Heterogeneity analysis: developed vs developing countries
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Developed countries | Developing countries | |||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.006*** | −0.078*** | −0.010*** | 0.008*** | 0.043** | 0.011*** |
| (−9.980) | (−10.679) | (−9.593) | (4.762) | (2.556) | (3.705) | |
| Size | −0.002*** | −0.029*** | −0.004*** | −0.002** | −0.026*** | −0.003 |
| (−9.511) | (−10.049) | (−10.006) | (−2.386) | (−2.876) | (−1.581) | |
| Leverage | −0.000*** | 0.003*** | −0.000*** | −0.001*** | 0.002 | −0.001** |
| (−4.971) | (3.741) | (−3.857) | (−3.434) | (1.073) | (−2.101) | |
| Diversified | 0.015*** | 0.192*** | 0.027*** | 0.002 | 0.020 | 0.000 |
| (13.779) | (14.623) | (14.928) | (0.394) | (0.450) | (0.036) | |
| GrowthRevenue | 0.003*** | 0.037*** | 0.006*** | 0.003 | 0.018 | 0.005 |
| (6.088) | (6.662) | (7.388) | (1.422) | (0.805) | (1.234) | |
| Efficiency | −0.002*** | −0.017*** | −0.004*** | −0.012*** | −0.079*** | −0.014*** |
| (−3.529) | (−2.847) | (−4.495) | (−6.272) | (−4.324) | (−4.143) | |
| GDPGrowth | −0.020*** | −0.236*** | −0.043*** | −0.029** | −0.268** | −0.073*** |
| (−4.747) | (−4.710) | (−6.080) | (−2.345) | (−2.188) | (−3.311) | |
| HHI | −0.021** | −0.045 | −0.039*** | −0.116*** | −0.801*** | −0.135*** |
| (−2.312) | (−0.422) | (−2.640) | (−5.952) | (−4.149) | (−3.918) | |
| Constant | 0.025*** | 0.214*** | 0.041*** | 0.070*** | 0.570*** | 0.096*** |
| (11.162) | (7.978) | (10.928) | (5.935) | (4.882) | (4.608) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 2,150 | 2,150 | 2,150 | 384 | 384 | 384 |
| Adj R2 | 0.263 | 0.295 | 0.294 | 0.329 | 0.179 | 0.220 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Developed countries | Developing countries | |||||
| Variables | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 | LLP/Assetit+1 | LLP/Equityit+1 | LLP/Loansit+1 |
| CFP | −0.006*** | −0.078*** | −0.010*** | 0.008*** | 0.043** | 0.011*** |
| (−9.980) | (−10.679) | (−9.593) | (4.762) | (2.556) | (3.705) | |
| Size | −0.002*** | −0.029*** | −0.004*** | −0.002** | −0.026*** | −0.003 |
| (−9.511) | (−10.049) | (−10.006) | (−2.386) | (−2.876) | (−1.581) | |
| Leverage | −0.000*** | 0.003*** | −0.000*** | −0.001*** | 0.002 | −0.001** |
| (−4.971) | (3.741) | (−3.857) | (−3.434) | (1.073) | (−2.101) | |
| Diversified | 0.015*** | 0.192*** | 0.027*** | 0.002 | 0.020 | 0.000 |
| (13.779) | (14.623) | (14.928) | (0.394) | (0.450) | (0.036) | |
| GrowthRevenue | 0.003*** | 0.037*** | 0.006*** | 0.003 | 0.018 | 0.005 |
| (6.088) | (6.662) | (7.388) | (1.422) | (0.805) | (1.234) | |
| Efficiency | −0.002*** | −0.017*** | −0.004*** | −0.012*** | −0.079*** | −0.014*** |
| (−3.529) | (−2.847) | (−4.495) | (−6.272) | (−4.324) | (−4.143) | |
| GDPGrowth | −0.020*** | −0.236*** | −0.043*** | −0.029** | −0.268** | −0.073*** |
| (−4.747) | (−4.710) | (−6.080) | (−2.345) | (−2.188) | (−3.311) | |
| HHI | −0.021** | −0.045 | −0.039*** | −0.116*** | −0.801*** | −0.135*** |
| (−2.312) | (−0.422) | (−2.640) | (−5.952) | (−4.149) | (−3.918) | |
| Constant | 0.025*** | 0.214*** | 0.041*** | 0.070*** | 0.570*** | 0.096*** |
| (11.162) | (7.978) | (10.928) | (5.935) | (4.882) | (4.608) | |
| Bank FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 2,150 | 2,150 | 2,150 | 384 | 384 | 384 |
| Adj | 0.263 | 0.295 | 0.294 | 0.329 | 0.179 | 0.220 |
Note(s): t-statistics are shown in parentheses. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively