Kayo, Eduardo K.; Brunaldi, Eduardo Ottoboni; Aldrighi, Dante M.

doi:10.1590/1982-7849rac2018170004

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Artigo • Rev. adm. contemp. 22 (1) • Jan-Feb 2018 • https://doi.org/10.1590/1982-7849rac2018170004 copiar

Capital Structure Adjustment in Brazilian Family Firms

Autoria SCIMAGO INSTITUTIONS RANKINGS

Resumo

Analisamos em que medida as companhias familiares são diferentes das companhias não familiares em termos de endividamento e ajuste da estrutura de capital. Aplicando um modelo de trade-off dinâmico a uma amostra de companhias brasileiras de 2003 a 2013, foi mostrado que companhias familiares apresentam maior nível de endividamento e menor velocidade de ajuste em comparação às companhias não familiares. Argumenta-se que companhias familiares tendem a ter maior endividamento porque seus gestores são mais confiantes e otimistas que gestores de empresas não familiares. Restrições financeiras derivadas desse alto nível de endividamento previnem empresas familiares sobre alavancadas de ajustar-se rapidamente para uma estrutura de capital alvo.

Palavras-chave:
estrutura de capital; firmas familiares; velocidade de ajuste; maior acionista último

Variables	Criterion 1					Criterion 2
	Family firms		Non-family firms		Difference	Family firms		Non-family firms		Difference
	N	Mean	N	Mean	Difference	N	Mean	N	Mean	Difference
MktLev	1254	0.326	683	0.254	0.072***	878	0.342	1059	0.266	0.076***
IND_LEV	1255	0.311	683	0.281	0.030***	879	0.317	1059	0.287	0.030***
BookLev	1254	0.254	683	0.238	0.015*	878	0.255	1059	0.243	0.012
EBIT_TA	1255	0.068	683	0.095	-0.026***	879	0.065	1059	0.088	-0.023***
LnTA	1255	20.765	683	21.277	-0.511***	879	20.584	1059	21.245	-0.660***
MTB	1255	0.811	683	1.132	-0.321***	879	0.714	1059	1.099	-0.384***
DEP_TA	1200	0.028	668	0.035	-0.006***	833	0.029	1035	0.033	-0.003***
FA_TA	1255	0.269	683	0.294	-0.025**	879	0.287	1059	0.270	0.017*
AGE	1252	42.354	678	37.513	4.841***	876	45.157	1054	36.910	8.248***

Industry	Family firms						Non-family firms
	N	%	Market leverage		Book leverage		N	%	Market leverage		Book leverage
	N	%	Mean	S.D.	Mean	S.D.	N	%	Mean	S.D.	Mean	S.D.
Agriculture	22	1.8%	0.334	0.192	0.294	0.117	11	1.6%	0.157	0.163	0.148	0.153
Food and beverage	95	7.6%	0.430	0.251	0.320	0.178	43	6.3%	0.345	0.215	0.331	0.169
Retail	81	6.5%	0.159	0.197	0.177	0.203	54	7.9%	0.204	0.146	0.276	0.145
Building	163	13.0%	0.388	0.261	0.227	0.150	57	8.3%	0.395	0.285	0.260	0.139
Electronics	40	3.2%	0.265	0.201	0.165	0.125	28	4.1%	0.084	0.151	0.057	0.112
Non-Financial holdings	68	5.4%	0.309	0.314	0.212	0.213	32	4.7%	0.236	0.247	0.216	0.176
Non-metallic minerals	15	1.2%	0.277	0.174	0.258	0.153	10	1.5%	0.088	0.136	0.059	0.037
Mining	10	0.8%	0.209	0.132	0.200	0.105	18	2.6%	0.206	0.132	0.263	0.086
Machinery	31	2.5%	0.296	0.204	0.270	0.157	11	1.6%	0.415	0.296	0.382	0.228
Other light industries	21	1.7%	0.355	0.252	0.247	0.139	20	2.9%	0.146	0.139	0.158	0.111
Others	140	11.2%	0.251	0.236	0.233	0.180	66	9.7%	0.189	0.162	0.192	0.136
Other services	40	3.2%	0.183	0.239	0.173	0.191	26	3.8%	0.208	0.234	0.215	0.169
Pulp and paper	48	3.8%	0.452	0.181	0.368	0.177	13	1.9%	0.382	0.137	0.396	0.060
Chemistry	78	6.2%	0.388	0.209	0.321	0.158	67	9.8%	0.181	0.194	0.170	0.161
Iron and steel	136	10.8%	0.376	0.247	0.278	0.161	75	11.0%	0.231	0.181	0.198	0.162
Software and data	18	1.4%	0.064	0.083	0.126	0.147	8	1.2%	0.018	0.021	0.060	0.087
Transportation	45	3.6%	0.304	0.197	0.355	0.171	51	7.5%	0.277	0.182	0.355	0.162
Textile	143	11.4%	0.343	0.283	0.222	0.170	40	5.9%	0.415	0.262	0.311	0.180
Automobile	60	4.8%	0.340	0.209	0.333	0.160	53	7.8%	0.345	0.216	0.286	0.149
Total	1,254	100%	0.326	0.252	0.254	0.178	683	100%	0.254	0.221	0.238	0.170

	Model 1	Model 2
EBIT_TA_i,t-1	-0.186^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.063)	-0.165^ *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.081)
LnTA_i,t-1	0.050^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.017)	0.051^ *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.020)
MTB_i,t-1	-0.054^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.008)	-0.054^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.009)
DEP_TA_i,t-1	-0.279 (0.417)	-0.032 (0.395)
FA_TA_i,t-1	0.138^ *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.054)	0.133^ *, and *** represent statistical significance levels at one percent, five percent, and ten percent. The errors are clustered at firm level. (0.056)
IND_LEV_i,t-1	0.137 (0.078)
Fixed-effects
Firms	Yes	Yes
Years	Yes	No
Industry-years	No	Yes
N	1553	1553
Adj. R²	0.7852	0.7970

		Actual (1)	Target (2)	Difference (1) - (2)
Panel A. Target leverage as fitted values of Model 1
Criterion 1
	Non-family firms	0.259	0.301	-0.042^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
	Family firms	0.328	0.304	0.023^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Criterion 2
	Non-family firms	0.272	0.305	-0.033^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
	Family firms	0.343	0.301	0.041^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Panel B. Target leverage as fitted values of Model 2
Criterion 1
	Non-family firms	0.260	0.303	-0.043^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
	Family firms	0.328	0.304	0.024^ *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Criterion 2
	Non-family firms	0.272	0.326	-0.053^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
	Family firms	0.343	0.275	0.067^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.

		Leverage
Criterion 1
	Difference between family firms and non-family firms	0.026^ *, and *** represent statistical significance levels at one percent, five percent and ten percent.
		(0.0125)
Criterion 2
	Difference between family firms and non-family firms	0.0300^* *, and *** represent statistical significance levels at one percent, five percent and ten percent.
		(0.0135)

	Criterion 1		Criterion 2
	I (AB)	II (BB)	III (AB)	IV (BB)
MktLev_i,t-1	0.2563*** (0.00)	0.5148*** (0.00)	0.2281*** (0.00)	0.5579*** (0.00)
MktLev_i,t-1*FAM_i,t-1	0.0516*** (0.00)	0.0827*** (0.00)	0.0387*** (0.00)	0.0358*** (0.00)
EBIT_TA_i,t-1	-0.0704*** (0.01)	-0.1951*** (0.01)	-0.0928*** (0.00)	-0.2100*** (0.01)
LnTA_i,t-1	0.0345*** (0.00)	0.0202*** (0.00)	0.0507*** (0.00)	0.0201*** (0.00)
MTB_i,t-1	-0.0205*** (0.00)	-0.0348*** (0.00)	-0.0187*** (0.00)	-0.0350*** (0.00)
DEP_TA_i,t-1	-0.1330** (0.06)	-0.3385*** (0.03)	-0.0436 (0.05)	-0.4141*** (0.03)
FA_TA_i,t-1	0.0822*** (0.01)	0.1279*** (0.00)	0.0788*** (0.01)	0.1244*** (0.01)
IND_LEV_i,t-1	-0.1235*** (0.01)	-0.1461*** (0.01)	-0.1221*** (0.01)	-0.1647*** (0.01)
N	1.244	1.541	1.244	1.541
Sargan	0.9998	0.9999	0.8024	0.3236
m1	0.0000	0.0000	0.0000	0.0000
m2	0.1236	0.1244	0.1574	0.1500

	Voting rights: 10%		Voting rights: 20%		Voting rights: 33%
	I (AB)	II (BB)	III (AB)	IV (BB)	V (AB)	VI (BB)
MktLevi,t-1	0.2681^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.5193^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.2379^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.5223^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.2555^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.5044^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
MktLevi,t-1*FAMi,t-1	0.0590^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0952^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0675^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0948^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0,00)	0.0610^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0886^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
EBIT_TAi,t-1	-0.0833^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.2116^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.0814^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.2222^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.0844^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1996^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)
LnTAi,t-1	0.0317^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0193^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0411^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0220^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0363^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0228^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
MTBi,t-1	-0.0215^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0343^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0198^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0349^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0197^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0328^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
DEP_TAi,t-1	-0.1656^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.06)	-0.3893^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.02)	-0.0744^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.03)	-0.3707^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.02)	-0.0729 (0.03)	-0.3785^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.03)
FA_TAi,t-1	0.0905^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.1399^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.0860^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.1349^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.0831^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.1172^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)
IND_LEVi,t-1	-0.1442^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1838^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1193^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1978^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1328^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1244^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)
N	1,244	1,541	1,244	1,541	1,244	1,541
Sargan	0.9999	0.3557	0.9981	0.4236	0.9974	1.00
m1	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
m2	0.1215	0.1183	0.1205	0.1231	0.1271	0.1444

Year	Criterion 1		Criterion 2
Year	From familiar to non-familiar	From non-familiar to familiar	From familiar to non-familiar	From non-familiar to familiar
2004	6	6	6	4
2005	6	1	7	2
2006	3	5	6	6
2007	4	6	4	4
2008	10	7	8	7
2009	4	6	2	7
2010	7	29	15	11
2011	2	4	5	3
2012	1	3	3	2
2013	3	1	3	5
TOTAL	46	68	59	51

Variables	Rigorous criterion 1					Rigorous criterion 2
	Family firms		Non-family firm		Diff	Family firms		Non-family firms		Diff
	N	Mean	N	Mean	Diff	N	Mean	N	Mean	Diff
MktLev	1208	0.319	907	0.273	0.045^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.	925	0.349	1190	0.261	0.087^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.
BookLev	1208	0.245	907	0.249	-0.004^ , * and * represent statistical significance levels at one percent, five percent, and ten percent.	925	0.261	858	0.236	0.025^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.
EBIT_TA	1209	0.068	907	0.091	-0.023^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.	926	0.066	858	0.087	-0.021^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.
LnTA	1209	20.724	907	21.568	-0.844^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.	926	20.724	858	21.367	-0.642^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.
MTB	1209	0.807	907	1.044	-0.236^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.	926	0.729	858	1.049	-0.320^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.
DEP_TA	1149	0.030	907	0.043	-0.013^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.	874	0.031	842	0.040	-0.009^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.
FA_TA	1209	0.281	907	0.295	-0.014^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.	926	0.298	858	0.279	0.019^ , * and * represent statistical significance levels at one percent, five percent, and ten percent.
AGE	1206	42.771	879	35.949	6.822^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.	629	43.949	830	36.674	7.274^* , * and * represent statistical significance levels at one percent, five percent, and ten percent.

	Actual (1)	Target (2)	Difference (1) - (2)
Panel A. Target leverage as fitted values of Model 1
Rigorous Criterion 1
Non-family firms	0.281	0.304	-0.023^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Family firms	0.318	0.303	0.015^ *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Rigorous Criterion 2
Non-family firms	0.263	0.295	-0.033^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Family firms	0.351	0.313	0.038^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Panel B. Target leverage as fitted values of Model 2
Rigorous Criterion 1
Non-family firms	0.281	0.318	-0.037^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Family firms	0.318	0.294	0.024^ *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Rigorous Criterion 2
Non-family firms	0.263	0.318	-0.055^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.
Family firms	0.351	0.287	0.064^* *, and *** represent statistical significance levels at one percent, five percent, and ten percent.

	Rigorous criterion 1		Rigorous criterion 2
	I (AB)	II (BB)	III (AB)	IV (BB)
MktLevi,t-1	0.2390*** (0.00)	0.5110*** (0.00)	0.2713*** (0.00)	0.5221*** (0.00)
MktLevi,t-1*FAMi,t-1	0.0546*** (0.01)	0.0644*** (0.00)	0.0058 (0.01)	0.0743*** (0.00)
EBIT_TAi,t-1	-0.0669*** (0.01)	-0.2240*** (0.00)	-0.0773*** (0.00)	-0.2105*** (0.01)
LnTAi,t-1	0.0366*** (0.00)	0.0181*** (0.00)	0.0431*** (0.00)	0.0148*** (0.00)
MTBi,t-1	-0.0207*** (0.00)	-0.0355*** (0.00)	-0.0165*** (0.00)	-0.0354*** (0.00)
DEP_TAi,t-1	-0.0649 (0.06)	-0.3598*** (0.04)	0.0808** (0.04)	-0.3032*** (0.04)
FA_TAi,t-1	0.0960*** (0.00)	0.1287*** (0.00)	0.0866*** (0.01)	0.1199*** (0.00)
IND_LEVi,t-1	-0.1183*** (0.01)	-0.1501*** (0.01)	-0.1095*** (0.01)	-0.1540*** (0.01)
N	1.244	1.541	1.2414	1.541
Sargan	0.9998	0.9999	0.8024	0.3236
m1	0.0000	0.0000	0.0000	0.0000
m2	0.1154	0.1352	0.1153	0.1328

Associação Nacional de Pós-Graduação e Pesquisa em Administração Av. Pedro Taques, 294,, 87030-008, Maringá/PR, Brasil, Tel. (55 44) 98826-2467 - Curitiba - PR - Brazil
E-mail: rac@anpad.org.br

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[1] Authors' Profiles

Eduardo K. Kayo

Av. Prof. Luciano Gualberto, 908, 05508-010, São Paulo, SP, Brazil. E-mail address: kayo@usp.br

Eduardo Ottoboni Brunaldi

Av. Prof. Luciano Gualberto, 908, 05508-010, São Paulo, SP, Brazil. E-mail address: eduardo.brunaldi@usp.br

Dante M. Aldrighi

Av. Prof. Luciano Gualberto, 908, 05508-010, São Paulo, SP, Brazil. E-mail address: aldrighi@usp.br

	Voting rights: 10%		Voting rights: 20%		Voting rights: 33%
	I (AB)	II (BB)	III (AB)	IV (BB)	V (AB)	VI (BB)
MktLevi,t-1	0.2681^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.5193^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.2379^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.5223^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.2555^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.5044^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
MktLevi,t-1*FAMi,t-1	0.0590^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0952^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0675^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0948^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0,00)	0.0610^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0886^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
EBIT_TAi,t-1	-0.0833^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.2116^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.0814^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.2222^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.0844^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1996^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)
LnTAi,t-1	0.0317^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0193^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0411^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0220^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0363^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	0.0228^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
MTBi,t-1	-0.0215^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0343^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0198^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0349^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0197^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)	-0.0328^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.00)
DEP_TAi,t-1	-0.1656^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.06)	-0.3893^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.02)	-0.0744^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.03)	-0.3707^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.02)	-0.0729 (0.03)	-0.3785^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.03)
FA_TAi,t-1	0.0905^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.1399^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.0860^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.1349^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.0831^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	0.1172^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)
IND_LEVi,t-1	-0.1442^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1838^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1193^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1978^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1328^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)	-0.1244^* *, and *** represent statistical significance levels at one percent, five percent and ten percent. (0.01)
N	1,244	1,541	1,244	1,541	1,244	1,541
Sargan	0.9999	0.3557	0.9981	0.4236	0.9974	1.00
m1	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
m2	0.1215	0.1183	0.1205	0.1231	0.1271	0.1444