Journal of Environmental and Public Health / 2022 / Article / Tab 4 / Research Article
Relationship between Financial Asset Allocation, Leverage Ratio, and Risk-Taking of Small- and Medium-Sized Enterprises in China: Taking Environment-Related Industries as an Example Table 4 The estimation results of system GMM.
Variable Risk Risk Lev Lev Risk Model (2 ) Model (3 ) Model (4 ) Model (5 ) Model (7 ) L.lev 0.8236 (0.012) 0.8137 (0.014) L.Risk 0.1384 (0.043) 0.1431 (0.041) 0.1265 (0.040) Lev 0.0832 (0.036) Fin 0.2746 (0.126) 0.1062 (0.034) 0.1894 (0.095) Fin 2 0.4513 (0.134) Lev 2 0.7956 (0.023) Size −0.1186 (0.139) −0.1231 (0.167) −0.0265 (0.093) −0.0289 (0.101) 0.1102 (0.046) Age 0.0162 (0.007) 0.0234 (0.011) 0.0017 (0.001) 0.0019 (0.003) 0.0134 (0.006) Growth 0.1326 (0.062) 0.1452 (0.049) 0.0058 (0.007) 0.0062 (0.009) 0.1107 (0.052) Roa −0.0029 (0.002) −0.0042 (0.003) −0.00036 (0.000) −0.00039 (0.001) −0.0025 (0.002) Gdp 0.0186 (0.006) 0.0192 (0.011) −0.0042 (0.001) −0.0046 (0.002) 0.0203 (0.007) Social 0.0006 (0.000) 0.0009 (0.000) 0.0001 (0.000) 0.0003 (0.000) 0.0006 (0.000) Constant term 2.2286 (0.796) 3.1256 (0.8023) 0.6439 (0.089) 0.7726 (0.093) 1.9011 (0.650)
Notes . Standard error in parentheses;
, , mean significant at the level of 10%, 5%, and 1%, respectively.