| 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) |