| Variable | Model 1 | Model 2 |
| Credit | Rating | |
| DisSz | −0.0745 | 0.135 |
|
| (−0.32) | (0.46) |
| Big4 | 0.615 | 0.605 |
|
| (1.45) | (1.21) |
| Conserv | −0.991 | −0.232 |
|
| (−1.53) | (−0.27) |
| VarRoe | 48.80* | −36.61 |
|
| (1.64) | (−0.94) |
| Roe | 7.206*** | 5.411** |
|
| (3.85) | (2.30) |
| Size | 2.725*** | 2.280*** |
|
| (12.36) | (8.77) |
| Lev | −8.192*** | −7.271*** |
|
| (−5.68) | (−3.96) |
| CFO | 0.555 | −3.852 |
|
| (0.26) | (−1.39) |
| CR | 0.125 | 0.0566 |
|
| (0.68) | (0.26) |
| LLR | 0.0118 | 0.0119 |
|
| (1.44) | (1.16) |
| GDPgrow | −0.455*** | −0.0235 |
|
| (−3.31) | (−0.12) |
| State | 0.935*** | 0.947** |
|
| (3.06) | (2.34) |
| Duration |
| −0.0190 |
|
|
| (−0.14) |
| Guarantee |
| 1.849*** |
|
|
| (4.49) |
| Type C |
| −17.99 |
|
|
| (−0.02) |
| Type M |
| −19.74 |
|
|
| (−0.02) |
| Inds | Control | Control |
| N | 354 | 257 |
| R2 | 0.395 | 0.434 |