Table 5

Leakage

Personnel expenses ratioOther op. expenses ratioFinancial expenses ratio
(1)(2)(3)(4)(5)(6)
COMP−0.0728***0.0190***−0.0123***0.0473***0.0055***0.0042***
(0.0034)(0.0066)(0.0017)(0.0032)(0.0003)(0.0007)
COMP*PUBF −0.2249*** −0.1461*** 0.0031**
 (0.014) (0.0068) (0.0014)
PUBF0.2161***0.2409***0.048***0.0641***0.0031***0.0027***
(0.0047)(0.0049)(0.0023)(0.0024)(0.0005)(0.0005)
Covid0.1445***0.1436***0.0218***0.0212***−0.0076***−0.0076***
(0.0031)(0.0031)(0.0015)(0.0015)(0.0003)(0.0003)
Financial leverage−0.0086***−0.0084***−0.0003**−0.00020.0001***0.0001***
(0.0003)(0.0003)(0.0002)(0.0002)(0.0000)(0.0000)
Solvency level0.4977***0.4933***0.1264***0.1236***0.0311***0.0312***
(0.0052)(0.0052)(0.0025)(0.0025)(0.0005)(0.0005)
Penalties0.6452***0.6440***0.22***0.2192***−0.0057***−0.0057***
(0.0097)(0.0096)(0.0047)(0.0047)(0.0010)(0.0010)
Location0.0808***0.0759***0.0466***0.0434***0.0024***0.0025***
(0.0032)(0.0032)(0.0015)(0.0015)(0.0003)(0.0003)
F-Prob0.00000.00000.00000.00000.00000.0000
 R20.90700.90820.80130.80590.56810.5682

Note(s): Standard errors are in parentheses

***p < 0.01, **p < 0.05, *p < 0.10

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