many instruments.)

Kolom 61
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 8.82 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0452913 .0257865 -1.76 0.082 -.096379 .0057964
|
pay | -.2842901 .1124762 -2.53 0.013 -.5071257 -.0614545
gov3 | 1.257782 4.679515 0.27 0.789 -8.013182 10.52875
paygov3 | -.0919753 .1086932 -0.85 0.399 -.3073162 .1233656
eqta | -32.66438 13.94244 -2.34 0.021 -60.28688 -5.04189
roa | .2956133 .5633771 0.52 0.601 -.8205383 1.411765
overhead | -82.34984 43.89181 -1.88 0.063 -169.3074 4.607744
lnta | .2059449 .9641845 0.21 0.831 -1.704278 2.116168
inflasi | -1.844856 .3220737 -5.73 0.000 -2.482942 -1.20677
gpdb | .2270584 .2295588 0.99 0.325 -.227739 .6818557
_cons | 44.46191 18.17745 2.45 0.016 8.449103 80.47472
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.92 Pr > z = 0.003
Arellano-Bond test for AR(2) in first differences: z = 1.47 Pr > z = 0.143
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 9.51 Prob > chi2 = 0.734
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 19.40 Prob > chi2 = 0.111
(Robust, but can be weakened by many instruments.)

Kolom 62
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 8.64 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0488633 .0253029 -1.93 0.056 -.0989929 .0012663
|
pay | -.3903351 .1037882 -3.76 0.000 -.5959583 -.1847119
dom3 | -13.21394 4.927228 -2.68 0.008 -22.97566 -3.452208
paydom3 | .2455453 .1043049 2.35 0.020 .0388985 .4521921
eqta | -34.10403 11.98488 -2.85 0.005 -57.84824 -10.35982
roa | .1875358 .6207217 0.30 0.763 -1.042226 1.417297
overhead | -78.68975 46.07523 -1.71 0.090 -169.9731 12.59359
lnta | -.5466192 .8495393 -0.64 0.521 -2.22971 1.136471
inflasi | -1.828715 .3236627 -5.65 0.000 -2.469949 -1.187481
gpdb | .2268951 .2325469 0.98 0.331 -.2338222 .6876124
_cons | 61.55272 16.73623 3.68 0.000 28.39524 94.7102
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.92 Pr > z = 0.003
Arellano-Bond test for AR(2) in first differences: z = 1.36 Pr > z = 0.173
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 8.64 Prob > chi2 = 0.799
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 19.49 Prob > chi2 = 0.109
(Robust, but can be weakened by many instruments.)

Kolom 63
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 24 Obs per group: min = 5
F(10, 113) = 7.77 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0485411 .0244138 -1.99 0.049 -.0969093 -.0001729
|
pay | -.2349592 .0784571 -2.99 0.003 -.3903968 -.0795216
fb3 | 14.02822 7.102676 1.98 0.051 -.0434579 28.0999
payfb3 | -.1972815 .1510817 -1.31 0.194 -.4966016 .1020386
eqta | -41.39568 12.21709 -3.39 0.001 -65.59993 -17.19143
roa | .3034025 .5798458 0.52 0.602 -.8453766 1.452182
overhead | -75.85897 43.29281 -1.75 0.082 -161.6298 9.911891
lnta | -.6745216 .8377475 -0.81 0.422 -2.33425 .9852073
inflasi | -1.839447 .3175754 -5.79 0.000 -2.468621 -1.210273
gpdb | .2272069 .2329038 0.98 0.331 -.2342175 .6886312
_cons | 54.89282 16.99654 3.23 0.002 21.21961 88.56604
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.94 Pr > z = 0.003
Arellano-Bond test for AR(2) in first differences: z = 1.37 Pr > z = 0.170
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 8.44 Prob > chi2 = 0.814
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 19.59 Prob > chi2 = 0.106
(Robust, but can be weakened by many instruments.)

Kolom 64
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 8.95 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .06719 .0324364 2.07 0.041 .0029276 .1314523
|
finall | .0961319 .1043932 0.92 0.359 -.1106899 .3029537
finalllnta | -.0088166 .0062415 -1.41 0.161 -.0211821 .003549
eqta | -17.93991 10.54504 -1.70 0.092 -38.83153 2.951719
roa | .6517874 .4562212 1.43 0.156 -.252069 1.555644
overhead | -122.3448 37.8257 -3.23 0.002 -197.2844 -47.4053
lnta | -.2389183 .8866519 -0.27 0.788 -1.995536 1.517699
inflasi | -.6573828 .3123432 -2.10 0.038 -1.276191 -.0385746
gpdb | .1979065 .256777 0.77 0.442 -.310815 .7066281
_cons | 37.73178 15.1666 2.49 0.014 7.684 67.77956
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.44 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.86 Pr > z = 0.388
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.79 Prob > chi2 = 0.979
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 9.23 Prob > chi2 = 0.756
(Robust, but can be weakened by many instruments.)

Kolom 65
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 9.14 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0587834 .0325984 1.80 0.074 -.0057998 .1233667
|
p2p | .0135199 .0699925 0.19 0.847 -.1251478 .1521876
p2plnta | -.0035564 .0023518 -1.51 0.133 -.0082157 .0011028
eqta | -15.75463 10.46434 -1.51 0.135 -36.48638 4.977118
roa | .5938012 .5011628 1.18 0.239 -.3990927 1.586695
overhead | -118.835 36.50481 -3.26 0.001 -191.1576 -46.51238
lnta | -.4366112 .7410247 -0.59 0.557 -1.904715 1.031492
inflasi | -.6478144 .3161269 -2.05 0.043 -1.274119 -.0215101
gpdb | .2107542 .253917 0.83 0.408 -.2923012 .7138097
_cons | 40.72038 11.53402 3.53 0.001 17.86941 63.57136
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.39 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.74 Pr > z = 0.458
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.49 Prob > chi2 = 0.985
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 10.91 Prob > chi2 = 0.618
(Robust, but can be weakened by many instruments.)

Kolom 66
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 9.18 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gdpk1 |
L1. | .0639749 .0321466 1.99 0.049 .0002867 .1276631
|
pay | .5374492 .402832 1.33 0.185 -.2606337 1.335532
paylnta | -.0485548 .0249141 -1.95 0.054 -.0979142 .0008046
eqta | -18.72128 10.39214 -1.80 0.074 -39.30998 1.867432
roa | .6155226 .4853994 1.27 0.207 -.3461411 1.577186
overhead | -128.1643 40.52605 -3.16 0.002 -208.4537 -47.87486
lnta | .8257268 1.237598 0.67 0.506 -1.626179 3.277632
inflasi | -.6100572 .3034292 -2.01 0.047 -1.211205 -.0089093
gpdb | -.0202297 .2609615 -0.08 0.938 -.5372415 .4967821
_cons | 29.06592 20.07825 1.45 0.150 -10.71271 68.84455
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -4.46 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = 0.81 Pr > z = 0.416
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 4.20 Prob > chi2 = 0.989
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 7.32 Prob > chi2 = 0.885
(Robust, but can be weakened by many instruments.)

Kolom 67
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 17.64 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk |
L1. | 13.31009 3.907199 3.41 0.001 5.569223 21.05096
|
finall | .0288805 .0590031 0.49 0.625 -.0880152 .1457762
finalllnta | -.0031006 .0034167 -0.91 0.366 -.0098696 .0036684
eqta | -27.59114 4.693263 -5.88 0.000 -36.88934 -18.29294
roa | .7573923 .2966396 2.55 0.012 .1696958 1.345089
overhead | -46.67407 16.90965 -2.76 0.007 -80.17513 -13.173
lnta | -.3209608 .3971354 -0.81 0.421 -1.107758 .465836
inflasi | -.3237821 .1380371 -2.35 0.021 -.5972584 -.0503057
gpdb | .0683164 .0946887 0.72 0.472 -.1192789 .2559118
_cons | 22.17981 7.698342 2.88 0.005 6.928009 37.43162
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.21 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.32 Pr > z = 0.750
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.59 Prob > chi2 = 0.645
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 11.43 Prob > chi2 = 0.575
(Robust, but can be weakened by many instruments.)

Kolom 68
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 14.90 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk |
L1. | 13.21963 3.953019 3.34 0.001 5.387989 21.05128
|
p2p | -.0071684 .0324741 -0.22 0.826 -.0715054 .0571687
p2plnta | -.0011793 .0010493 -1.12 0.263 -.0032581 .0008995
eqta | -27.32628 4.68061 -5.84 0.000 -36.59941 -18.05314
roa | .7588004 .2989827 2.54 0.013 .1664616 1.351139
overhead | -45.99376 16.25314 -2.83 0.006 -78.19417 -13.79336
lnta | -.4449159 .2920005 -1.52 0.130 -1.023422 .1335897
inflasi | -.336592 .1444123 -2.33 0.022 -.6226988 -.0504851
gpdb | .0723976 .0995658 0.73 0.469 -.1248602 .2696554
_cons | 24.02397 4.621783 5.20 0.000 14.86739 33.18056
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.18 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.33 Pr > z = 0.742
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.36 Prob > chi2 = 0.664
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 11.49 Prob > chi2 = 0.570
(Robust, but can be weakened by many instruments.)

Kolom 69
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 23 Obs per group: min = 5
F(9, 113) = 17.16 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
adjdpk1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
adjdpk |
L1. | 13.68849 3.888102 3.52 0.001 5.985456 21.39152
|
pay | .2709323 .2124116 1.28 0.205 -.1498934 .6917581
paylnta | -.0228539 .0128685 -1.78 0.078 -.0483487 .0026409
eqta | -26.90512 4.528542 -5.94 0.000 -35.87698 -17.93327
roa | .7452095 .3034738 2.46 0.016 .1439731 1.346446
overhead | -45.60659 17.12795 -2.66 0.009 -79.54014 -11.67304
lnta | .245425 .560686 0.44 0.662 -.865395 1.356245
inflasi | -.2760731 .137146 -2.01 0.046 -.5477841 -.0043621
gpdb | -.0118453 .0973932 -0.12 0.903 -.2047987 .1811082
_cons | 15.51063 9.698991 1.60 0.113 -3.704825 34.72608
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -6.23 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.28 Pr > z = 0.779
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(13) = 10.15 Prob > chi2 = 0.682
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(13) = 12.16 Prob > chi2 = 0.514
(Robust, but can be weakened by many instruments.)

Kolom 70
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 113 Obs per group: min = 5
F(9, 113) = 7.05 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.062707 .0199179 -3.15 0.002 -.102168 -.023246
|
finall | .1721217 .1414557 1.22 0.226 -.1081275 .452371
finalllnta | -.0147345 .0085817 -1.72 0.089 -.0317364 .0022674
eqta | -23.23997 17.78187 -1.31 0.194 -58.46906 11.98912
roa | -.1757897 .7151163 -0.25 0.806 -1.592564 1.240985
overhead | -142.5663 48.35151 -2.95 0.004 -238.3593 -46.77322
lnta | 1.245486 1.302714 0.96 0.341 -1.335425 3.826397
inflasi | -1.51181 .3514554 -4.30 0.000 -2.208107 -.8155137
gpdb | .2743936 .393601 0.70 0.487 -.5054009 1.054188
_cons | 27.81308 25.02506 1.11 0.269 -21.76608 77.39224
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.81 Pr > z = 0.005
Arellano-Bond test for AR(2) in first differences: z = 0.97 Pr > z = 0.330
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(103) = 128.05 Prob > chi2 = 0.048
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(103) = 111.40 Prob > chi2 = 0.269
(Robust, but can be weakened by many instruments.)

Kolom 71
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 113 Obs per group: min = 5
F(9, 113) = 7.21 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0629633 .0195972 -3.21 0.002 -.1017888 -.0241378
|
p2p | .1709108 .103557 1.65 0.102 -.0342542 .3760758
p2plnta | -.0101261 .0042053 -2.41 0.018 -.0184575 -.0017947
eqta | -19.46291 18.18744 -1.07 0.287 -55.4955 16.56968
roa | -.3078087 .7326735 -0.42 0.675 -1.759367 1.14375
overhead | -140.6838 48.45158 -2.90 0.004 -236.6751 -44.69246
lnta | 1.244892 1.205448 1.03 0.304 -1.143318 3.633102
inflasi | -1.394327 .3453052 -4.04 0.000 -2.078438 -.7102146
gpdb | -.1081399 .4443084 -0.24 0.808 -.9883951 .7721152
_cons | 35.87626 21.49573 1.67 0.098 -6.710657 78.46318
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.81 Pr > z = 0.005
Arellano-Bond test for AR(2) in first differences: z = 0.92 Pr > z = 0.356
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(103) = 129.22 Prob > chi2 = 0.041
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(103) = 110.84 Prob > chi2 = 0.281
(Robust, but can be weakened by many instruments.)

Kolom 72
Dynamic panel-data estimation, two-step system GMM
------------------------------------------------------------------------------
Group variable: id Number of obs = 1501
Time variable : year Number of groups = 114
Number of instruments = 113 Obs per group: min = 5
F(9, 113) = 7.08 avg = 13.17
Prob > F = 0.000 max = 14
------------------------------------------------------------------------------
| Corrected
gcasa1 | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
gcasa1 |
L1. | -.0631123 .0196517 -3.21 0.002 -.1020459 -.0241787
|
pay | .7490304 .5415505 1.38 0.169 -.3238788 1.82194
paylnta | -.0688438 .0347569 -1.98 0.050 -.1377035 .000016
eqta | -20.15495 17.81538 -1.13 0.260 -55.45043 15.14053
roa | -.2648591 .726729 -0.36 0.716 -1.70464 1.174922
overhead | -138.3551 47.83585 -2.89 0.005 -233.1265 -43.58361
lnta | 2.665095 1.750816 1.52 0.131 -.8035872 6.133778
inflasi | -1.457645 .3530194 -4.13 0.000 -2.15704 -.7582497
gpdb | -.1127864 .4254966 -0.27 0.791 -.9557718 .7301991
_cons | 16.76179 29.4401 0.57 0.570 -41.56436 75.08793
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -2.82 Pr > z = 0.005
Arellano-Bond test for AR(2) in first differences: z = 0.92 Pr > z = 0.356
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(103) = 127.16 Prob > chi2 = 0.053
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(103) = 111.61 Prob > chi2 = 0.264
(Robust, but can be weakened by many instruments.)