Panel A: Dependant Variable: Asset

Variable

Coef.

Robust Std. Err

z

p>z

[95%Conf. Interval]

inln

−0.4459409

0.1857097

−2.40

0.016

−0.8099253

−0.0819565

culn

−0.3159253

0.1581301

−2.00

0.046

−0.6258546

−0.0059961

idbt

−0.0098482

0.1433469

−0.07

0.945

−0.290803

0.2711066

cdbt

0.5847517

0.1201491

4.87

0.000

0.3492639

0.8202396

risk1

12814.78

64573.51

0.20

0.843

−113747

139376.5

rgdp_gr

117.7988

823.3422

0.14

0.886

−1495.922

1731.52

sr

621.2839

819.9721

0.76

0.449

−985.8319

2228.4

sbgdp

−40.98711

141.8807

−0.29

0.773

−319.0682

237.0939

_cons

−6055.849

6627.665

−0.91

0.361

−19045.83

6934.135