LSDVCLeast Squares Dummy Variable Corrected (data technique)
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The coefficient [[beta].sub.c] is generated by the LSDVC approach.
(13.) One criticism of the LSDVC estimator is its failure to deal with the endogeneity of other explanatory variables apart from the lagged dependent one.
Se debe destacar que, en la actualidad, existen programas que permiten la extraccion del estimador de efectos fijos (LSDV) del estimador de Kiviet (LSDVC).
In the second step, in order to estimate the regressions related to the profitability determinants, we use dynamic panel estimators, namely the GMM (1991), GMM system (1998) and LSDVC (2005) estimators.
The following Table 6 presents the regressions referring to the relationships between determinants and profitability in young SMEs and old SMEs, using the GMM (1991), GMM system (1998) and LSDVC (2005) (9) estimators.
The results obtained with the LSDVC (2005) estimator corroborate, in general, those obtained with the GMM system (1998), regarding the sign, magnitude and statistically significance of the estimated parameters.
Based on the various results obtained, we will consider the empirical evidence from using the GMM system (1998) and LSDVC (2005) estimators as our reference for interpreting the results.
Whether using the GMM system (1998) estimator or the LSDVC (2005) estimator, we reject the null hypothesis of equality of estimated parameters for the relationships between the determinants considered and profitability in young and old SMEs.
Homogeneity testing could in principle be conducted in the LSDVC framework, which is quite accurate for small panels.