| Variable |
Model 1 |
Model 2 |
| Credit |
Rating |
|
| DisSz |
−0.0745 |
0.135 |
|
|
(−0.32) |
(0.46) |
| Big4 |
0.615 |
0.605 |
|
|
(1.45) |
(1.21) |
| Conserv |
−0.991 |
−0.232 |
|
|
(−1.53) |
(−0.27) |
| VarRoe |
48.80* |
−36.61 |
|
|
(1.64) |
(−0.94) |
| Roe |
7.206*** |
5.411** |
|
|
(3.85) |
(2.30) |
| Size |
2.725*** |
2.280*** |
|
|
(12.36) |
(8.77) |
| Lev |
−8.192*** |
−7.271*** |
|
|
(−5.68) |
(−3.96) |
| CFO |
0.555 |
−3.852 |
|
|
(0.26) |
(−1.39) |
| CR |
0.125 |
0.0566 |
|
|
(0.68) |
(0.26) |
| LLR |
0.0118 |
0.0119 |
|
|
(1.44) |
(1.16) |
| GDPgrow |
−0.455*** |
−0.0235 |
|
|
(−3.31) |
(−0.12) |
| State |
0.935*** |
0.947** |
|
|
(3.06) |
(2.34) |
| Duration |
|
−0.0190 |
|
|
|
(−0.14) |
| Guarantee |
|
1.849*** |
|
|
|
(4.49) |
| Type C |
|
−17.99 |
|
|
|
(−0.02) |
| Type M |
|
−19.74 |
|
|
|
(−0.02) |
| Inds |
Control |
Control |
| N |
354 |
257 |
| R2 |
0.395 |
0.434 |