(1)

(2)

(3)

(4)

(5)

(6)

buf

buf

buf

cbuf

cbuf

cbuf

L.buf

0.364**

0.301*

0.301*

(2.33)

(1.79)

(1.79)

L.cbuf

0.437***

0.356***

0.356***

(2.69)

(4.07)

(4.07)

GDPG

0.130***

0.159***

−0.0136

0.119**

0.114**

0.00478

(2.79)

(2.70)

(−0.18)

(2.51)

(2.12)

(0.07)

HHI

−6.490**

−6.025**

−6.025**

−8.183***

−8.128***

−8.128***

(−2.46)

(−2.32)

(−2.32)

(−2.91)

(−3.22)

(−3.22)

lnsize

0.118

−0.390

−0.390

0.148

−0.343

−0.343

(0.67)

(−1.32)

(−1.32)

(0.82)

(−1.54)

(−1.54)

roa

3.080**

3.504***

3.504***

3.456**

3.613***

3.613***

(2.48)

(2.76)

(2.76)

(2.57)

(3.59)

(3.59)

npl

−0.186***

−0.222***

−0.222***

−0.143

−0.320**

−0.320**

(−2.68)

(−2.86)

(−2.86)

(−0.91)

(−1.99)

(−1.99)

STATE

4.351***

3.379***

(3.48)

(2.71)

STATE_GDPG

−0.173*

−0.137

(−1.90)

(−1.46)

STOCK

−4.351***

−3.379***

(−3.48)

(−2.71)

STOCK_GDPG

0.173*

0.109

(1.90)

(1.23)

_cons

−1.544

2.119

6.470**

−3.474**

0.968

4.347

(−1.02)

(0.81)

(2.17)

(−2.20)

(0.43)

(1.64)

AR(2)

0.158

0.176

0.176

0.200

0.246

0.246

SARGAN

0.317

0.252

0.252

0.693

0.530

0.530