Panel A

Variable

Estimation

Standard deviation

T-statistic

P-value

C

0.418717

0.041102

10.18732***

0.0000

ROA

−0.056728

0.013475

−4.209726***

0.0018

CAR

−0.013263

0.002969

−4.46744***

0,0012

ITR

0.548108

0.064782

8.460772***

0.0000

BTR

0.162794

0.014107

11.53996***

0.0000

Panel B

R2

0.989872

Adjust-R2

0.98582

D-W

1.487923