Variable

(1) BUF

(2) BUF

(3) CAP

(4) CAP

(5) LOAN

(6) LOAN

BUF (−1)

0.374^***

(4.99)

0.377^***

(5.10)

CAP (−1)

0.403^***

(4.19)

0.404^***

(4.33)

LOAN (−1)

0.859^***

(14.17)

0.848^***

(13.78)

GDP

0.917^***

(2.91)

0.749^**

(2.40)

0.483^**

(2.54)

0.408^**

(2.54)

−2.509^**

(−2.30)

−2.222^**

(−2.36)

CR4*GDP

−0.012^**

(−2.17)

−0.008^**

(−2.23)

0.039^**

(2.05)

HHI*GDP

−0.037^*

(−1.72)

−0.025^**

(−2.18)

0.137^**

(2.07)

GLOAN

−0.038^**

(−2.71)

−.038^***

（−2.81）

−0.029^***

(−3.35)

−0.031^***

(−3.69)

0.163^***

(3.52)

0.178

(3.95)

NPL

−0.309^***

(−5.59)

−0.309^***

(−5.63)

−0.089^**

(−2.49)

−0.089^**

(−2.57)

0.343^***

(3.00)

0.334^***

(3.01)

ROA

2.511^**

(2.26)

2.497^**

(2.22)

2.075^***

(3.25)

2.049^***

(3.21)

−0.383

(−0.22)

−0.038

(−0.02)

ROE

−0.103^*

(−1.80)

−0.101^*

(−1.75)

−0.133^***

(−3.38)

−0.132^***

(−3.42)

0.115

（0.78）

0.087

(0.57)

SIZE

−0.08

(−1.23)

−0.081

(−1.21)

−0.134^***

(−3.45)

−0.138^***

(−3.51)

0.493^**

(2.16)

0.539^**

(2.28)

CONS

1.511

(0.83)

1.708

(0.94)

5.876^***

(3.76)

6.065^***

(3.92)

−2.201

(−0.42)

−2.965

(−0.60)

AR (1)

0.002

0.002

0.000

0.000

0.000

0.000

AR (2)

0.197

0.201

0.076

0.076

0.875

0.860

SARGAN

0.310

0.303

0.230

0.181

0.208

0.184