| (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 |