Variables	$L O A N G_{i, t}$				$C R E D I T G_{i, t}$
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
$L O A N G_{i, t - 1} / C R E D I T G_{i, t - 1}$	0.405***	0.412***	0.405***	0.416***	0.285***	0.286***	0.274***	0.278***
$L O A N G_{i, t - 1} / C R E D I T G_{i, t - 1}$	(−0.061)	(−0.063)	(−0.063)	(−0.064)	(−0.0579)	(−0.068)	(−0.058)	(−0.068)
$C A P_{i, t - 1}$	0.245*	−0.947**	0.326**	−0.903**	0.128	−1.399***	0.251	−1.299***
$C A P_{i, t - 1}$	(−0.144)	(−0.424)	(−0.16)	(−0.446)	(−0.151)	(−0.389)	(−0.159)	(−0.426)
$L I Q_{i, t - 1}$	0.117**	−0.370**	0.109*	−0.378**	0.005	−0.626***	−0.021	−0.644***
$L I Q_{i, t - 1}$	(−0.054)	(−0.157)	(−0.057)	(−0.161)	(−0.075)	(−0.149)	(−0.078)	(−0.153)
$C A P_{i, t - 1} \times L I Q_{i, t - 1}$		3.044***		3.042***		4.013***		3.964***
$C A P_{i, t - 1} \times L I Q_{i, t - 1}$		(−1.006)		(−1.032)		(−0.954)		(−0.982)
$A S S E T_{i, t - 1}$	0.191	0.0163	0.753*	0.367	0.081	−0.257	1.006*	0.424
$A S S E T_{i, t - 1}$	(−0.26)	(−0.228)	(−0.405)	(−0.352)	(−0.419)	(−0.337)	(−0.524)	(−0.457)
$R O A A_{i, t - 1}$	0.943	1.399	1.206	1.5	3.275*	2.483	3.131*	2.376
$R O A A_{i, t - 1}$	(−1.489)	(−1.426)	(−1.532)	(−1.397)	(−1.712)	(−1.798)	(−1.715)	(−1.835)
$L O S S R E_{i, t - 1}$	1.414**	0.767	1.705***	1.021*	1.211	0.977	1.416*	1.179
$L O S S R E_{i, t - 1}$	(−0.57)	(−0.52)	(−0.592)	(−0.541)	(−0.811)	(−0.75)	(−0.774)	(−0.722)
$N O N L O A N_{i, t - 1}$	−0.634	−1.099*	−0.596	−1.131*	0.0536	−0.5	0.167	−0.286
$N O N L O A N_{i, t - 1}$	(−0.514)	(−0.569)	(−0.535)	(−0.585)	(−1.237)	(−1.234)	(−1.242)	(−1.235)
$Δ G D P_{t}$	0.462	0.465	0.836*	0.79	−0.261	0.092	0.433	0.863
$Δ G D P_{t}$	(−0.412)	(−0.432)	(−0.46)	(−0.488)	(−0.616)	(−0.656)	(−0.676)	(−0.728)
$Δ S H I_{t}$	1.242***	1.479***	1.117**	1.393***	2.235***	2.302***	1.937***	1.995***
$Δ S H I_{t}$	(−0.425)	(−0.463)	(−0.438)	(−0.483)	(−0.671)	(−0.682)	(−0.713)	(−0.723)
AR(2)	0.318	0.267	0.338	0.298	0.969	0.969	0.965	0.912
Sargan test	0.161	0.137	0.08	0.074	0.86	0.908	0.824	0.835