Variable

model

LC

CDB

LIQ

Equation (1)

Equation (2)

Equation (3)

Equation (4)

Equation (5)

Equation (6)

C

−22.82635***

(−4.85)

−14.38182***

(−4.96)

−25.21523***

(−4.37)

−16.06409***

(−6.26)

−24.47524***

(−3.51)

−22.22454***

(−7.38)

INSYS(−1)

−0.2107288***

(−7.12)

−0.1959917***

(−7.51)

−0.2158194***

(6.39)

−0.1810966***

(−12.04)

−0.1857409***

(−6.84)

−0.2453089***

(−7.950)

INSYS(−2)

−0.0404402*

(−1.71)

−0.0593252*

(−2.54)

−0.0186192

(−0,78)

0.0019125

(0.14)

−0.0209786

(−0.98)

0.0165927

(0.65)

INSYS(−3)

0.3153063***

(9.71)

LC(−1)

−0.054899***

(−7.15)

−0.022911***

(−4.51)

CDB(−1)

−0.0303962*

(−3.17)

−0.000742

(−0.15)

LIQ

−0.0525105*

(−2.20)

−0.0080967**

(−2.13)

Liquidity*Z−score(−1)

1.031055**

(2.81)

1.034508***

(3.69)

1.169419***

(1.8)

Liquidity*RWATAR(−1)

0.0000336***

(3.61)

0.0000342**

(3.07)

0.0000487**

(2.66)

lnSIZE (−1)

1.273345*

(5.09)

0.7998074***

(4.69)

1.296199***

(3.96)

0.7969351***

(5.34)

1.299748***

(3.31)

1.19192***

(7.16)

CAPI (−1)

0.0379209

(0.90)

−0.0179791

(−0.71)

0.0688444*

(2.01)

0.017232

(0.404)

0.0814129

(1.82)

0.0109586

(0.41)

ROA (−1)

0.1066729

(−8.09)

−0.430281***

(−9.41)

0.1940112

(1.27)

−0.3954545***

(−7.01)

−0.0159874

(−0.08)

−0.6617875***

(−10.90)

INTER (−1)

−0.0652328***

(−8.09)

−0.0435423***

(−5.81)

−0.0692838***

(−6.87)

−0.0476144***

(−6.55)

−0.0620968***

(−6.9)

−0.0490743***

(−7.22)

GROW

0.1166747**

(3.17)

0.1206452***

(5.25)

0.1114397**

(2.74)

0.1526044***

(5.06)

0.1591311***

(4.02)

04091157***

(9.62)