Mixture Model

Variable

Single−mode model

Subgroup 1

Subgroup 2

Subgroup 3

χ²

PB_t−1

0.4078***

(0.044875)

0.6166***

(0.179503)

0.3969***

(0.087112)

−0.0371

(0.115536)

12.07***

PB²_t−1

−0.0201***

(0.002941)

−0.0234***

(0.008998)

−0.0204***

(0.005031)

0.0033

(0.005098)

11.65***

Size_t−1

0.6817***

(0.024701)

1.2495***

(0.155162)

0.6337***

(0.04158)

0.4976***

(0.092851)

21.89***

ROA_t−1

0.0208***

(0.005819)

0.0624***

(0.020724)

0.0173**

(0.00847)

0.0075

(0.016081)

5.10*

Lev_t−1

−0.0097***

(0.002266)

−0.0195*

(0.010801)

−0.0098**

(0.004974)

0.0001

(0.013132)

1.59

Liq_t−1

0.0011***

(0.000167)

0.0021***

(0.000763)

0.0007***

(0.0002)

0.0017

(0.001925)

2.82

Inst_t−1

0.0112***

(0.001679)

0.0151*

(0.008788)

0.0088***

(0.0019)

0.0262***

(0.00602)

8.45**

Constant

−0.0264***

(0.151389)

−3.4453***

(0.780163)

0.5726***

(0.189547)

0.7762**

(0.371734)

28.55***

σ²_Coverage

1.3183

(0.056565)

1.9281

(0.389146)

0.6383

(0.062649)

0.1048

(0.13626)

log pseudo likelihood

−2394.3347

Pseudo R²

0.1692

F

224.26***

AIC

4806.669

4604.903

BIC

4855.231

4761.379