INS

First stage

second stage

YCSR Risk

0.923***

(12.92)

CSR Risk

−0.630***

(−6.05)

ROA

−2.659

10.197

(−0.54)

(1.53)

SIZE

−0.213

−3.381***

(−0.41)

(−4.80)

State

−0.402

−0.263

(−0.30)

(−0.14)

LEV

−1.249

18.997***

(−0.54)

(6.01)

TRSHARE

1.803***

11.998***

(3.36)

(13.38)

TOP

0.041

0.318***

(1.27)

(6.55)

BPS

0.234

2.598***

(1.49)

(11.85)

TAMVB

−0.509

−31.319***

(−0.30)

(−13.76)

Mortgage

−0.283

−0.835

(−0.15)

(−0.37)

IDB

2.295

−8.488

(0.45)

(−1.26)

GCFO

0.010

0.041

(0.27)

(0.98)

SC

9.513*

13.306*

(1.82)

(1.80)

VOL

0.094

−4.965***

(0.49)

(−17.57)

JNN

334.176***

851.581***

(2.92)

(5.14)

Growth

−0.432

−0.449

(−1.60)

(−1.18)

ROWC

−0.011

−0.010

(−1.56)

(−1.25)