(1)

(2)

(3)

(4)

(5)

(6)

buf

buf

buf

cbuf

cbuf

cbuf

L.buf

0.372**

0.386**

0.478**

(2.17)

(2.31)

(2.16)

L.cbuf

0.489***

0.482***

0.519***

(2.66)

(2.73)

(2.58)

GDPG*Up

0.128**

0.0967*

(2.53)

(1.82)

GDPG*Down

0.123*

0.0602

(1.76)

(0.78)

hhi

−6.548**

−5.939**

−7.050**

−8.332***

−8.204***

−7.815***

(−2.43)

(−2.30)

(−2.48)

(−2.89)

(−2.95)

(−2.84)

lnsize

0.120

0.246

0.0375

0.146

0.338

0.155

(0.67)

(1.19)

(0.11)

(0.79)

(1.58)

(0.46)

roa

3.038**

3.622***

2.348

3.209**

3.789***

2.739*

(2.30)

(2.95)

(1.48)

(2.23)

(2.76)

(1.85)

npl

−0.184***

−0.220***

−0.170*

−0.105

−0.220

−0.142

(−2.59)

(−3.16)

(−1.91)

(−0.63)

(−1.33)

(−0.74)

GDPG*Up*H

0.104**

0.0813

(2.02)

(1.53)

GDPG*Up*L

0.185***

0.200***

(2.76)

(2.87)

GDPG*Down*H

0.0788

0.0485

(1.01)

(0.60)

GDPG*Down*L

0.193***

0.155**

(2.64)

(1.98)

GDPG*Up*State

0.173**

0.209**

(2.09)

(2.55)

GDPG*Down*State

0.236**

0.290**

(2.05)

(2.43)

GDPG*Up*Stock

0.173*

0.234**

(1.71)

(2.41)

GDPG*Down*Stock

1.878

2.866*

(1.19)

(1.88)

_cons

−1.469

−3.300*

−0.951

−2.722

−5.204***

−4.689

(−0.91)

(−1.75)

(−0.27)

(−1.50)

(−2.75)

(−1.41)

AR(2)

0.165

0.195

0.131

0.215

0.229

0.102

SARGAN

0.312

0.447

0.159

0.856

0.671

0.591