(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

D. V. = ROE

OLS

FE

RE

GMM

Q(0.1)

Q(0.25)

Q(0.5)

Q(0.75)

Q(0.9)

LAGROE

0.5201***

(6.6863)

FEMALE

0.0408***

−0.0226

0.0004

0.0956*

0.3125

0.0408***

0.0716***

−0.1127

0.7747***

(3.2069)

(−1.2881)

(0.0288)

(1.9443)

(0.3073)

(6.0173)

(10.3331)

(−0.2010)

(6.4213)

LNBSIZE

−0.0199***

−0.0307***

−0.0294***

0.0269

1.7388

−0.0039

−0.0168***

6.4352

−0.0754

(−3.4736)

(−3.9351)

(−4.6567)

(0.9637)

(0.6403)

(−0.6588)

(−3.0804)

(1.5723)

(−0.8951)

IND

0.0024

0.0355**

0.0254*

−0.0043

0.2787

0.0027

−0.0077

0.5528

−0.2140

(0.1631)

(2.2206)

(1.8344)

(−0.0561)

(0.0998)

(0.1881)

(−0.5320)

(0.4203)

(−1.3059)

LNBMEET

0.0017

−0.0038

−0.0012

−0.0294

0.1549

0.0049*

0.0024

−0.1073

0.0631

(0.5564)

(−0.9908)

(−0.3614)

(−1.3136)

(0.1462)

(1.6939)

(0.7354)

(−0.3910)

(1.3055)

DUAL

−0.0026

−0.0018

−0.0020

0.0042

0.8490

−0.0060**

−0.0039

1.7938

−0.0346

(−1.0217)

(−0.4289)

(−0.6193)

(0.3448)

(0.5969)

(−2.2817)

(−1.4522)

(1.5762)

(−1.0074)

LOANS

0.0731***

0.0426**

0.0697***

0.0563

0.2508

0.0357***

0.0341***

0.0665

−0.0585

(4.4241)

(2.0701)

(4.4794)

(0.5366)

(0.1179)

(2.7020)

(2.5862)

(0.0744)

(−0.2614)

LEV

−0.0451

0.0070

−0.0019

−0.2603

−0.3972

−0.0987

−0.1208**

−0.0541

−0.1270

(−0.8737)

(0.1502)

(−0.0540)

(−0.9228)

(−0.0626)

(−1.4223)

(−2.1795)

(−0.0119)

(−0.1671)

TQ

0.2273***

0.2394***

0.2284***

−0.1894

−0.0161

0.0580

0.0720***

0.0305

0.1168

(6.6889)

(7.9059)

(8.8343)

(−1.0618)

(−0.0030)

(1.5965)

(2.8810)

(0.0124)

(0.2756)

LNSIZE

0.0069***

−0.0024

0.0061***

−0.0020

0.1976

0.0039***

0.0052***

1.3996

0.4381

(6.1212)

(−0.4125)

(3.3980)

(−0.4843)

(0.8084)

(3.2779)

(4.4980)

(1.5252)

(1.5673)

LNAGE

0.0034

0.0782***

0.0098***

0.0024

6.5036

0.0091***

0.0054**

−0.3018

−0.0653*

(1.5159)

(5.8919)

(2.8159)

(0.4629)

(0.8673)

(4.1794)

(2.2755)

(−1.0494)

(−1.6852)

CONSTANT

−0.2806***

−0.2813**

−0.2652***

0.2556

−36.0679

−0.0891*

−0.0572

−44.8420

−8.8493

(−4.9274)

(−2.0597)

(−5.1182)

(0.7955)

(−1.1012)

(−1.6827)

(−1.2234)

(−1.4997)

(−1.4943)

Observations

1581

1581

1581

1284

1581

1581

1581

1581

1581

R-squared

0.1170

0.1536

0.1334

Number of banks

299

299

297

Number of instruments

41

Year dummies

Yes

Yes

Yes

Yes

Hausman test (p-value)

0.0003

0.0003

AR(1) test (p-value)

0.000

AR(2) test (p-value)

0.330

Hansen test (p-value)

0.397