RISK(−1)

0.143***

(5.76)

0.334***

(7.71)

DIS(−1)

−0.026*

(−1.50)

−0.231***

(−6.18)

INS(−1)

−1.151*

(−1.35)

−2.642***

(5.58)

BCV

−0.006***

(−2.45)

−0.010***

(−2.38)

Cap

−0.166*

(−1.62)

−0.686***

(−4.31)

Size

−0.001

(−0.03)

−2.032***

(−2.79)

DIS(−1)*INS(−1)

−0.027*

(−1.17)

−0.022*

(−0.87)

BCV*DIS(−1)*INS(−1)

0.001*

(0.35)

0.012*

(1.79)

CAP*DIS(−1)*INS(−1)

0.026***

(3.35)

0.022*

(1.30)

Size*DIS(−1)*INS(−1)

0.001*

(0.22)

0.002***

(2.61)

LDR

0.513***

(4.56)

1.963***

(8.91)

DAR

0.877***

(7.05)

2.700***

(14.96)

IIR

0.422***

(3.07)

0.001

(0.001)

GDPR

0.060***

(6.57)

0.086***

(5.54)

Sargan statistic (p-value)

0.473

0.877

AR (1) (P value)

0.000

0.000

AR (2) (P value)

0.153

0.495

Total number of panel observations

860

2926