RISK(−1)

0.110***

(6.58)

0.136***

(8.50)

0.431***

(27.49)

DIS(−1)

−0.015***

(−4.59)

−0.012***

(−2.67)

0.042***

(8.55)

INS(−1)

−0.423***

(−2.65)

−1.036***

(−4.91)

1.924***

(8.83)

BCV

−0.020***

(−7.86)

−0.007**

(−2.02)

0.044***

(12.52)

Cap

−0.126***

(−1.49)

−0.476***

(−4.30)

0.919***

(8.00)

Size

−0.126***

(−5.22)

−0.296***

(−9.18)

0.582***

(17.72)

DIS(−1)*INS(−1)

−0.009***

(−2.77)

−0.076**

(−1.98)

0.141***

(9.54)

LDR

1.430***

(10.15)

1.946***

(10.49)

0.363**

(1.88)

DAR

2.043***

(19.59)

3.521***

(25.50)

0.840***

(5.90)

IIR

−0.157***

(−6.706)

0.256***

(8.22)

0.114***

(3.57)

GDPR

0.036***

(4.23)

−0.002

(−0.19)

0.058***

(4.95)

Constant term

−0.250*

(−1.56)

−0.980***

(−4.643)

−2.909***

(−12.18)

Durbin-Watson

1.993

2.053

2.148

Adjusted R²

0.317

0.559

0.533

Total number of panel observations

3192

3192

3192