(1)

(2)

(3)

(4)

F

F

F

F

T

0.002**

0.004

(−2.34)

(−1.16)

T2

0

(−0.67)

S

−0.045

0.485**

(−1.10)

(−2.28)

S2

−0.172**

(−2.79)

loan

0.971***

0.969***

0.971***

0.967***

(−58.46)

(−58.18)

(−56.13)

(−60.62)

size

−0.000**

−0.000**

−0.000**

−0.000*

(−2.39)

(−2.38)

(−2.66)

(−1.91)

_cons

0.005

−0.005

0.136**

−0.243

(−0.1)

(−0.08)

(−2.64)

(−1.40)

Time effect

controlled

controlled

controlled

controlled

r2_w

0.962

0.962

0.961

0.967