RISK(−1)

0.108***

(6.52)

0.134***

(8.35)

0.427***

(27.35)

DIS(−1)

−0.017***

(−5.01)

−0.014***

(−3.05)

0.043***

(8.86)

INS(−1)

−0.379***

(−2.38)

−0.968***

(−4.58)

2.003***

(9.23)

BCV

−0.014***

(−4.73)

−0.005*

(−1.33)

0.036***

(9.21)

Cap

−0.263***

(−2.41)

−0.631***

(−4.38)

1.518***

(10.20)

Size

−0.083***

(−2.63)

−0.189***

(−4.53)

0.649***

(15.21)

DIS(−1)*INS(−1)

−0.041***

(−2.48)

−0.044**

(−2.03)

0.229***

(10.19)

BCV*DIS(−1)*INS(−1)

0.002***

(5.23)

0.001

(0.70)

−0.002***

(−2.82)

CAP*DIS(−1)*INS(−1)

0.022**

(1.91)

0.025*

(1.63)

−0.098***

(−6.30)

Size*DIS(−1)*INS(−1)

0.011***

(3.17)

0.017***

(3.77)

−0.011***

(−2.42)

LDR

1.382***

(9.82)

1.979***

(10.65)

0.427**

(2.23)

DAR

1.946***

(17.93)

3.399***

(23.63)

0.661***

(4.48)

IIR

0.152***

(6.47)

0.260***

(8.32)

0.096***

(3.00)

GDPR

0.036***

(4.21)

0.001

(0.01)

0.667***

(5.72)

Constant term

−0.240

(−1.467)

−1.104***

(−5.10)

−3.260***

(−14.48)

Durbin-Watson

1.989

2.059

2.158

Adjusted R²

0.324

0.561

0.540

Total number of panel observations

3192

3192

3192