Table 8 Heckman selection model...

Table 8

Heckman selection model

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
	FDBOD	Dependent variable = NPL
FPBOD		−0.252^***	−0.180^**	−0.210^***	−0.264^***	−0.189^**	−0.314^***	−0.385^***
FPBOD		(0.0725)	(0.0782)	(0.0731)	(0.0748)	(0.0899)	(0.0733)	(0.0718)
INDP	−2.265^***	0.452^**	0.479^***	0.442^**	0.563^***	0.515^***	0.543^***	0.555^***
INDP	(0.547)	(0.180)	(0.185)	(0.186)	(0.191)	(0.191)	(0.192)	(0.194)
BS	−0.0267	−0.00683^***	−0.00786^***	−0.00662^***	−0.00176	−0.00287^*	−0.00270	−0.00153
BS	(0.0254)	(0.00210)	(0.00216)	(0.00208)	(0.00157)	(0.00169)	(0.00166)	(0.00160)
FSIZE	0.166	−0.245^***	−0.230^***	−0.230^***	−0.112^***	−0.111^***	−0.115^***	−0.120^***
FSIZE	(0.260)	(0.0389)	(0.0387)	(0.0386)	(0.0366)	(0.0371)	(0.0372)	(0.0381)
ROE	−0.528	−0.141^**	−0.137^**	−0.153^**	−0.112	−0.131	−0.123	−0.113
ROE	(0.335)	(0.0649)	(0.0687)	(0.0695)	(0.0827)	(0.0836)	(0.0848)	(0.0849)
LEV	−0.0268^*	−0.0126^***	−0.0126^***	−0.0132^***	−0.00707^**	−0.00825^***	−0.00752^**	−0.00712^**
LEV	(0.0139)	(0.00276)	(0.00278)	(0.00285)	(0.00295)	(0.00309)	(0.00303)	(0.00303)
BM	−0.0120	−0.000735	−0.000800	−0.00127	0.000502	0.000819	0.000512	0.000543
BM	(0.0114)	(0.00144)	(0.00142)	(0.00148)	(0.00135)	(0.00139)	(0.00140)	(0.00139)
DO	−2.148^***	−0.00573	−0.0254	−0.0515	−0.207	−0.245^*	−0.218	−0.192
DO	(0.617)	(0.141)	(0.147)	(0.150)	(0.150)	(0.149)	(0.152)	(0.152)
IO	2.424^***	−0.129	−0.172	−0.123	0.101	0.158	0.114	0.109
IO	(0.849)	(0.146)	(0.148)	(0.146)	(0.145)	(0.144)	(0.146)	(0.152)
FO	2.322^**	−0.0754	0.0303	−0.0577	−0.105	−0.0315	−0.0254	−0.119
FO	(1.070)	(0.195)	(0.200)	(0.202)	(0.204)	(0.203)	(0.210)	(0.213)
COVID19	−0.267	0.00435	0.0649^**	0.0645^*	0.0311	0.0305	0.0323	0.0308
COVID19	(0.320)	(0.0261)	(0.0328)	(0.0333)	(0.0234)	(0.0235)	(0.0233)	(0.0242)
IMR		−0.00546	−0.0200	−0.000521	0.0601	0.0798	0.0697	0.0635
IMR		(0.111)	(0.114)	(0.115)	(0.124)	(0.121)	(0.124)	(0.126)
INDGEN	10.92^*
INDGEN	(6.388)
FE_IND			−0.683^***
FE_IND			(0.167)
FE_LED				−0.0561^***
FE_LED				(0.0155)
FE_EXP					−0.311^***
FE_EXP					(0.0905)
FE_HEDU						−0.316^***
FE_HEDU						(0.119)
FE_FOREDU							−0.280^***
FE_FOREDU							(0.0972)
FE_ACFI								−0.0773
FE_ACFI								(0.133)
Constant	−0.613	2.653^***	2.540^***	2.549^***	1.263^***	1.276^***	1.308^***	1.324^***
Constant	(2.775)	(0.376)	(0.370)	(0.369)	(0.347)	(0.349)	(0.350)	(0.361)
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	365	365	358	358	328	328	328	328
Pseudo R-squared/R-squared	0.133	0.666	0.675	0.673	0.712	0.711	0.709	0.704
Log-likelihood	−183.3
Chi-squared	55.07^***
Adj. R-squared		0.648	0.657	0.654	0.694	0.693	0.691	0.686
F-statistic		36.23^***	38.77^***	35.13^***	33.90^***	33.93^***	34.29^***	32.77^***

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
	FDBOD	Dependent variable = NPL
FPBOD		−0.252^***	−0.180^**	−0.210^***	−0.264^***	−0.189^**	−0.314^***	−0.385^***
FPBOD		(0.0725)	(0.0782)	(0.0731)	(0.0748)	(0.0899)	(0.0733)	(0.0718)
INDP	−2.265^***	0.452^**	0.479^***	0.442^**	0.563^***	0.515^***	0.543^***	0.555^***
INDP	(0.547)	(0.180)	(0.185)	(0.186)	(0.191)	(0.191)	(0.192)	(0.194)
BS	−0.0267	−0.00683^***	−0.00786^***	−0.00662^***	−0.00176	−0.00287^*	−0.00270	−0.00153
BS	(0.0254)	(0.00210)	(0.00216)	(0.00208)	(0.00157)	(0.00169)	(0.00166)	(0.00160)
FSIZE	0.166	−0.245^***	−0.230^***	−0.230^***	−0.112^***	−0.111^***	−0.115^***	−0.120^***
FSIZE	(0.260)	(0.0389)	(0.0387)	(0.0386)	(0.0366)	(0.0371)	(0.0372)	(0.0381)
ROE	−0.528	−0.141^**	−0.137^**	−0.153^**	−0.112	−0.131	−0.123	−0.113
ROE	(0.335)	(0.0649)	(0.0687)	(0.0695)	(0.0827)	(0.0836)	(0.0848)	(0.0849)
LEV	−0.0268^*	−0.0126^***	−0.0126^***	−0.0132^***	−0.00707^**	−0.00825^***	−0.00752^**	−0.00712^**
LEV	(0.0139)	(0.00276)	(0.00278)	(0.00285)	(0.00295)	(0.00309)	(0.00303)	(0.00303)
BM	−0.0120	−0.000735	−0.000800	−0.00127	0.000502	0.000819	0.000512	0.000543
BM	(0.0114)	(0.00144)	(0.00142)	(0.00148)	(0.00135)	(0.00139)	(0.00140)	(0.00139)
DO	−2.148^***	−0.00573	−0.0254	−0.0515	−0.207	−0.245^*	−0.218	−0.192
DO	(0.617)	(0.141)	(0.147)	(0.150)	(0.150)	(0.149)	(0.152)	(0.152)
IO	2.424^***	−0.129	−0.172	−0.123	0.101	0.158	0.114	0.109
IO	(0.849)	(0.146)	(0.148)	(0.146)	(0.145)	(0.144)	(0.146)	(0.152)
FO	2.322^**	−0.0754	0.0303	−0.0577	−0.105	−0.0315	−0.0254	−0.119
FO	(1.070)	(0.195)	(0.200)	(0.202)	(0.204)	(0.203)	(0.210)	(0.213)
COVID19	−0.267	0.00435	0.0649^**	0.0645^*	0.0311	0.0305	0.0323	0.0308
COVID19	(0.320)	(0.0261)	(0.0328)	(0.0333)	(0.0234)	(0.0235)	(0.0233)	(0.0242)
IMR		−0.00546	−0.0200	−0.000521	0.0601	0.0798	0.0697	0.0635
IMR		(0.111)	(0.114)	(0.115)	(0.124)	(0.121)	(0.124)	(0.126)
INDGEN	10.92^*
INDGEN	(6.388)
FE_IND			−0.683^***
FE_IND			(0.167)
FE_LED				−0.0561^***
FE_LED				(0.0155)
FE_EXP					−0.311^***
FE_EXP					(0.0905)
FE_HEDU						−0.316^***
FE_HEDU						(0.119)
FE_FOREDU							−0.280^***
FE_FOREDU							(0.0972)
FE_ACFI								−0.0773
FE_ACFI								(0.133)
Constant	−0.613	2.653^***	2.540^***	2.549^***	1.263^***	1.276^***	1.308^***	1.324^***
Constant	(2.775)	(0.376)	(0.370)	(0.369)	(0.347)	(0.349)	(0.350)	(0.361)
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	365	365	358	358	328	328	328	328
Pseudo R-squared/R-squared	0.133	0.666	0.675	0.673	0.712	0.711	0.709	0.704
Log-likelihood	−183.3
Chi-squared	55.07^***
Adj. R-squared		0.648	0.657	0.654	0.694	0.693	0.691	0.686
F-statistic		36.23^***	38.77^***	35.13^***	33.90^***	33.93^***	34.29^***	32.77^***

Note(s): Numbers in parentheses are robust standard error. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively. The definitions of variables are given in Appendix

Source(s): Created by author

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