model (1) | model (2) | |
GDP avg | −0.0059016*** | |
(−7.83) | ||
GDP growth | 0.5406097*** | 0.5742945*** |
(13.03) | (13.92) | |
CPI growth | −0.0311049 | −0.039357 |
(−0.85) | (−1.07) | |
R007 | 0.2834967*** | 0.2876116*** |
(10.84) | (10.94) | |
SIZE | −0.0192303*** | −0.0194835*** |
(−5.59) | (−5.63) | |
PERIOD | −0.0974038*** | −0.1079719*** |
(−6.73) | (−7.43) | |
TURNOVER | −0.0051541* | −0.0047366* |
(−1.82) | (−1.66) | |
LEVERAGE | −0.0068411*** | −0.0071542*** |
(−4.61) | (−4.79) | |
ROA | 0.0034689 | 0.005119 |
(0.27) | (0.39) | |
REVENUE issuer | −0.0001252 | −0.0000559 |
(−1.20) | (−0.53) | |
d1 | −0.0891079** | −0.0921335** |
(−2.03) | (−2.09) | |
REVENUE gov | −0.0001759*** | |
(−6.89) | ||
constant | −0.4090598 | −0.8147266*** |
(−1.46) | (−2.96) | |
ADJ-R² | 0.4001 | 0.3932 |
Mean VIF | 1.34 | 1.33 |
Max VIF | 1.88 | 1.84 |