INS

Mixed regression model

Fixed effect model

Random effects model

CSR Risk

−0.072***

−0.072***

−0.069***

(−2.69)

(−2.88)

(−2.77)

ROA

13.084*

13.084*

19.609***

(1.69)

(1.81)

(2.70)

SIZE

−3.411***

−3.411***

−3.694***

(−3.82)

(−4.09)

(−4.82)

State

−0.141

−0.141

4.981***

(−0.06)

(−0.06)

(3.84)

LEV

19.687***

19.687***

23.246***

(4.77)

(5.11)

(7.76)

TRSHARE

10.938***

10.938***

9.874***

(8.37)

(8.96)

(10.58)

TOP

0.290***

0.290***

0.367***

(4.50)

(4.82)

(10.93)

BPS

2.453***

2.453***

2.556***

(8.61)

(9.22)

(10.92)

TAMVB

−30.075***

−30.075***

−27.534***

(−10.68)

(−11.44)

(−11.73)

Mortgage

−0.186

−0.186

0.754

(−0.08)

(−0.09)

(0.40)

IDB

−10.399

−10.399

−13.767**

(−1.16)

(−1.24)

(−1.96)

GCFO

0.033

0.033

0.022

(0.81)

(0.87)

(0.56)

SC

7.432

7.432

13.893**

(1.15)

(1.23)

(2.43)

VOL

−4.977***

−4.977***

−5.347***

(−15.75)

(−16.87)

(−19.46)

JNN

680.164***

680.164***

52.276

(4.31)

(4.62)

(0.44)

Growth

−0.223

−0.223

−0.463

(−0.61)

(−0.66)

(−1.34)

ROWC

−0.005

−0.005

−0.006

(−0.60)

(−0.64)

(−0.74)

Constant

−122.397***

−104.317***

−84.630***

(−4.22)

(−4.33)

(−7.05)

Stkcd FE/Year FE

control

control

control

Observations

3569

3569

3569

Adjusted R²

0.735

0.410

0.404