Variables | Independent variable: FI | Independent variable: KZK | Independent variable: KZ | |||
FI | 0.0502 | 0.0510 |
|
|
|
|
(0.9570) | (0.9101) |
|
|
|
| |
Inter_FI | −0.1271 | −0.1483 |
|
|
|
|
(−1.0437) | (−1.0970) |
|
|
|
| |
KZK |
|
| 0.0552*** | 0.0354*** |
|
|
|
| (4.6523) | (2.7962) |
|
| |
Inter_KZK |
|
| 0.2693*** | 0.3384*** |
|
|
|
| (9.4606) | (10.6405) |
|
| |
KZ |
|
|
|
| 0.0547*** | 0.0329** |
|
|
|
| (4.4100) | (2.4955) | |
Inter_KZ |
|
|
|
| 0.2912*** | 0.3670*** |
|
|
|
| (9.7347) | (11.1484) | |
In_behave | 0.0139*** | 0.0121*** | −0.0045 | −0.0016 | −0.0029 | 0.0001 |
(3.9856) | (3.3268) | (−0.9766) | (−0.3182) | (−0.6354) | (0.0156) | |
Size | 0.3349*** | 0.2645*** | 0.3146*** | 0.2469*** | 0.3109*** | 0.2424*** |
(44.1326) | (29.6309) | (42.0655) | (28.5538) | (41.4248) | (27.9741) | |
Big 4 | 0.2089*** | 0.2362*** | 0.2308*** | 0.2513*** | 0.2318*** | 0.2528*** |
(5.6266) | (5.4854) | (6.3580) | (6.0195) | (6.3894) | (6.0676) | |
Lever | 0.1114*** | 0.1017*** | 0.1522*** | 0.1489*** | 0.1605*** | 0.1580*** |
(3.9794) | (3.3992) | (5.5415) | (5.1082) | (5.8383) | (5.4234) | |
Inv | −0.0564 | −0.0821* | 0.0015 | −0.0220 | −0.0033 | −0.0318 |
(−1.2914) | (−1.7771) | (0.0357) | (−0.4899) | (−0.0762) | (−0.7110) | |
Rec | 0.0565 | −0.0012 | 0.0657 | 0.0668 | 0.0559 | 0.0607 |
(0.8947) | (−0.0184) | (1.0646) | (1.0190) | (0.9074) | (0.9283) | |
Tunnel | 0.5508*** | 0.2613** | 0.6332*** | 0.4026*** | 0.6286*** | 0.4039*** |
(5.1398) | (2.4391) | (6.0510) | (3.8759) | (6.0129) | (3.8967) | |
Growth | −0.0037 | 0.0141** | −0.0084 | 0.0081 | −0.0098 | 0.0070 |
(−0.5780) | (2.2353) | (−1.3516) | (1.3157) | (−1.5617) | (1.1358) | |
Roe | −0.0301 | −0.0264 | −0.0440 | −0.0265 | −0.0461* | −0.0271 |
(−1.0912) | (−0.9726) | (−1.6318) | (−1.0066) | (−1.7095) | (−1.0331) | |
Loss | 0.0349*** | 0.0255** | 0.0245** | 0.0173 | 0.0236** | 0.0162 |
(2.8807) | (2.1406) | (2.0681) | (1.5013) | (1.9925) | (1.4029) | |
Lag_lnfee |
| 0.2902*** |
| 0.2843*** |
| 0.2866*** |
| (22.0422) |
| (22.2608) |
| (22.4827) | |
_Cons | 6.1052*** | 3.8867*** | 6.4698*** | 4.2218*** | 6.5517*** | 4.2958*** |
(37.6492) | (18.1804) | (40.5956) | (20.2324) | (40.9870) | (20.5771) |