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. 2020 Oct 22;94:386–400. doi: 10.1016/j.econmod.2020.10.011

Table 3.

Arellano–Bover/Blundell–Bond linear dynamic panel data estimation of corruption and risk on returns of stocks in BRIC countries.

VARIABLES (1)
 (2)
 (3)
 (4)
Model 5 Model 6 Model 7 Model 8
L.SR −0.0916∗∗
(0.0408)		 −0.0851∗∗
(0.0386)		 −0.0839∗∗
(0.0388)		 −0.0938∗∗
(0.0398)
CORR −0.0390
(0.0573)		 −0.0352
(0.0543)		 −0.0370
(0.0543)		 −0.0491
(0.0557)
DA 0.0234
(0.0425)		 0.0464
(0.0403)		 0.0456
(0.0404)		 0.0298
(0.0415)
BQ 0.0426∗∗
(0.0167)		 0.0362∗∗
(0.0158)		 0.0360∗∗
(0.0158)		 0.0386∗∗
(0.0162)
LO 0.0228∗∗
(0.0101)		 0.0179∗
(0.00957)		 0.0179∗
(0.00956)		 0.0202∗∗
(0.00980)
PI −0.00202
(0.0214)		 −4.21e-05
(0.0203)		 −0.000777
(0.0203)		 −0.00449
(0.0208)
IP 0.000204
(0.00306)		 2.81e-05
(0.00290)		 −3.31e-05
(0.00291)		 −0.00119
(0.00298)
CORRDA 0.00430
(0.00382)		 0.00459
(0.00362)		 0.00457
(0.00362)		 0.00501
(0.00372)
CORRPI 0.00216
(0.00680)		 0.000974
(0.00644)		 0.00121
(0.00645)		 0.00294
(0.00661)
DAPI 0.00128
(0.00398)		 −0.000452
(0.00377)		 −0.000508
(0.00377)		 0.000342
(0.00388)
DASQ −0.00592
(0.00392)		 −0.00749∗∗
(0.00372)		 −0.00736∗∗
(0.00373)		 −0.00611
(0.00382)
EM 0.202∗∗∗
(0.0251)		 0.201∗∗∗
(0.0251)
GM −0.101∗∗∗
(0.0340)		 −0.100∗∗∗
(0.0340)		 0.133∗∗∗
(0.0173)
LEX −0.0456∗
(0.0268)		 −0.00750
(0.0260)		 −0.00500
(0.0255)		 −0.0234
(0.0262)
YP 5.96e-06
(9.44e-06)
GYP 0.000525
(0.000867)		 0.000611
(0.000889)
EM 0.202∗∗∗
(0.0251)		 0.201∗∗∗
(0.0251)
GM −0.101∗∗∗
(0.0340)		 −0.100∗∗∗
(0.0340)		 0.133∗∗∗
(0.0173)
Constant 0.101
(0.170)		 −0.167
(0.165)		 −0.141
(0.162)		 0.0107
(0.166)



Observations 884 884 884 884
Number of ID 4 4 4 4

Note: Standard errors in parentheses; ∗∗∗p ​< ​0.01, ∗∗p ​< ​0.05, ∗p ​< ​0.1.

Sargan test of over identifying restrictions; H0: over identifying restrictions are valid. PI denotes political instability and IP denotes investment profile, these variables are added as controls.