Table 9 Regression result using...

Table 9

Regression result using alternative measure of credit risk

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
	Dependent variable = Pro_NPL
FPBOD	−0.206^***	−0.173^***	−0.183^***	−0.219^***	−0.0732	−0.236^***	−0.286^***
FPBOD	(0.0599)	(0.0646)	(0.0613)	(0.0624)	(0.0699)	(0.0618)	(0.0628)
FE_IND		−0.313^**
FE_IND		(0.124)
FE_LED			−0.0305^***
FE_LED			(0.0104)
FE_EXP				−0.146^**
FE_EXP				(0.0603)
FE_HEDU					−0.319^***
FE_HEDU					(0.0908)
FE_FOREDU						−0.153^**
FE_FOREDU						(0.0708)
FE_ACFI							0.0415
FE_ACFI							(0.0911)
Constant	1.017^***	0.953^***	0.880^***	0.497	0.470	0.522^*	0.552^*
Constant	(0.260)	(0.264)	(0.240)	(0.307)	(0.290)	(0.304)	(0.313)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	365	358	358	328	328	328	328
R-squared	0.535	0.541	0.540	0.554	0.566	0.553	0.550
Adj. R-squared	0.513	0.516	0.516	0.528	0.541	0.527	0.524
F-statistic	6.682^***	6.502^***	6.421^***	4.504^***	4.554^***	4.478^***	4.422^***

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7
	Dependent variable = Pro_NPL
FPBOD	−0.206^***	−0.173^***	−0.183^***	−0.219^***	−0.0732	−0.236^***	−0.286^***
FPBOD	(0.0599)	(0.0646)	(0.0613)	(0.0624)	(0.0699)	(0.0618)	(0.0628)
FE_IND		−0.313^**
FE_IND		(0.124)
FE_LED			−0.0305^***
FE_LED			(0.0104)
FE_EXP				−0.146^**
FE_EXP				(0.0603)
FE_HEDU					−0.319^***
FE_HEDU					(0.0908)
FE_FOREDU						−0.153^**
FE_FOREDU						(0.0708)
FE_ACFI							0.0415
FE_ACFI							(0.0911)
Constant	1.017^***	0.953^***	0.880^***	0.497	0.470	0.522^*	0.552^*
Constant	(0.260)	(0.264)	(0.240)	(0.307)	(0.290)	(0.304)	(0.313)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	365	358	358	328	328	328	328
R-squared	0.535	0.541	0.540	0.554	0.566	0.553	0.550
Adj. R-squared	0.513	0.516	0.516	0.528	0.541	0.527	0.524
F-statistic	6.682^***	6.502^***	6.421^***	4.504^***	4.554^***	4.478^***	4.422^***

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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