|
|
Model 10 |
Model 11 |
Model 12 |
Model 13 |
Model 14 |
Model 15 |
| Spread |
Spread |
Spread |
Spread |
Spread |
Spread |
|
| CCDI |
0.000176 |
|
−0.00345 |
|
−0.00630 |
|
|
|
(0.01) |
|
(−0.27) |
|
(−0.45) |
|
| Inte_Enfor |
|
−0.00348 |
|
−0.00333 |
|
−0.00551 |
|
|
|
(−0.52) |
|
(−0.55) |
|
(−0.84) |
| Inte_Volun |
|
0.00914 |
|
0.00426 |
|
0.00644 |
|
|
|
(1.39) |
|
(0.71) |
|
(1.02) |
| Truth |
|
−0.00372 |
|
−0.00159 |
|
−0.00168 |
|
|
|
(−0.26) |
|
(−0.12) |
|
(−0.11) |
| Time |
|
−0.00526 |
|
−0.00396 |
|
−0.00614 |
|
|
|
(−1.18) |
|
(−0.97) |
|
(−1.43) |
| Credit |
|
|
−0.539*** |
−0.529*** |
|
|
|
|
|
|
(−7.27) |
(−7.06) |
|
|
| Rating |
|
|
|
|
−0.496*** |
−0.493*** |
|
|
|
|
|
|
(−6.32) |
(−6.29) |
| Big4 |
−0.227* |
−0.209 |
−0.172 |
−0.162 |
−0.196 |
−0.184 |
|
|
(−1.69) |
(−1.55) |
(−1.41) |
(−1.32) |
(−1.49) |
(−1.40) |
| Conserv |
0.675*** |
0.634** |
0.625*** |
0.611** |
0.636*** |
0.614** |
|
|
(2.65) |
(2.43) |
(2.71) |
(2.57) |
(2.62) |
(2.47) |
| VarRoe |
3.508 |
3.137 |
4.001 |
3.744 |
6.778* |
6.366* |
|
|
(0.94) |
(0.84) |
(1.19) |
(1.11) |
(1.92) |
(1.80) |
| Roe |
−1.918*** |
−1.736*** |
−1.242** |
−1.148** |
−1.766*** |
−1.577** |
|
|
(−3.07) |
(−2.75) |
(−2.17) |
(−1.98) |
(−2.93) |
(−2.59) |
| Size |
−0.305*** |
−0.331*** |
−0.00395 |
−0.0258 |
−0.115** |
−0.141** |
|
|
(−6.47) |
(−6.72) |
(−0.07) |
(−0.41) |
(−2.05) |
(−2.42) |
| Lev |
0.840* |
0.955** |
0.248 |
0.335 |
0.477 |
0.582 |
|
|
(1.81) |
(2.04) |
(0.58) |
(0.77) |
(1.05) |
(1.28) |
| CFO |
1.796** |
1.829** |
1.163 |
1.203 |
1.252 |
1.303 |
|
|
(2.03) |
(2.07) |
(1.45) |
(1.49) |
(1.48) |
(1.54) |
| CR |
−0.0544 |
−0.0538 |
−0.00881 |
−0.0104 |
−0.0311 |
−0.0345 |
|
|
(−0.84) |
(−0.83) |
(−0.15) |
(−0.18) |
(−0.51) |
(−0.56) |
| LLR |
−0.00500 |
−0.00473 |
−0.00392 |
−0.00382 |
−0.00447 |
−0.00426 |
|
|
(−1.60) |
(−1.49) |
(−1.38) |
(−1.32) |
(−1.49) |
(−1.40) |
| GDPgrow |
0.0226 |
0.0601 |
−0.0301 |
0.000329 |
0.0163 |
0.0671 |
|
|
(0.33) |
(0.78) |
(−0.49) |
(0.00) |
(0.25) |
(0.85) |
| State |
−0.382*** |
−0.355*** |
−0.234** |
−0.220** |
−0.302*** |
−0.278*** |
|
|
(−3.58) |
(−3.25) |
(−2.37) |
(−2.18) |
(−2.94) |
(−2.65) |
| Duration |
0.0249 |
0.0273 |
0.00845 |
0.0103 |
0.0149 |
0.0172 |
|
|
(0.92) |
(1.00) |
(0.34) |
(0.42) |
(0.58) |
(0.67) |
| Guarantee |
−0.111 |
−0.122 |
−0.181* |
−0.188* |
0.0985 |
0.0828 |
|
|
(−0.97) |
(−1.06) |
(−1.74) |
(−1.79) |
(0.87) |
(0.73) |
| Type C |
0.0574 |
0.0380 |
0.449** |
0.425** |
|
0.319*** |
|
|
(0.27) |
(0.18) |
(2.23) |
(2.09) |
|
(2.77) |
| Type M |
−0.133 |
−0.137 |
0.0463 |
0.0361 |
−0.333*** |
|
|
|
(−0.67) |
(−0.69) |
(0.25) |
(0.20) |
(−2.90) |
|
| Inds |
Control |
Control |
Control |
Control |
Control |
Control |
| N |
273 |
273 |
273 |
273 |
253 |
253 |
| R2 |
0.604 |
0.610 |
0.676 |
0.679 |
0.669 |
0.675 |