Dependent variable: Lending interest rate

Average values of significant coefficients

Model 1: All banks

Independent variable

Weighted Least Squares

Fixed effect

Random effect

No Lag

1 Lag

No Lag

1 Lag

No Lag

1 Lag

const

15.944***

12.505*

22.466**

6.656

17.938**

8.543

il

−0.077

−0.497*

−0.108

−0.497

id

0.243***

−0.142

0.269*

0.311

0.254**

−0.281

0.255

ras

0.089

0.277***

0.074

0.144

0.109***

0.251

0.109

opcr

0.332***

0.111**

0.334***

0.268*

0.364

0.074

0.261

nplr

0.012

0.094***

−0.022

0.027

−0.021

0.091

0.094

siz

0.023

−0.226***

−0.026

−0.159

0.009

−0.349***

−0.575

liqr

−0.053**

0.021

−0.05

−0.018

−0.041

0.001

−0.053

provr

−0.026

0.005

−0.027

−0.031

−0.012***

0.005

−0.012

smr

−1.120***

0.148

−1.387**

0.734

−1.560

0.155

−1.254

rgdp

−0.289

0.853

−0.170

1.142

−0.344

1.269

infl

−0.151

0.372***

−0.122

0.291

−0.129

0.492**

0.432

itbl

0.030

−0.197**

0.040

−0.263

0.059**

−0.217

−0.069

HHI_AS

0.010**

−0.005

0.004

−0.002

0.012

−0.001

0.010

Adj R²

0.241

0.207

F-stastic

10.346***

4.685***

F(12, 59) = 4.252***

F(13, 52) = 2.465**

Null hypothesis

Groups common intercept: Welch F(59, 91.1) = 0.818; p-value = 0.794

Groups common intercept: Welch F(52, 44.8) = 1.392; p-value = 0.129

1) Breusch-Pagan test: Unit-specific error variance = 0; Chi-square (1) = 0.0002, p-value 0.988. Hausman test: GLS estimates are consistent; Chi-square (12) = 26.99, p-value 0.008

1) Breusch-Pagan test: Unit-specific error variance = 0; Chi-square (1) = 4.277, p-value 0.039. Hausman test: GLS estimates are consistent; Chi-square (13) = 49.958, p-value 0.000