Dependent Variable

Loan Growth Rate

Fixed Effects

Random Effects

Fixed Effects

Random Effects

SND ratio (t − 1)

0.655^*

0.659^*

0.473

0.472

(2.525)

(2.546)

(1.826)

(1.829)

Time deposit growth rates

0.366^**

0.367^**

0.389^**

0.390^**

(22.387)

(22.503)

(23.283)

(23.456)

Securities growth rates

0.028^**

0.027^**

0.031^**

0.031^**

(3.310)

(3.262)

(3.719)

(3.719)

Market share

0.001

0.001

0.002

0.002

(0.275)

(0.258)

(0.405)

(0.397)

Capital ratio

2.022^**

2.088^**

(5.598)

(5.773)

Observations

1593

1593

F test (p-value)

0.000

0.000

Hausman test (p-value)

0.186

0.273

Adjusted R-squared

0.300

0.313