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வர Boston form A A A TXA.. G o This following table reports the impact of ownership structure on the linkage between credit access and job development of small and medium enterprises (SMEs), as estimated by the GMM for pare data cross developing Asian countries. Jod Dewelopment is the annual growth in employment calculated as the percentage a.crease in comployment divided by the erage employment over a one-year period. Credit Access is a dummy variable that takes the value of one if either the amount of loans or long-term debt is positive and if both loans and long-term debt are 0. Regarding ownership structure, State is defined by the percentage owned by the government. Domestic is the percentage owned by domestic private shareholders. Foreign is the percentage owned by foreign shareholders. The figures in parentheses indicate t-values. (6) -0.085 (-0.429) Independent variables (1) -0.062 (2) -0.056 (-0.294) Jod Devlopment Dependent variable: Job Development 3) (5) -0.073 -0.121 -0.022 (-0.356) (-0.550) (-0.117) -0.053' (3.424) (-1.718) (-1.806) -0.001 -0.040 -0.050 (-1.753) (-0.301) 0.033 0.036" 0.036 Crati Access (3.247 (3.537) Credit Ace Stav (-1.152) 0.002 Cratico Domestic (2.859) 0.003 130% Credit Access Foreign Focus 1135 AM > 1 Age -3.759) -0.018 (-0.884) (-4.125) -0.015 (-0.814) (23.012) -0.018 (-0.897) 0.117" (5.304) -4.120) -0.036 (-1.508) 0.164" (4.918) 6 -0.023 (-1.322) 0.105 (5.967) Assets 0.117". 0.118"** (5347) (5.339) Inflation 1.900* 1.536" 1.920 1.148'". 1.329" (2.655) GDP Growth 0.747" (2.818) 1.014" " (2.698) YES YES 0.604 0.886 12427 Country-fixed effects Year-fixed effects P-value AR(2) test P-value Hansen test Observations ENE -3.379) -0.028 (-1.553) 0.101' (5.914) 1.040" (2.522) 0.738 (2010) YES YES 0.772 0.802 12427 (2.468) 1.061 (2.804) YES YES 0.448 0.875 12427 (2.826) 1.075 (2.993) YES YES 0.607 0.886 12427 (2.645) 0.811" (2.141) YES YES 0.711 0.812 12427 (2.090) YES YES 0.496 0.735 12427 0 Comment on the effects of credit access on job development of SMEs based on the columns (1) to (3). Does credit access have a significant effect? Using the values of the 1-statistics as an explanation. (1) Describe and explain the differences of estimated coefficient on Foreign between columns (3) and (6). (1) Comment on the interactions of ownership structure on the relation between credit access and job development based on the columns (4) to (6) (.e., Credit Access * State, Credit Access * Domestic, Credit Access * Foreign). Using the values of the t-statistics to explain the important role of ownership structure. fiv) Is vear-fixed effect necessary to control for panel data? Describe a procedure to test the endogenous problem for State Sisus 8 Accessibility, vestigate Focus