Table 3

Benchmark regression results table

Variable(1)(2)(3)(4)
lnZscorelnZscorelnZscorelnZscore
CoeffStd. ErrorCoeffStd. ErrorCoeffStd. ErrorCoeffStd. Error
L.lnZscore
FBFI0.021*5.3080.018*4.206−0.124*−3.635−0.0042−1.361
FBFI2    0.018*6.1420.006**2.311
Control variablesNO YES NO YES 
Fixed effectsYES YES YES YES 
Constant1.021*46.1541.648*6.8710.731*6.8633.430*3.286
N80 80 80 80 

Note(s): *p <0.01; **p <0.05; ***p <0.1; parentheses

Source(s): Authors’ own creation

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