RISK(−1)

0.117***

(4.18)

0.146***

(3.26)

0.087***

(4.43)

DIS(−1)

−0.043***

(−6.64)

−0.025***

(−2.44)

0.016***

(3.08)

INS(−1)

−0.817*

(−1.46)

−2.642***

(−5.58)

1.913***

(4.90)

BCV

−0.005*

(−0.45)

−0.009*

(−1.54)

0.033***

(8.63)

Cap

−0.292**

(−1.89)

−0.648***

(−2.91)

1.290***

(7.29)

Size

−0.232***

(−2.94)

−0.140*

(−1.51)

0.690***

(12.03)

DIS(−1)*INS(−1)

−0.084***

(−2.65)

−0.050*

(−1.62)

0.108***

(4.33)

BCV*DIS(−1)*INS(−1)

0.004***

(5.35)

0.009*

(1.21)

−0.002***

(−2.48)

CAP*DIS(−1)*INS(−1)

0.135*

(1.32)

0.087***

(5.54)

−0.082***

(−4.96)

Size*DIS(−1)*INS(−1)

0.031***

(4.20)

0.040*

(1.28)

−0.010*

(−1.88)

LDR

0.615*

(1.80)

2.187***

(4.67)

0.479***

(2.59)

DAR

1.947***

(4.37)

2.920***

(7.12)

0.488***

(3.30)

IIR

1.653

(1.09)

2.385

(0.97)

−0.013

(−0.03)

GDPR

0.042*

(1.58)

0.097***

(2.91)

0.046***

(3.99)

Sargan statistic (p-value)

0.475

0.802

0.329

AR (1) (P value)

0.000

0.000

0.000

AR (2) (P value)

0.547

0.594

0.997

Total number of panel observations

2660

2660

2660