(1) Risk2

(2) Risk2

Fin

−0.994^***

−0.866^***

(0.0859)

(0.0984)

HHI

0.0602

(0.132)

Fin_HHI

2.006^**

(0.780)

Roa

8.341^***

8.565^***

(0.143)

(0.143)

Top1

0.313^***

0.277^***

(0.0514)

(0.0515)

Ind

0.493^***

0.538^***

(0.136)

(0.137)

Age

0.329^***

0.309^***

(0.00967)

(0.00962)

_cons

6.695^***

6.563^***

(0.166)

(0.169)

N

21511

21511

R²

Industry

Year

0.292

Yes

Yes

0.285

Yes

Yes