lev

−0.3797^**

−0.4186^**

−0.7043^***

−0.8710^***

0.9995^***

0.6251^***

(−2.0597)

(−2.3197)

(−4.0669)

(−4.8008)

(6.8370)

(4.1536)

ocf

0.6913

0.7504

0.8264^*

0.3296

−0.6589^*

0.0630

(1.4787)

(1.6398)

(1.9596)

(0.7460)

(−1.6720)

(0.1552)

ROA

−0.7621

−1.1395

0.9423

1.9633^***

0.5372

1.1621^*

(−0.8544)

(−1.3051)

(1.4871)

(2.9571)

(0.8686)

(1.8255)

Tang

−0.7428^***

−0.8832^***

0.4156^**

0.5300^***

0.0286

−0.2351

(−4.3815)

(−5.3215)

(2.4366)

(2.9662)

(0.1575)

(−1.2575)

HHI5

−0.0312

−0.3835

−0.1275

−0.3856

−0.3838^*

−0.6253^***

(−0.1264)

(−1.5874)

(−0.5611)

(−1.6200)

(−1.7127)

(−2.7106)

_cons

−3.8944^***

−5.5338^***

−1.8482^***

−2.4169^***

−4.9360^***

−6.3251^***

(−13.2561)

(−19.2422)

(−6.2728)

(−7.8290)

(−17.3976)

(−21.6579)

N

1892

1892

2179

2179

2998

2998

R²

0.3023

0.3344

0.3218

0.364

0.3977

0.4005