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Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 23) = 4.634

Prob > F = 0.0421

Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

23)

3.065

Prob > F

0.0933

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Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 23) = 23.539

Prob > F = 0.0001

Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 23) = 22.315

Prob > F = 0.0001

Dynamic panel-data estimation, two-step system GMM

Group variable: BANK

Number of obs	=	212
Time variable : YEAR	Number of groups	=	24
Number of instruments = 84	Obs per group: min	=	7
Wald chi2(13) = 205.45	avg	=	8.83
Prob > chi2 = 0.000	max	=	9

NIM

Coef.	Corrected Std. Err.	z	P>\|z\|	[95% Conf.	Interval]
LNIM	.5284931	.2335535	2.26	0.024	.0707367	.9862494
STRATE	1.789166	.8707094	2.05	0.040	.0826073	3.495725
STRATE2	-.1291081	.0724267	-1.78	0.075	-.2710619	.0128456
SYIEDC	5.332971	2.048062	2.60	0.009	1.318843	9.347098
SYIEDC2	-1.84538	.7715319	-2.39	0.017	-3.357555	-.3332056
VSTRATE	1.479166	1.12899	1.31	0.190	-.7336134	3.691945
SIZE	.0474008	.538103	0.09	0.930	-1.007262	1.102063
ETTA	4.767625	14.84852	0.32	0.748	-24.33495	33.8702
LIQ	-2.581619	4.340946	-0.59	0.552	-11.08972	5.926479
EFF	-.0033476	.0103044	-0.32	0.745	-.0235439	.0168487
GDP	-1.259723	1.091482	-1.15	0.248	-3.398988	.8795422
STOCK	-.1016082	.066595	-1.53	0.127	-.2321319	.0289155
CRISIS	12.16885	5.851038	2.08	0.038	.7010266	23.63667
_cons	-1.081204	13.54767	-0.08	0.936	-27.63416	25.47175

Instruments for first differences equation Standard

D.(L.LIQ L.LNIM)

Instruments for levels equation Standard

L.LIQ L.LNIM

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) DL(1/9).(LIQ LNIM)

Arellano-Bond test for AR(1) in first differences: z = -1.43 Pr > z = 0.152 Arellano-Bond test for AR(2) in first differences: z = -0.19 Pr > z = 0.847

Sargan test of overid. restrictions: chi2(70) = 244.81 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(70) = 5.76 Prob > chi2 = 1.000 (Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets: iv(L.LIQ L.LNIM)

Hansen test excluding group: chi2(68) = 5.78 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(2) = -0.02 Prob > chi2 = 1.000

NNIM

Coef.	Std. Err.	z	P>\|z\|	[95% Conf.	Interval]
LNNIM	.6800234	.2282877	2.98	0.003	.2325877	1.127459
STRATE	-3.409347	1.958214	-1.74	0.082	-7.247376	.4286822
STRATE2	.2399171	.1408455	1.70	0.088	-.036135	.5159693
SYIEDC	-7.139899	3.52878	-2.02	0.043	-14.05618	-.2236173
SYIEDC2	2.490046	1.275468	1.95	0.051	-.0098259	4.989918
VSTRATE	-2.220604	1.38657	-1.60	0.109	-4.938232	.4970235
SIZE	-1.283758	.8526216	-1.51	0.132	-2.954866	.3873493
ETTA	-30.15172	18.0657	-1.67	0.095	-65.55984	5.256401
LIQ	.145858	2.553149	0.06	0.954	-4.858222	5.149938
EFF	.0049374	.0156401	0.32	0.752	-.0257167	.0355914
GDP	.8693694	.4602286	1.89	0.059	-.0326621	1.771401
STOCK	.1559519	.0911326	1.71	0.087	-.0226646	.3345684
CRISIS	-16.99807	8.619222	-1.97	0.049	-33.89144	-.1047077
_cons	35.93716	20.39891	1.76	0.078	-4.043962	75.91829

Warning: Uncorrected two-step standard errors are unreliable.

Instruments for orthogonal deviations equation Standard

FOD.L.LIQ

Instruments for levels equation Standard

L.LIQ

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) DL(1/9).LIQ

Arellano-Bond test for AR(1) in first differences: z = -2.40 Pr > z = 0.016 Arellano-Bond test for AR(2) in first differences: z = 0.19 Pr > z = 0.846

Sargan test of overid. restrictions: chi2(33) = 66.71 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(33) = 4.86 Prob > chi2 = 1.000 (Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets: iv(L.LIQ)

Hansen test excluding group: chi2(32) = 9.49 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -4.63 Prob > chi2 = 1.000

PTT

Coef.	Std. Err.	z	P>\|z\|	[95% Conf.	Interval]
LPTT	.8564548	.2288543	3.74	0.000	.4079086	1.305001
STRATE	.0114394	.0059844	1.91	0.056	-.0002897	.0231685
STRATE2	-.0008793	.0004245	-2.07	0.038	-.0017113	-.0000473
SYIEDC	.0191665	.0092759	2.07	0.039	.000986	.0373469
SYIEDC2	-.0082013	.0034895	-2.35	0.019	-.0150406	-.0013619
VSTRATE	.0108138	.004058	2.66	0.008	.0028603	.0187673
SIZE	-.0002882	.001089	-0.26	0.791	-.0024226	.0018463
ETTA	-.0054334	.0245294	-0.22	0.825	-.0535102	.0426434
LIQ	-.0006267	.0049837	-0.13	0.900	-.0103946	.0091412
EFF	-.0000295	.0000516	-0.57	0.568	-.0001307	.0000718
GDP	-.0011258	.0021447	-0.52	0.600	-.0053294	.0030778
STOCK	-.0006456	.0002698	-2.39	0.017	-.0011744	-.0001169
CRISIS	.0603933	.0226931	2.66	0.008	.0159155	.104871
_cons	-.0320602	.0385692	-0.83	0.406	-.1076544	.0435341

Warning: Uncorrected two-step standard errors are unreliable.

Instruments for orthogonal deviations equation Standard

FOD.L.LIQ

Instruments for levels equation Standard

L.LIQ

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) DL(1/9).LIQ

Arellano-Bond test for AR(1) in first differences: z = -2.51 Pr > z = 0.012 Arellano-Bond test for AR(2) in first differences: z = 0.35 Pr > z = 0.725

Sargan test of overid. restrictions: chi2(33) = 43.40 Prob > chi2 = 0.106 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(33) = 12.08 Prob > chi2 = 1.000 (Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets: iv(L.LIQ)

Hansen test excluding group: chi2(32) = 11.25 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 0.83 Prob > chi2 = 0.363

Dynamic panel-data estimation, two-step system GMM

Group variable: BANK

Number of obs	=	172
Time variable : YEAR	Number of groups	=	24
Number of instruments = 35	Obs per group: min	=	7
Wald chi2(13) = 3137.92	avg	=	7.17
Prob > chi2 = 0.000	max	=	9

ROA

Coef.	Std. Err.	z	P>\|z\|	[95% Conf.	Interval]
LROA	.1380888	.1528735	0.90	0.366	-.1615378	.4377154
STRATE	72.8884	35.49	2.05	0.040	3.329279	142.4475
STRATE2	-5.110767	2.487589	-2.05	0.040	-9.986352	-.2351814
SYIEDC	101.0218	48.9972	2.06	0.039	4.989063	197.0546
SYIEDC2	-38.98007	18.86268	-2.07	0.039	-75.95024	-2.009907
VSTRATE	52.11818	25.03714	2.08	0.037	3.04629	101.1901
SIZE	.3457787	.1319352	2.62	0.009	.0871904	.6043671
ETTA	9.012344	2.966956	3.04	0.002	3.197217	14.82747
LIQ	.510889	.6139109	0.83	0.405	-.6923543	1.714132
EFF	-.0016212	.002564	-0.63	0.527	-.0066466	.0034042
GDP	16.80485	7.915404	2.12	0.034	1.290946	32.31876
STOCK	-2.895568	1.410704	-2.05	0.040	-5.660497	-.1306396
CRISIS	281.05	135.6379	2.07	0.038	15.20466	546.8954
_cons	-423.9167	201.6371	-2.10	0.036	-819.1182	-28.71514

Warning: Uncorrected two-step standard errors are unreliable.

Instruments for orthogonal deviations equation Standard

FOD.(L.LIQ D.LIQ)

Instruments for levels equation Standard

L.LIQ D.LIQ

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) DL(1/9).LIQ

Arellano-Bond test for AR(1) in first differences: z = -4.22 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 1.25 Pr > z = 0.210

Sargan test of overid. restrictions: chi2(21) = 6.42 Prob > chi2 = 0.999 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(21) = 8.00 Prob > chi2 = 0.995 (Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets: iv(L.LIQ D.LIQ)

Hansen test excluding group: chi2(19) = 8.61 Prob > chi2 = 0.979 Difference (null H = exogenous): chi2(2) = -0.61 Prob > chi2 = 1.000