Panel A: STAR

Panel B: CONTROL

Variable

Coef.

St.Err.

Coef.

St.Err.

Interval 1

CE

1.094***

0.028

0.924***

0.023

NR

1.237***

0.102

0.27

0.194

D1CE

−0.03

0.072

−0.363**

0.144

D2NR

−.811***

0.119

−0.588

0.369

LEV

−85.791***

26.235

−177.01

202.403

OWN

0.936

24.158

486.698**

188.187

ROE

9.531

8.867

−612.231

463.073

COVID

−17.027

12.638

0

.

AGE

1.731

1.074

−5.419

7.876

Constant

31.513*

18.284

−31.658

150.67

Interval 2

CE

0.917***

0.063

0.88***

0.056

NR

2.529***

0.135

1.071***

0.268

D1CE

0.391**

0.182

0.927***

0.221

D2NR

−2.519***

0.284

−2.943**

1.473

LEV

−41.769

95.568

−492.34

548.336

OWN

−59.303

63.048

0

.

ROE

−9.124

37.902902

−4451.97***

631.769

COVID

28.931

37.887

0

.

AGE

−1.24

2.826

0

.

Constant

46.249

46.391

483.581*

287.395

TOTAL

CE

1.002***

0.029

0.912***

0.022

NR

2.094***

0.081

0.62***

0.155

D1CE

0.139*

0.078

0.11

0.118

D2NR

−1.751***

0.109

−0.753**

0.351

LEV

99.627***

31.359

−377.475*

195.668

OWN

−27.278

27.409

494.94**

203.149

ROE

8.244

11.31

−2190.277***

357.899

COVID

0.972

14.701

0

.

AGE

0.742

1.224

−10.113

7.897

Constant

40.107**

20.377

231.495*

128.645