i used the command : xtabond2 newgbd demgti index2 icg2 roe lev fsize fage, gmm(l.newgbd) iv(l.emi_01 l.demgti, equation (level)) twostep nodiffsargan small

is there a way to improve the values of AR2 and Sargan test? or can we have any justification for this?

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