Variable

Z-Score

GMM

IV 2SLS

(1)

(2)

(1)

(2)

Z-Score (−1)

0.347***

(0.0250)

0.328***

(0.0242)

Tier 1 Cap (−1)

3.356***

(1.211)

6.932**

(3.371)

Tier 1 Lev (−1)

5.377***

(2.060)

21.32***

(6.163)

LLPGL (−1)

0.140

(0.101)

0.0929

(0.1000)

−0.935***

(0.177)

−1.089***

(0.201)

COV (−1)

−0.118***

(0.0414)

−0.116***

(0.0382)

−0.190***

(0.0706)

−0.174***

(0.0595)

TEXASR (−1)

−8.572***

(2.113)

−8.299***

(2.062)

−10.56***

(3.494)

−7.666**

(3.663)

SIZE (−1)

−0.0186

(0.0422)

−0.000379

(0.0466)

−0.0264

(0.0555)

0.0291

(0.0680)

LIQ (−1)

−0.281

(0.268)

−0.284

(0.276)

−0.745*

(0.424)

−0.567

(0.563)

EFF (−1)

0.0977

(0.0902)

0.0900

(0.0895)

−0.644***

(0.121)

−0.525***

(0.117)

ΔGDP (−1)

−0.319

(0.200)

−0.309

(0.198)

−0.0470

(0.271)

−0.0912

(0.266)

EURIBOR (−1)

0.0141

(0.0356)

−0.0144

(0.0331)

−16.33

(18.95)

−10.64

(15.24)

HHI (−1)

−0.0104

(0.326)

−0.0810

(0.315)

0.142

(0.569)

−0.00910

(0.571)

Time FE

Yes

Yes

Yes

Yes

Country FE

Yes

Yes

Yes

Yes

Cluster S.E.

Yes

Yes

Yes

Yes

Hansen

1.00

1.00

AR2

0.432

0.324

Sargan’s p

0.321

0.341

Observations

2498

2508

2466

2477