Variable

Stated-owned commercial banks

National shareholding commercial banks

Regional commercial banks

(1)

(2)

(1)

(2)

(1)

(2)

Cap1

Cap2

Cap1

Cap2

Cap1

Cap2

Panel A: liquidity creation equation

Cap

1.0913

(0.7936)

1.7403

(0.8350)

0.1591**

(2.0908)

0.1771**

(2.1055)

0.2447*

(2.9270)

0.1052*

(1.8137)

Size

−3.0896*

(−2.7798)

−6.2671*

(−3.3377)

2.8331

(0.9639)

3.0589

(1.0321)

−11.1257*

(−2.9370)

−10.4111**

(−2.3876)

Risk

−0.0927**

(−2.5896)

−0.0696***

(−1.7684)

0.1787

(1.1289)

0.1711

(1.0837)

0.2719*

(2.7589)

0.2953*

(2.8546)

M

0.6207*

(2.6567)

0.6355**

(2.5323)

0.8761*

(3.5250)

0.8911*

(3.5749)

0.3270

(0.9013)

0.3243

(0.9329)

INDEX

5.7367***

(1.7007)

7.3652**

(2.3562)

15.7902*

(3.0120)

15.7222*

(3.0068)

9.3195

(1.2305)

6.6506

(0.8653)

Panel B: the level of capital equation

LC

−0.0474

(−0.8911)

−0.0807

(−1.4118)

0.1976***

(−1.6544)

0.2354***

(−1.6606)

−0.1460***

(−1.7859)

−0.1386***

(−1.8863)

ROEE

0.0344

(1.6129)

0.0209

(0.9430)

0.0910

(0.4276)

−0.0390

(−0.1595)

−0.4199*

(−6.3902)

−0.4779*

(−7.7133)

ROAA

2.9502**

(2.4093)

1.9924***

(1.7673)

3.0138*

(3.0941)

2.9845*

(2.8160)

7.0918*

(6.3963)

6.8246

(7.0240)

Size

−0.1821

(−0.2292)

−0.1743

(−0.1312)

−0.5461

(−0.2826)

−0.4347

(−0.2140)

0.0973

(0.1005)

−1.2020

(−1.2627)

N

50

50

59

59

103

100

R2 − 1

0.779

0.832

0.872

0.872

0.598

0.627

R2 − 2

0.835

0.534

0.801

0.809

0.662

0.725