Variable

Odds ratio

Robust Std. Err.

[95% Conf. Interval]

PBclass_t−1

2

4.129085***

0.7382869

2.908423

5.862056

3

9.383735***

1.971884

6.215921

14.16596

Sizeclass_t−1

2

5.475737*

4.84959

0.9651069

31.06775

3

55.76454***

49.18422

9.899198

314.135

Liqclass_t−1

2

0.6970638

0.5508359

0.1481268

3.280285

3

1.772752

1.167591

0.4875504

6.445792

Instclass_t−1

2

2.592656

1.836844

0.6466749

10.3945

3

2.759402

2.271615

0.5496452

13.85311

$Sizeclas{s}_{t-1}\times Liqcals{s}_{t-1}\times Instclas{s}_{t-1}$

$1\times 2\times 2$

1.097017

1.015292

0.1788236

6.7298

$1\times 2\times 3$

2.444862

2.702787

0.2800619

21.34297

$1\times 3\times 2$

0.7712119

0.6295108

0.1557293

3.819241

$1\times 3\times 3$

1.131952

1.153567

0.1535933

8.342258

$2\times 1\times 2$

0.5786175

0.593108

0.077602

4.314297

$2\times 1\times 3$

0.5519772

0.5986246

0.0658847

4.624421

$2\times 2\times 1$

1.276969

1.403108

0.1482169

11.00179

$2\times 2\times 2$

1.289152

1.957474

0.065739

25.28048

$2\times 2\times 3$

2.504195

3.952845

0.1135156

55.24343

$2\times 3\times 1$

0.7787215

0.7498958

0.1179476

5.141324

$2\times 3\times 2$

1.05153

1.523961

0.0614034

18.00739

$2\times 3\times 3$

1.650883

2.51852

0.0830152

32.83032

$3\times 1\times 2$

0.8067293

0.7971702

0.1163087

5.595557

$3\times 1\times 3$

1.67187

1.769251

0.2100976

13.30405

$3\times 2\times 1$

1.470303

1.615996

0.1705531

12.67518

$3\times 2\times 2$

0.7714073

1.168408

0.0396292

15.01593

$3\times 2\times 3$

3.374853

5.328192

0.1528918

74.49473

$3\times 3\times 1$

0.4056751

0.4531118

0.0454406

3.621706

$3\times 3\times 2$

0.3975546

0.5841303

0.0223213

7.080668

$3\times 3\times 3$

0.7159015

1.133447

0.0321509

15.94092

ROA_t−1

1.045951***

0.0108662

1.024869

1.067466

Lev_t−1

0.9776074***

0.0040476

0.9697064

0.9855728

Constant

0.0085502***

0.005327

0.0025215

0.028993

Log pseudolikelihood

−962.42376

Pseudo R²

0.3589

Wald χ²

624.75***