ARDL estimation
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Model 1 | Model 2 | Model 2 | Model 2 | |
| ARDL (Lags) | ARDL EC (ADJ) | ARDL EC (LR) | ARDL EC (SR) | |
| L.ZSCORE | 0.2633* | −0.7367*** | ||
| (0.1496) | (0.1496) | |||
| ROE | −47.6855*** | −64.7246*** | ||
| (8.0905) | (8.1402) | |||
| NPL | −64.5863 | −87.6644 | ||
| (140.9151) | (193.7621) | |||
| LNDYB | 35.2848*** | 34.0466** | ||
| (11.5048) | (13.2528) | |||
| L.LNDYB | −10.2011* | |||
| (5.6833) | ||||
| LNPP | −40.9007** | −55.5155** | ||
| (15.8286) | (20.8419) | |||
| PRO | 5.8309 | 7.9144 | ||
| (7.5290) | (9.7083) | |||
| OUT | −35.6032 | −107.7556*** | ||
| (31.7454) | (19.8269) | |||
| L.OUT | −43.7852 | |||
| (26.5948) | ||||
| FLLENDER | −0.0139*** | −0.0189*** | ||
| (0.0049) | (0.0066) | |||
| FLBOR | 0.0189*** | 0.0257*** | ||
| (0.0043) | (0.0053) | |||
| D.LNDYB | 10.2011* | |||
| (5.6833) | ||||
| D.OUT | 43.7852 | |||
| (26.5948) | ||||
| Constant | 364.9361*** | 364.9361*** | ||
| (71.1887) | (71.1887) | |||
| Observations | 35 | 35 | 35 | 35 |
| R-squared | 0.8990 | 0.6682 | 0.6682 | 0.6682 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Model 1 | Model 2 | Model 2 | Model 2 | |
| ARDL (Lags) | ARDL EC (ADJ) | ARDL EC (LR) | ARDL EC (SR) | |
| L.ZSCORE | 0.2633* | −0.7367*** | ||
| (0.1496) | (0.1496) | |||
| ROE | −47.6855*** | −64.7246*** | ||
| (8.0905) | (8.1402) | |||
| NPL | −64.5863 | −87.6644 | ||
| (140.9151) | (193.7621) | |||
| LNDYB | 35.2848*** | 34.0466** | ||
| (11.5048) | (13.2528) | |||
| L.LNDYB | −10.2011* | |||
| (5.6833) | ||||
| LNPP | −40.9007** | −55.5155** | ||
| (15.8286) | (20.8419) | |||
| PRO | 5.8309 | 7.9144 | ||
| (7.5290) | (9.7083) | |||
| OUT | −35.6032 | −107.7556*** | ||
| (31.7454) | (19.8269) | |||
| L.OUT | −43.7852 | |||
| (26.5948) | ||||
| FLLENDER | −0.0139*** | −0.0189*** | ||
| (0.0049) | (0.0066) | |||
| FLBOR | 0.0189*** | 0.0257*** | ||
| (0.0043) | (0.0053) | |||
| D.LNDYB | 10.2011* | |||
| (5.6833) | ||||
| D.OUT | 43.7852 | |||
| (26.5948) | ||||
| Constant | 364.9361*** | 364.9361*** | ||
| (71.1887) | (71.1887) | |||
| Observations | 35 | 35 | 35 | 35 |
| 0.8990 | 0.6682 | 0.6682 | 0.6682 |
Note(s): Standard errors in parentheses ***p < 0.01, **p < 0.05 and *p < 0.1
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