| 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 |