“…Recently, many studies have considered the method. For instance, Piva and Vivarelli (2004), Araújo, Bogliacino & Vivarelli (2011), Meschi, Taymaz & Vivarelli (2011), Conte and Vivarelli (2011), Lachenmaier and Rottmann (2011, Piva and Vivarelli (2018), Kılıçaslan and Töngür (2019). Furthermore, all models are estimated by xtabond2 code (Roodman, 2009) in Stata 13.…”