Table 6. Robustness analysis through GMM method.

Variable	Coefficient	Std. Err.	t-Statistics	Prob.
CC	0.189261	0.13817	-0.42190	0.0547**
GE	0.23410	0.18941	0.58290	0.0013***
PS	0.291687	0.03415	-3.45321	0.0000***
RL	0.784131	0.19254	2.34165	0.0000***
RQ	0.82710	0.16123	-1.65123	0.0000***
VA	0.24162	0.23981	-0.78531	0.0001***
J-Statistics	0.8771
Probability	0.0000***

Significant at 1%***, 5%**, and 10% * levels of significance.