Panel A: STAR | Panel B: CONTROL | ||||
Variable | Coef. | St.Err. | Coef. | St.Err. | |
Interval 1 | CE | 1.094*** | 0.028 | 0.924*** | 0.023 |
NR | 1.237*** | 0.102 | 0.27 | 0.194 | |
D1CE | −0.03 | 0.072 | −0.363** | 0.144 | |
D2NR | −.811*** | 0.119 | −0.588 | 0.369 | |
LEV | −85.791*** | 26.235 | −177.01 | 202.403 | |
OWN | 0.936 | 24.158 | 486.698** | 188.187 | |
ROE | 9.531 | 8.867 | −612.231 | 463.073 | |
COVID | −17.027 | 12.638 | 0 | . | |
AGE | 1.731 | 1.074 | −5.419 | 7.876 | |
Constant | 31.513* | 18.284 | −31.658 | 150.67 | |
Interval 2 | CE | 0.917*** | 0.063 | 0.88*** | 0.056 |
NR | 2.529*** | 0.135 | 1.071*** | 0.268 | |
D1CE | 0.391** | 0.182 | 0.927*** | 0.221 | |
D2NR | −2.519*** | 0.284 | −2.943** | 1.473 | |
LEV | −41.769 | 95.568 | −492.34 | 548.336 | |
OWN | −59.303 | 63.048 | 0 | . | |
ROE | −9.124 | 37.902902 | −4451.97*** | 631.769 | |
COVID | 28.931 | 37.887 | 0 | . | |
AGE | −1.24 | 2.826 | 0 | . | |
Constant | 46.249 | 46.391 | 483.581* | 287.395 | |
TOTAL | CE | 1.002*** | 0.029 | 0.912*** | 0.022 |
NR | 2.094*** | 0.081 | 0.62*** | 0.155 | |
D1CE | 0.139* | 0.078 | 0.11 | 0.118 | |
D2NR | −1.751*** | 0.109 | −0.753** | 0.351 | |
LEV | 99.627*** | 31.359 | −377.475* | 195.668 | |
OWN | −27.278 | 27.409 | 494.94** | 203.149 | |
ROE | 8.244 | 11.31 | −2190.277*** | 357.899 | |
COVID | 0.972 | 14.701 | 0 | . | |
AGE | 0.742 | 1.224 | −10.113 | 7.897 | |
Constant | 40.107** | 20.377 | 231.495* | 128.645 |