|
| 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 |