| Baseline Model (Bank-Year Level) | Baseline Model (Bank-Year Level) |
Variable | Dependent Var. = ZSCORENEG | Dependent Var. = ZSCORENEG |
Intercept | −3.016*** (−108.46) | −2.254*** (−2.10) |
VAIC | −0.122*** (−9.40) | −0.025*** (−3.06) |
TIER1 |
| −7.937*** (−22.03) |
LIQUIDITY |
| 0.812*** (5.74) |
NPL |
| 10.626*** (33.40) |
CI |
| 0.461*** (4.67) |
LOANS/DEP |
| 0.306*** (7.74) |
SIZE |
| −0.113*** (−11.09) |
GDPPC |
| −0.145 (−1.44) |
UNEMPLOYMENT |
| −0.027*** (−4.68) |
POPULATION |
| 0.190*** (22.78) |
YEAR FIXED EFFECTS | YES | YES |
Adj. R2 | 0.0221 | 0.2203 |
# of Observations | 106,272 | 106,272 |