| model (1) | model (2) | |
| GDP avg | −0.0059016*** | |
| (−7.83) | ||
| GDP growth | 0.5406097*** | 0.5390944*** |
| (13.03) | (13.10) | |
| CPI growth | −0.0311049 | −0.0319526 |
| (−0.85) | (−0.88) | |
| R007 | 0.2834967*** | 0.2893361*** |
| (10.84) | (11.14) | |
| SIZE | −0.0192303*** | −0.0183011*** |
| (−5.59) | (−5.34) | |
| PERIOD | −0.0974038*** | −0.0991213*** |
| (−6.73) | (−6.89) | |
| TURNOVER | −0.0051541* | −0.0043129 |
| (−1.82) | (−1.53) | |
| LEVERAGE | −0.0068411*** | −0.0057734*** |
| (−4.61) | (−3.85) | |
| ROA | 0.0034689 | 0.0020191 |
| (0.27) | (0.16) | |
| REVENUE issuer | −0.0001252 | −0.0000775 |
| (−1.20) | (−0.75) | |
| d1 | −0.0891079** | −0.0783167* |
| (−2.03) | (−1.79) | |
| REVENUE gov | −0.0048257*** | |
| (−8.65) | ||
| constant | −0.4090598 | −0.5383615* |
| (−1.46) | (−1.95) | |
| ADJ-R² | 0.4001 | 0.4064 |
| Mean VIF | 1.34 | 1.35 |
| Max VIF | 1.88 | 1.87 |