RISK(−1)

0.109***

(6.57)

0.136***

(8.48)

0.449***

(28.44)

DIS(−1)

−0.015***

(−4.61)

−0.012***

(−2.62)

0.033***

(6.85)

INS(−1)

−0.512***

(−10.59)

−1.149***

(−17.75)

0.060

(0.918)

BCV

−0.020***

(−7.87)

−0.007**

(−2.02)

0.043***

(12.18)

Cap

−0.125*

(−1.49)

−0.475***

(−4.29)

0.931***

(7.99)

Size

−0.125***

(−5.20)

−0.296***

(−9.17)

0.587***

(17.64)

LDR

1.427***

(10.14)

1.943***

(10.48)

0.318*

(1.63)

DAR

2.041***

(19.59)

3.517***

(25.50)

0.775***

(5.37)

IIR

−0.158***

(−6.75)

0.255***

(8.20)

0.096***

(2.97)

GDPR

0.037***

(4.29)

−0.002

(−0.15)

0.066***

(5.62)

Constant term

−0.256*

(−1.60)

−0.987***

(−4.69)

−3.003***

(−13.44)

Durbin-Watson

1.992

2.051

2.133

Adjusted R²

0.317

0.559

0.519

Total number of panel observations

3192

3192

3192