why i am not getting Hansen statistics?
the command is as follows
xtabond2 fg_ta l.fg_ta size age ia debt_ratio TobinQ fac roa cashratio i.sector_1, gmm(fg_ta, collapse) iv(l.(size age ia debt_ratio TobinQ fac roa cashratio)) robust small
Dynamic panel-data estimation, one-step system GMM
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Group variable: id_new Number of obs = 5347
Time variable : year Number of groups = 414
Number of instruments = 38 Obs per group: min = 0
F(37, 413) = 0.07 avg = 12.92
Prob > F = 1.000 max = 19
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| Robust
fg_ta | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+----------------------------------------------------------------
fg_ta |
L1. | .000316 .0003189 0.99 0.322 -.0003109 .0009428
|
size | -6.194766 4.592842 -1.35 0.178 -15.22303 2.833497
age | .8060387 .5726115 1.41 0.160 -.3195579 1.931635
ia | -6.45e-07 1.79e-06 -0.36 0.719 -4.17e-06 2.88e-06
debt_ratio | 9.890391 9.390873 1.05 0.293 -8.569479 28.35026
TobinQ | .9944456 .9018276 1.10 0.271 -.778299 2.76719
fac | -1.61e-07 1.59e-07 -1.01 0.312 -4.72e-07 1.51e-07
roa | .0270614 .0651213 0.42 0.678 -.1009491 .1550719
cashratio | 47.05278 35.69258 1.32 0.188 -23.109 117.2146
|
sector_1 |
1 | 0 (empty)
2 | 0 (omitted)
3 | 0 (omitted)
4 | 58.01809 362.6928 0.16 0.873 -654.936 770.9722
5 | 0 (omitted)
6 | 0 (omitted)
8 | 0 (omitted)
9 | 0 (omitted)
10 | 0 (omitted)
11 | 0 (omitted)
12 | 0 (omitted)
13 | -210.308 290.1488 -0.72 0.469 -780.6606 360.0446
14 | 178.4741 201.4681 0.89 0.376 -217.5567 574.505
15 | 0 (omitted)
16 | 0 (omitted)
17 | 29.43242 269.6478 0.11 0.913 -500.6209 559.4858
18 | 335.7025 560.6141 0.60 0.550 -766.3105 1437.715
19 | 0 (omitted)
20 | .0138768 350.6006 0.00 1.000 -689.1703 689.198
21 | 0 (omitted)
22 | -53.83718 614.8621 -0.09 0.930 -1262.487 1154.812
23 | 64.63455 93.24389 0.69 0.489 -118.6573 247.9264
24 | 0 (omitted)
25 | -110.1165 202.9899 -0.54 0.588 -509.1387 288.9057
26 | 0 (omitted)
27 | 0 (omitted)
28 | 0 (omitted)
29 | 0 (omitted)
|
_cons | 45.31213 82.45595 0.55 0.583 -116.7735 207.3978
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Instruments for first differences equation
Standard
D.(L.size L.age L.ia L.debt_ratio L.TobinQ L.fac L.roa L.cashratio)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/29).fg_ta collapsed
Instruments for levels equation
Standard
L.size L.age L.ia L.debt_ratio L.TobinQ L.fac L.roa L.cashratio
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.fg_ta collapsed
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Arellano-Bond test for AR(1) in first differences: z = -1.25 Pr > z = 0.211
Arellano-Bond test for AR(2) in first differences: z = -0.81 Pr > z = 0.418
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Sargan test of overid. restrictions: chi2(0) = 20.88 Prob > chi2 = .
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(0) = 2.98 Prob > chi2 = .
(Robust, but weakened by many instruments.)
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