Dynamic panel and overidentification restriction analysis.

The set of instruments used in the difference equation are as follows: 1) contemporaneous values of Ln (Total Assets), Leverage, Profitability, R&D Intensity, Discretionary Spending, EPU Index, and the infectious disease equity market volatility as well as 2) contemporaneous and the first lag values of Capital Investments, Share Repurchases, Advertising Intensity, and Cash Holdings. We also included the second lag of Dividends/Total Assets as instruments in the difference equation as well. In total, there are 16 instruments.