Table 8.
GMM Estimated models for the whole sample and subsamples
| M7 | M8 | M9 | M10 | M11 | M12 | |
|---|---|---|---|---|---|---|
| Sample | All hospitals | All hospitals > = 50 beds |
General All |
General > = 50 beds |
Medium & large stay | Medium & large stay > = 50 beds |
| ROA (Lag1) | 0.3157*** | 0.3431*** | 0.3673*** | 0.4325*** | 0.1586*** | 0.0938** |
| (0.0238) | (0.0267) | (0.0295) | (0.0303) | (0.0426) | (0.0470) | |
| Commissioning | 0.0367*** | 0.0213 | 0.0458*** | 0.0281* | −0.0172 | − 0.0178 |
| (0.0148) | (0.0155) | (0.0157) | (0.0153) | (0.0355) | (0.0370) | |
| Beds (log) | 0.0075 | − 0.003 | 0.0150 | 0.0100 | 0.0469 | −0.0059 |
| (− 0.0257) | (− 0.0216) | (− 0.0310) | (− 0.0299) | (− 0.0577) | 0.0057 | |
| Age (log) | 0.0213)** | 0.0329* | 0.0327 | 0.0137 | −0.025 | 0.1038** |
| (0.0181 | (0.0193) | (0.0203) | (0.0180) | (0.0393) | (0.0489) | |
| Technol.index | 0.0049 | 0.0085 | 0.0047 | 0.0078 | – | – |
| (0.0151) | (0.0158) | (0.0149) | (0.0146) | |||
| Technolog.index2 | −0.005 | − 0.009 | − 0.005 | − 0.010 | – | – |
| (0.0071) | (0.0071) | (0.007) | (0.0066) | |||
| Leverage | −0.276*** | − 0.236*** | − 0.253*** | − 0.168*** | −0.260*** | − 0.257*** |
| (0.0149) | (0.0168) | (0.0171) | (0.0191) | (0.0251) | (0.0263) | |
| Tangibility | −0.068*** | −0.105*** | − 0.094*** | −0.075*** | − 0.045 | −0.058 |
| (0.0219) | (0.0243) | (0.0262) | (0.0282) | (0.0384) | (0.0417) | |
| Constant | 0.0659 | 0.0811 | 0.0048 | 0.0292 | 0.1385 | −0.0169 |
| (0.1016) | (0.1378) | (0.1166) | (0.1579) | (0.1901) | (0.3071) | |
| Yearsa | Yes | Yes | Yes | Yes | Yes | Yes |
| N Observations | 2582 | 1767 | 1668 | 1201 | 589 | 430 |
| Wald Chi2 | 755.77 | 627.00 | 539.32 | 520.34 | 244.89 | 165.97 |
*, **, ***: significant to 10, 5 and 1%, respectively . Standard error in parentheses
aYears estimation results can see in Additional file 3
Source: Own elaboration
Dependent variable: ROA