OLS

FE

Differential GMM

Systematic GMM

$L.LOA{N}_{i,t}$

−0.0016

−0.2996*

−0.2996***

−0.1361*

(−0.01)

(−1.43)

(−3.59)

(−2.17)

$LE{R}_{i,t}$

−0.7283

−3.8879*

−3.8879***

−2.6285*

(−0.62)

(−1.78)

(−2.82)

(−3.82)

$CA{R}_{i,t}$

−2.3252***

−3.1236***

−3.1236***

−2.4872***

(−2.85)

(−4.00)

(−6.17)

(−3.27)

$ASSE{T}_{i,t}$

0.4346*

0.3199

0.3199

0.3094*

(1.42)

(0.22)

(0.48)

(0.93)

$M{S}_{i,t}$

−0.0836

0.4913

0.4913***

0.1882*