Table 9.

Mechanism testing.

Factors	OLS		SYS − GMM
	Coef.	P − value	Coef.	P − value
DE	2.257	0.000	0.644	0.000
_Cons	−0.489	0.000	−0.003	0.808
AR(2)			−2.588	0.245
Hansen			35.065	0.880
Control Factors	YES		YES
N	480		470