Credit

−0.616^***

(−7.41)

Rating

−0.623^***

(−6.97)

DisSz

−0.180^**

−0.164^*

−0.150^*

(−1.99)

(−1.97)

(−1.65)

Big4

−0.349^**

−0.333^**

−0.285^*

(−2.12)

(−2.19)

(−1.82)

Conserv

0.298

0.245

0.400

(1.18)

(1.05)

(1.58)

VarRoe

24.44^**

29.23^***

32.15^***

(2.15)

(2.77)

(2.86)

Roe

−1.581^**

−0.868

−0.706

(−2.20)

(−1.29)

(−1.00)

Size

−0.351^***

0.126

−0.0426

(−5.89)

(1.48)

(−0.55)

Lev

0.778

−0.625

−0.319

(1.47)

(−1.19)

(−0.56)

CFO

−0.217

−0.0721

−0.0629

(−0.26)

(−0.09)

(−0.08)

CR

−0.0811

−0.0952

−0.0859

(−1.17)

(−1.49)

(−1.29)

LLR

−0.00103

0.000980

0.00230

(−0.32)

(0.33)

(0.75)

GDPgrow

0.186^***

0.130^**

0.154^**

(2.72)

(2.04)

(2.58)

State

−0.461^***

−0.323^***

−0.274^**

(−3.81)

(−2.85)

(−2.21)

Duration

−0.0652

−0.0644

−0.0615

(−1.46)

(−1.55)

(−1.56)

Guarantee

−0.147

−0.261^**

0.165

(−1.13)

(−2.16)

(1.37)

Type S

1.181^*

1.453^**

(1.87)

(2.48)

Type C

1.708^***

2.499^***

0.325^**

(3.12)

(4.83)

(2.30)

Type E

−0.699

(−1.37)

Type M

1.601^***

2.057^***

(2.82)

(3.89)

Inds

Control

Control

Control

N

351

351

255

R²

0.427

0.510

0.583