Dynamic panel threshold model
Dependent variable: invest   Units: 565   Observations: 6780
Threshold variable: debt   Threshold γ̂ = 0.2564   Threshold 95 % interval: [0.0061, 0.4213]
Threshold effect: jump   Transformation: FD   Estimator: two-step
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                                   Coef.  Std. err.        z    P>|z|  [95 % conf. interval]
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Lower regime
  L.invest                        0.3063     0.3046   1.0056   0.3146  [-0.2907, 0.9032]
  cashflow                        0.0359     0.0569   0.6317   0.5276  [-0.0756, 0.1475]
  tobin_q                        -0.0012     0.0021  -0.5994   0.5489  [-0.0053, 0.0028]
  debt                            0.8583     0.5934   1.4465   0.1480  [-0.3047, 2.0213]
Change at the threshold
  _cons                          -0.0372     0.1916  -0.1943   0.8460  [-0.4129, 0.3384]
  L.invest                       -0.0823     0.7161  -0.1149   0.9085  [-1.4858, 1.3212]
  cashflow                       -0.1221     0.2624  -0.4654   0.6417  [-0.6365, 0.3922]
  tobin_q                        -0.0020     0.0048  -0.4117   0.6805  [-0.0115, 0.0075]
  debt                           -0.6762     0.6787  -0.9964   0.3190  [-2.0064, 0.6539]
Upper regime
  L.invest                        0.2240     0.4464   0.5018   0.6158  [-0.6509, 1.0989]
  cashflow                       -0.0862     0.2309  -0.3731   0.7090  [-0.5388, 0.3665]
  tobin_q                        -0.0032     0.0060  -0.5407   0.5887  [-0.0149, 0.0085]
  debt                            0.1821     0.1590   1.1450   0.2522  [-0.1296, 0.4938]
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Hansen J (p-value): 0.8758   AR(1) (p-value): 0.0000
AR(2) (p-value): 0.2624   Linearity test (p-value): 0.0067
