S2 steps ystem GMM models for female ratio in board

(1)
(2)
(3)
GDP_G
GDP_G
GDP_G
b/se
b/se
b/se
L.GDP_G
-0.093
-0.093
-0.094
[0.085]
[0.085]
[0.086]
L2.GDP_G
-0.169**
-0.167**
-0.169**
[0.082]
[0.083]
[0.082]
TO
0.038**
0.039**
0.037
[0.015]
[0.015]
[0.031]
lnGDP_LEV
-0.087
0.005
-0.089
[0.695]
[0.727]
[0.723]
FIN_DEPTH
-0.066***
-0.067***
-0.066***
[0.022]
[0.023]
[0.024]
FO
0.363***
0.285
0.363***
[0.080]
[0.187]
[0.083]
GOV_EXP
0.257*
0.262*
0.257
[0.154]
[0.156]
[0.158]
POP_RATE
-1.334***
-1.391***
-1.335***
[0.380]
[0.402]
[0.402]
FO2
0.003
[0.007]
TO2
0.000
[0.000]
_cons
1.639
0.945
1.678
[5.793]
[6.012]
[6.815]
Observations
99
99
99
Wald chisquared
0.000
0.000
0.000
AR1
AR2
Hansen test

(4)
GDP_G
b/se
-0.092
[0.087]
-0.167**
[0.083]
0.042
[0.033]
0.024
[0.766]
-0.068***
[0.025]
0.280
[0.196]
0.265*
[0.159]
-1.383***
[0.417]
0.003
[0.007]
-0.000
[0.000]
0.617
[7.221]
99
0.000