Variables | Independent variable: FI | Independent variable: KZK | Independent variable: KZ | |||
FI | −0.0062* | −0.0034 |
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|
|
|
(−1.8844) | (−1.0244) |
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|
|
| |
Num_FI | 0.0098 | −0.0366 |
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|
|
|
(0.0975) | (−0.3264) |
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|
|
| |
KZK |
|
| 0.0028*** | 0.0020*** |
|
|
|
| (4.7677) | (3.3721) |
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| |
Num _KZK |
|
| 0.3111*** | 0.3634*** |
|
|
|
| (13.1052) | (13.9922) |
|
| |
KZ |
|
|
|
| 0.0028*** | 0.0019*** |
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|
|
| (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) |