ICE and performance (NIM)
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | |
|---|---|---|---|---|---|
| Variables | NIM | NIM | NIM | NIM | NIM |
| L.NIM | −0.6540*** | −0.3365*** | −0.3189*** | −0.4673*** | 0.4737*** |
| (0.0121) | (0.0098) | (0.0147) | (0.0149) | (0.1033) | |
| RCE | 1.5694*** | ||||
| (0.1048) | |||||
| CEE | 0.0036* | ||||
| (0.0020) | |||||
| SCE | 0.0004*** | ||||
| (0.0001) | |||||
| HCE | 0.0773*** | ||||
| (0.0063) | |||||
| MVAIC | 0.0004*** | ||||
| (0.0001) | |||||
| SoD | 0.0170*** | 0.0174*** | 0.0157*** | 0.0160*** | 0.0073** |
| (0.0051) | (0.0043) | (0.0053) | (0.0056) | (0.0029) | |
| RoWoB | −0.4008*** | −0.3294*** | −0.2863*** | −0.3270*** | −0.2255*** |
| (0.0525) | (0.0416) | (0.0604) | (0.0600) | (0.0328) | |
| OSS | 0.0013*** | 0.0008*** | 0.0004** | −0.0012*** | 0.0003*** |
| (0.0001) | (0.0000) | (0.0002) | (0.0001) | (0.0001) | |
| LIQU | 0.1614*** | 0.0390 | 0.0526 | 0.0617* | 0.0236 |
| (0.0273) | (0.0293) | (0.0462) | (0.0345) | (0.0220) | |
| BusSize | −0.0752*** | −0.0403*** | −0.0239 | −0.0272** | −0.0058 |
| (0.0065) | (0.0098) | (0.0146) | (0.0129) | (0.0056) | |
| Leverage | 0.3147*** | 0.2316*** | 0.0905* | 0.0191 | 0.0701*** |
| (0.0228) | (0.0657) | (0.0475) | (0.0460) | (0.0179) | |
| GDPgrwth | −0.0042*** | −0.0023** | 0.0005 | −0.0009 | 0.0003 |
| (0.0012) | (0.0010) | (0.0017) | (0.0014) | (0.0006) | |
| Constant | 1.0387*** | 0.5541*** | 0.4169 | 0.6517** | 0.0573 |
| (0.1481) | (0.1880) | (0.2971) | (0.2818) | (0.1245) | |
| Hansen test (p-value) | 14.60(0.103) | 12.70(0.392) | 3.66(0.599) | 7.10(0.716) | 2.50(0.776) |
| AR (2) p-value | −0.23(0.817) | −1.22(0.222) | −1.13(0.258) | −1.12(0.263) | 0.98(0.328) |
| Instruments | 19 | 22 | 15 | 20 | 15 |
| p-value | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Observations | 137 | 203 | 203 | 203 | 203 |
| Number of firms | 37 | 49 | 49 | 49 | 49 |
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | |
|---|---|---|---|---|---|
| Variables | NIM | NIM | NIM | NIM | NIM |
| L.NIM | −0.6540*** | −0.3365*** | −0.3189*** | −0.4673*** | 0.4737*** |
| (0.0121) | (0.0098) | (0.0147) | (0.0149) | (0.1033) | |
| RCE | |||||
| CEE | |||||
| SCE | |||||
| HCE | |||||
| MVAIC | |||||
| SoD | 0.0170*** | 0.0174*** | 0.0157*** | 0.0160*** | 0.0073** |
| (0.0051) | (0.0043) | (0.0053) | (0.0056) | (0.0029) | |
| RoWoB | −0.4008*** | −0.3294*** | −0.2863*** | −0.3270*** | −0.2255*** |
| (0.0525) | (0.0416) | (0.0604) | (0.0600) | (0.0328) | |
| OSS | 0.0013*** | 0.0008*** | 0.0004** | −0.0012*** | 0.0003*** |
| (0.0001) | (0.0000) | (0.0002) | (0.0001) | (0.0001) | |
| LIQU | 0.1614*** | 0.0390 | 0.0526 | 0.0617* | 0.0236 |
| (0.0273) | (0.0293) | (0.0462) | (0.0345) | (0.0220) | |
| BusSize | −0.0752*** | −0.0403*** | −0.0239 | −0.0272** | −0.0058 |
| (0.0065) | (0.0098) | (0.0146) | (0.0129) | (0.0056) | |
| Leverage | 0.3147*** | 0.2316*** | 0.0905* | 0.0191 | 0.0701*** |
| (0.0228) | (0.0657) | (0.0475) | (0.0460) | (0.0179) | |
| GDPgrwth | −0.0042*** | −0.0023** | 0.0005 | −0.0009 | 0.0003 |
| (0.0012) | (0.0010) | (0.0017) | (0.0014) | (0.0006) | |
| Constant | 1.0387*** | 0.5541*** | 0.4169 | 0.6517** | 0.0573 |
| (0.1481) | (0.1880) | (0.2971) | (0.2818) | (0.1245) | |
| Hansen test ( | 14.60(0.103) | 12.70(0.392) | 3.66(0.599) | 7.10(0.716) | 2.50(0.776) |
| AR (2) | −0.23(0.817) | −1.22(0.222) | −1.13(0.258) | −1.12(0.263) | 0.98(0.328) |
| Instruments | 19 | 22 | 15 | 20 | 15 |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Observations | 137 | 203 | 203 | 203 | 203 |
| Number of firms | 37 | 49 | 49 | 49 | 49 |
Note(s): Standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
For measurement and description of variables, see Table 1
Source(s): Estimates generated based on data from the audited reports