Heterogeneity across regions
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
|---|---|---|---|---|---|---|---|---|---|
| North America | Europe | Asia | |||||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.008*** | −0.069*** | −0.011*** | −0.010*** | −0.165*** | −0.019*** | 0.006*** | 0.013 | 0.008*** |
| (−11.867) | (−11.470) | (−9.898) | (−4.363) | (−5.957) | (−5.110) | (4.371) | (0.942) | (3.348) | |
| Size | −0.003*** | −0.041*** | −0.006*** | −0.001 | −0.029*** | −0.002* | −0.003*** | −0.022** | −0.005*** |
| (−15.126) | (−19.945) | (−15.577) | (−1.300) | (−3.281) | (−1.903) | (−3.453) | (−2.468) | (−3.156) | |
| Leverage | −0.000*** | 0.002*** | −0.000** | −0.000** | 0.001 | −0.001** | −0.001*** | −0.001 | −0.001*** |
| (−3.117) | (3.771) | (−2.418) | (−2.202) | (0.617) | (−2.310) | (−4.529) | (−0.737) | (−3.047) | |
| Diversified | 0.009*** | 0.091*** | 0.017*** | 0.018*** | 0.254*** | 0.030*** | 0.001 | 0.018 | 0.002 |
| (8.335) | (8.883) | (9.376) | (5.675) | (6.646) | (5.799) | (0.190) | (0.405) | (0.298) | |
| GrowthRevenue | 0.001*** | 0.009** | 0.003*** | 0.005*** | 0.082*** | 0.010*** | 0.000 | 0.009 | −0.001 |
| (3.567) | (2.448) | (4.510) | (3.901) | (4.732) | (4.437) | (0.022) | (0.450) | (−0.253) | |
| Efficiency | −0.002*** | −0.006 | −0.003*** | −0.003* | −0.043** | −0.008*** | −0.007*** | −0.058*** | −0.008*** |
| (−5.050) | (−1.574) | (−4.328) | (−1.870) | (−2.270) | (−3.268) | (−3.957) | (−3.223) | (−2.661) | |
| GDPGrowth | −0.039*** | −0.463*** | −0.085*** | 0.002 | −0.027 | 0.004 | −0.018 | −0.099 | −0.036* |
| (−10.011) | (−12.984) | (−13.169) | (0.118) | (−0.168) | (0.177) | (−1.648) | (−0.869) | (−1.892) | |
| HHI | −0.096*** | −0.491*** | −0.127*** | −0.199*** | −0.968 | −0.264** | −0.120** | −0.530 | −0.155 |
| (−10.100) | (−5.666) | (−8.138) | (−2.866) | (−1.138) | (−2.336) | (−2.066) | (−0.868) | (−1.509) | |
| Constant | 0.043*** | 0.381*** | 0.065*** | 0.035*** | 0.422*** | 0.064*** | 0.066*** | 0.484*** | 0.099*** |
| (19.285) | (18.864) | (17.854) | (3.726) | (3.659) | (4.158) | (5.968) | (4.136) | (5.022) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 1,525 | 1,525 | 1,525 | 465 | 465 | 465 | 395 | 395 | 395 |
| Adj R2 | 0.459 | 0.510 | 0.461 | 0.229 | 0.331 | 0.279 | 0.252 | 0.079 | 0.171 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
|---|---|---|---|---|---|---|---|---|---|
| North America | Europe | Asia | |||||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.008*** | −0.069*** | −0.011*** | −0.010*** | −0.165*** | −0.019*** | 0.006*** | 0.013 | 0.008*** |
| (−11.867) | (−11.470) | (−9.898) | (−4.363) | (−5.957) | (−5.110) | (4.371) | (0.942) | (3.348) | |
| Size | −0.003*** | −0.041*** | −0.006*** | −0.001 | −0.029*** | −0.002* | −0.003*** | −0.022** | −0.005*** |
| (−15.126) | (−19.945) | (−15.577) | (−1.300) | (−3.281) | (−1.903) | (−3.453) | (−2.468) | (−3.156) | |
| Leverage | −0.000*** | 0.002*** | −0.000** | −0.000** | 0.001 | −0.001** | −0.001*** | −0.001 | −0.001*** |
| (−3.117) | (3.771) | (−2.418) | (−2.202) | (0.617) | (−2.310) | (−4.529) | (−0.737) | (−3.047) | |
| Diversified | 0.009*** | 0.091*** | 0.017*** | 0.018*** | 0.254*** | 0.030*** | 0.001 | 0.018 | 0.002 |
| (8.335) | (8.883) | (9.376) | (5.675) | (6.646) | (5.799) | (0.190) | (0.405) | (0.298) | |
| GrowthRevenue | 0.001*** | 0.009** | 0.003*** | 0.005*** | 0.082*** | 0.010*** | 0.000 | 0.009 | −0.001 |
| (3.567) | (2.448) | (4.510) | (3.901) | (4.732) | (4.437) | (0.022) | (0.450) | (−0.253) | |
| Efficiency | −0.002*** | −0.006 | −0.003*** | −0.003* | −0.043** | −0.008*** | −0.007*** | −0.058*** | −0.008*** |
| (−5.050) | (−1.574) | (−4.328) | (−1.870) | (−2.270) | (−3.268) | (−3.957) | (−3.223) | (−2.661) | |
| GDPGrowth | −0.039*** | −0.463*** | −0.085*** | 0.002 | −0.027 | 0.004 | −0.018 | −0.099 | −0.036* |
| (−10.011) | (−12.984) | (−13.169) | (0.118) | (−0.168) | (0.177) | (−1.648) | (−0.869) | (−1.892) | |
| HHI | −0.096*** | −0.491*** | −0.127*** | −0.199*** | −0.968 | −0.264** | −0.120** | −0.530 | −0.155 |
| (−10.100) | (−5.666) | (−8.138) | (−2.866) | (−1.138) | (−2.336) | (−2.066) | (−0.868) | (−1.509) | |
| Constant | 0.043*** | 0.381*** | 0.065*** | 0.035*** | 0.422*** | 0.064*** | 0.066*** | 0.484*** | 0.099*** |
| (19.285) | (18.864) | (17.854) | (3.726) | (3.659) | (4.158) | (5.968) | (4.136) | (5.022) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 1,525 | 1,525 | 1,525 | 465 | 465 | 465 | 395 | 395 | 395 |
| Adj | 0.459 | 0.510 | 0.461 | 0.229 | 0.331 | 0.279 | 0.252 | 0.079 | 0.171 |
Note(s): t-statistics are shown in parentheses. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively