| Variables | Basic model | Stability test |
| z_YieldSpread | z_YieldSpread | |
| z_Amount | −0.1597*** | −0.1600*** |
| (−6.956) | (−6.993) | |
| Soe | −0.4741*** | −0.5189*** |
| (−2.666) | (−2.653) | |
| Green | −0.0492 | −0.0353 |
| (−0.907) | (−0.644) | |
| City | 0.1277** | 0.1278** |
| (2.174) | (2.102) | |
| Secure | −0.2871*** | −0.2817*** |
| (−4.174) | (−3.971) | |
| z_MainScore | −0.3755*** | −0.3839*** |
| (−9.458) | (−9.056) | |
| z_DebtScore | −0.2198*** | −0.2233*** |
| (−6.906) | (−6.501) | |
| z_M2 | −0.0527 | −0.0413 |
| (−1.243) | (−0.954) | |
| z_pGDP | −0.0829* | −0.0795 |
| (−1.697) | (−1.563) | |
| z_Fiscal | −0.0912* | −0.0881 |
| (−1.741) | (−1.587) | |
| z_HS | −0.0231 | −0.0279 |
| (−0.880) | (−1.041) | |
| z_Oil | 0.0297 | 0.0301 |
| (1.062) | (1.078) | |
| z_USD | 0.0943** | 0.0920** |
| (2.056) | (1.978) | |
| Constant | 0.4622 | 0.9801*** |
| (1.622) | (3.242) | |
| Observations | 562 | 522 |
| R-squared | 0.737 | 0.740 |
| Region FE | YES | YES |
| Year FE | YES | YES |