|
|
|
Credit |
|
Rating |
| IMR |
|
0.644* |
|
1.417** |
|
|
|
(1.66) |
|
(2.52) |
| DisSz |
−0.0476 |
−0.0560 |
−0.0912 |
−0.0225 |
|
|
(−0.84) |
(−0.77) |
(−1.50) |
(−0.19) |
| Big4 |
0.00580 |
0.157 |
0.0580 |
0.160 |
|
|
(0.05) |
(1.19) |
(0.43) |
(0.77) |
| Conserv |
0.101 |
−0.0936 |
0.00276 |
0.0462 |
|
|
(0.61) |
(−0.48) |
(0.02) |
(0.15) |
| VarRoe |
−24.98*** |
−2.524 |
−20.57*** |
−27.57** |
|
|
(−4.51) |
(−0.24) |
(−3.69) |
(−2.07) |
| Roe |
−0.437 |
1.770*** |
0.110 |
1.721** |
|
|
(−0.91) |
(3.32) |
(0.22) |
(2.03) |
| Size |
0.567*** |
1.054*** |
0.543*** |
1.069*** |
|
|
(13.96) |
(6.09) |
(12.42) |
(4.20) |
| Lev |
−1.064*** |
−2.837*** |
−1.027*** |
−3.536*** |
|
|
(−3.23) |
(−4.75) |
(−2.90) |
(−3.97) |
| CFO |
−0.822 |
−0.182 |
−1.086* |
−2.670** |
|
|
(−1.52) |
(−0.27) |
(−1.87) |
(−2.51) |
| CR |
−0.230*** |
−0.0632 |
−0.176*** |
−0.250** |
|
|
(−5.90) |
(−0.69) |
(−4.60) |
(−2.25) |
| LLR |
0.00178 |
0.00207 |
0.00245 |
0.00671 |
|
|
(0.78) |
(0.76) |
(1.02) |
(1.59) |
| GDPgrow |
−0.330*** |
−0.299*** |
−0.240*** |
−0.194 |
|
|
(−9.70) |
(−2.74) |
(−7.21) |
(−1.57) |
| State |
−0.296*** |
0.198 |
−0.214** |
0.124 |
|
|
(−3.79) |
(1.52) |
(−2.54) |
(0.71) |
| Inds |
Control |
Control |
Control |
Control |
| PR |
0.0125*** |
|
0.0115*** |
|
|
|
(3.10) |
|
(2.68) |
|
| Top1 |
−0.00442** |
|
−0.00548** |
|
|
|
(−2.09) |
|
(−2.39) |
|
| N |
6594 |
|
6497 |
|