| Variables | (1) | (2) |
| Zscore | Zscore | |
| Sfin | 10.483*** |
|
|
| (4.503) |
|
| Lfin |
| 8.590*** |
|
|
| (10.382) |
| Lfin2 |
| −12.466*** |
|
|
| (−7.581) |
| Cons | 15.678*** | 13.952*** |
|
| (9.795) | (8.933) |
| N | 1101 | 1101 |
| Year | Yes | Yes |
| Controls | Yes | Yes |
| Adj-R2 | 0.352 | 0.412 |