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