| (1) Risk | (2) Risk | |
| Fin | −0.773*** | −0.869*** |
|
| (0.0771) | (0.0887) |
| HHI |
| 0.0140 |
|
|
| (0.114) |
| Fin_HHI |
| 1.427** |
|
|
| (0.645) |
| Size | −0.258*** | −0.257*** |
|
| (0.00704) | (0.00705) |
| Lev | −0.362*** | −0.361*** |
|
| (0.0446) | (0.0446) |
| Roa | 8.456*** | 8.457*** |
|
| (0.130) | (0.130) |
| Top1 | 0.264*** | 0.264*** |
|
| (0.0475) | (0.0475) |
| Ind | 0.523*** | 0.521*** |
|
| (0.127) | (0.127) |
| Age | 0.300*** | 0.300*** |
|
| (0.00895) | (0.00895) |
| _cons | 6.236*** | 6.215*** |
|
| (0.153) | (0.155) |
| N | 23984 | 23984 |
| R2 Industry Year | 0.294 Yes Yes | 0.294 Yes Yes |