Baseline Model (Bank-Year Level)

Baseline Model (Bank-Year Level)

Variable

Dependent Var. = WD

Dependent Var. = WD

Intercept

0.198***

(81.64)

0.676***

(7.70)

VAIC

0.002***

(2.61)

0.006***

(8.05)

TIER1

−0.252***

(−7.18)

ROA

−1.008***

(−9.54)

LIQUIDITY

−0.118***

(−8.35)

NPL

0.270***

(6.74)