Variables

Independent variable: FI

Independent variable: KZK

Independent variable: KZ

FI

−0.0062*

−0.0034

(−1.8844)

(−1.0244)

Num_FI

0.0098

−0.0366

(0.0975)

(−0.3264)

KZK

0.0028***

0.0020***

(4.7677)

(3.3721)

Num _KZK

0.3111***

0.3634***

(13.1052)

(13.9922)

KZ

0.0028***

0.0019***

(4.6294)

(3.1019)

Num_KZ

0.3326***

0.3892***

(13.4365)

(14.5729)

In_behave

0.0011***

0.0009***

−0.0004

−0.0002

−0.0004

−0.0001

(5.3921)

(4.3909)

(−1.5006)

(−0.7999)

(−1.2756)

(−0.5232)

Size

0.3320***

0.2620***

0.3157***

0.2466***

0.3119***

0.2420***

(43.4623)

(29.2151)

(42.2535)

(28.5136)

(41.6169)

(27.9380)

Big 4

0.2064***

0.2337***

0.2274***

0.2476***

0.2287***

0.2494***

(5.5611)

(5.4293)

(6.2625)

(5.9341)

(6.3038)

(5.9885)

Lever

0.1101***

0.1003***

0.1486***

0.1466***

0.1568***

0.1557***

(3.9356)

(3.3540)

(5.4135)

(5.0347)

(5.7121)

(5.3515)

Inv

−0.0526

−0.0766*

−0.0008

−0.0198

−0.0049

−0.0292

(−1.2050)

(−1.6582)

(−0.0176)

(−0.4415)

(−0.1138)

(−0.6540)

Rec

0.0569

−0.0022

0.0806

0.0817

0.0707

0.0746

(0.9007)

(−0.0319)

(1.3074)

(1.2497)

(1.1483)

(1.1434)

Tunnel

0.5514***

0.2664**

0.6217***

0.3963***

0.6186***

0.3988***

(5.1478)

(2.4888)

(5.9398)

(3.8173)

(5.9161)

(3.8494)

Growth

−0.0033

0.0147**

−0.0076

0.0088

−0.0090

0.0077

(−0.5234)

(2.3362)

(−1.2198)

(1.4393)

(−1.4452)

(1.2519)

Roe

−0.0277

−0.0243

−0.0460*

−0.0273

−0.0482*

−0.0279

(−1.0073)

(−0.8948)

(−1.7065)

(−1.0368)

(−1.7882)

(−1.0629)

Loss

0.0360***

0.0266**

0.0254**

0.0181

0.0245**

0.0170

(2.9711)

(2.2365)

(2.1406)

(1.5734)

(2.0717)

(1.4750)

Lag_lnfee

0.2884***

0.2833***

0.2856***

(21.8836)

(22.1931)

(22.4131)

_Cons

6.1719***

3.9178***

6.4401***

4.1951***

6.5251***

4.2700***

(37.7711)

(18.3290)

(40.5100)

(20.3168)

(40.9342)

(20.6830)