Monetary Policy, Fiscal Policy, and Capital Structure Dynamic Adjustment: Evidence from Chinese Listed Companies

Table 9

Robustness test of the relationship between monetary policy, fiscal policy, and capital structure (GMM model).

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Debtrate	Debtrate	Debtrate	Debtrate	Debtratet	Debtratet	Debtrate	Debtratet
Mon1	−0.069			−0.075			−0.072
	(0.0411)			(0.0312)			(0.0399)
Mon2		0.176			0.360			0.216
		(0.0142)			(0.0199)			(0.0218)
Fin			0.282			0.431	0.417	0.342
			(0.0175)			(0.0185)	(0.0231)	(0.0196)
Control variables	Not control	Not control	Not control	Control	Control	Control	Control	Control
Constant	0.422	0.421	0.418	−0.325	−0.234	−0.175	−0.252	−0.249
	(0.00218)	(0.00175)	(0.00255)	(0.0296)	(0.0356)	(0.0243)	(0.0275)	(0.0287)
Observations	41,569	41,569	41,569	37,774	37,774	37,774	37,774	37,774
R-squared	0.007	0.007	0.008	0.179	0.172	0.191	0.186	0.192