Dependent variable:

ROE

(1)

(GMM)

(2)

(GMM)

(3)

(GMM)

(4)

(GMM)

(5)

(GMM)

ROE_it−1s

0.518***

0.512***

0.520***

0.514***

0.513***

(0.073)

(0.074)

(0.074)

(0.074)

(0.074)

Cr

3.733***

3.600***

3.641***

3.661***

3.559***

(1.233)

(1.225)

(1.224)

(1.221)

(1.224)

Liquidity

−1.725

−1.722

−1.432

−1.575

−1.608

(1.717)

(1.698)

(1.804)

(1.698)

(1.684)

Der

0.108

0.096

0.107

0.106

0.137

(0.364)

(0.368)

(0.367)

(0.367)

(0.369)

OP

16.20***

18.20***

16.25***

6.091

4.636

(5.388)

(5.388)

(5.012)

(7.319)

(5.997)

Rcp

0.003

(0.007)

Icp

−0.181

(0.189)