|
|
Model 6 |
Model 7 |
Model 8 |
Model 9 |
| Credit |
Credit |
Rating |
Rating |
|
| CCDI |
−0.0148 |
|
−0.00600 |
|
|
|
(−1.28) |
|
(−0.49) |
|
| Inte_Enfor |
|
−0.00159 |
|
−0.00160 |
|
|
|
(−0.29) |
|
(−0.28) |
| Inte_Volun |
|
−0.0110** |
|
−0.00472 |
|
|
|
(−2.01) |
|
(−0.86) |
| Truth |
|
0.00526 |
|
0.00888 |
|
|
|
(0.44) |
|
(0.66) |
| Time |
|
−0.000551 |
|
−0.00127 |
|
|
|
(−0.15) |
|
(−0.34) |
| Big4 |
0.147 |
0.138 |
0.0867 |
0.0858 |
|
|
(1.33) |
(1.24) |
(0.77) |
(0.75) |
| Conserv |
−0.0159 |
0.0450 |
−0.0722 |
−0.0297 |
|
|
(−0.08) |
(0.21) |
(−0.34) |
(−0.14) |
| VarRoe |
0.426 |
0.473 |
6.895** |
6.788** |
|
|
(0.14) |
(0.15) |
(2.29) |
(2.23) |
| Roe |
1.467*** |
1.330** |
0.250 |
0.235 |
|
|
(2.89) |
(2.58) |
(0.48) |
(0.44) |
| Size |
0.526*** |
0.540*** |
0.406*** |
0.410*** |
|
|
(13.64) |
(13.40) |
(10.12) |
(9.76) |
| Lev |
−1.231*** |
−1.281*** |
−0.778** |
−0.784** |
|
|
(−3.23) |
(−3.31) |
(−2.01) |
(−2.00) |
| CFO |
−0.760 |
−0.752 |
−1.004 |
−0.980 |
|
|
(−1.06) |
(−1.05) |
(−1.38) |
(−1.34) |
| CR |
0.0806 |
0.0765 |
0.0551 |
0.0505 |
|
|
(1.50) |
(1.41) |
(1.04) |
(0.94) |
| LLR |
0.0032 |
0.0029 |
0.0004 |
0.0003 |
|
|
(1.26) |
(1.14) |
(0.14) |
(0.11) |
| GDPgrow |
−0.149*** |
−0.145** |
0.00373 |
0.0280 |
|
|
(−2.73) |
(−2.29) |
(0.07) |
(0.41) |
| State |
0.254*** |
0.234*** |
0.155* |
0.144 |
|
|
(2.94) |
(2.64) |
(1.75) |
(1.58) |
| Duration |
|
|
−0.0307 |
−0.0308 |
|
|
|
|
(−1.38) |
(−1.38) |
| Guarantee |
|
|
0.426*** |
0.422*** |
|
|
|
|
(4.57) |
(4.49) |
| Type C |
|
|
0.287*** |
0.288*** |
|
|
|
|
(2.95) |
(2.93) |
| Inds |
Control |
Control |
Control |
Control |
| N |
273 |
273 |
253 |
253 |
| R2 |
0.746 |
0.749 |
0.695 |
0.696 |