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)