Table 6 Panel regression results for...

Table 6

Panel regression results for predictors with robust standard errors

Variable	ROE Coef. (p-value)	ROA Coef. (p-value)	TQ Coef. (p-value)	SR Coef. (p-value)
ENV_Ru	−0.0001798 (0.829)	0.000055 (0.112)	−0.0100988 (0.514)	−0.0028406 (0.188)
ENV_Em	0.0017226* (0.045)	0.0000805* (0.035)	0.0503828 (0.288)	0.0037747* (0.087)
ENV_In	−0.0003377 (0.519)	−0.0000520 (0.115)	0.0126147 (0.347)	−0.0010728 (0.506)
SOC_Wf	0.0002080 (0.828)	0.0000366 (0.620)	−0.0364478 (0.282)	−0.001767 (0.603)
SOC_Hr	−0.0007059 (0.105)	−0.00000299 (0.872)	−0.014330 (0.350)	−0.0012105 (0.309)
SOC_Com	−0.0002020 (0.616)	0.0000239 (0.332)	0.0010676 (0.876)	0.0006539 (0.566)
SOC_Prd	−0.0000848* (0.021)	−0.0000458** (0.008)	0.0242346 (0.334)	−0.0001817 (0.913)
GOV_Mo	0.000957* (0.163)	0.0000655** (0.092)	−0.0140845 (0.333)	−0.0029954 (0.071)
GOV_Shr	0.0004081 (0.234)	0.00000255 (0.866)	−0.0113985 (0.327)	0.0004865 (0.586)
GOV_Csr	0.0003286 (0.345)	−0.0000179 (0.617)	0.02301106 (0.315)	−0.0034120* (0.040)
SIZE	0.0356134** (0.002)	0.0015998 (0.497)	3.353849 (0.327)	−0.2537251 (0.078)
CAP	0.3497323 (0.269)	0.0202591 (0.248)	10.96895 (0.242)	1.687017 (0.249)
LIQ	−0.0177219**(0.001)	−0.0003478** (0.001)	0.0143926 (0.513)	0.0147959** (0.003)
LOANDEP	−0.1519370* (0.015)	−0.0019399 (0.742)	2.436618 (0.379)	−0.2314988 (0.543)
CUSTDEP	−0.3723706* (0.019)	−0.0004507 (0.958)	-2.055278 (0.599)	0.045947 (0.939)
GDP	0.00000107 (0.067)	−0.000000089 (0.273)	0.000128 (0.283)	−0.0000135* (0.039)
INF	0.0236940 (0.025)	0.0007544** (0.008)	−0.0773408 (0.388)	−0.0413714 (0.007)
Cons	0.085986 (0.706)	−0.0148885 (0.668)	-54.79590 (0.320)	3.861906 (0.076)
R² within	0.4313	0.2367	0.1264	0.1506
R² between	0.5707	0.4988	0.0130	0.1136
R² overall	0.4597	0.3703	0.0016	0.0003
Wald χ²	79.10**	–	–	–
Hausman χ²	23.66	29.99*	−37.70	52.70**
Fixed/random effects	Random	Fixed	Fixed	Fixed

Variable	ROECoef. (p-value)	ROACoef. (p-value)	TQCoef. (p-value)	SRCoef. (p-value)
ENV_Ru	−0.0001798 (0.829)	0.000055 (0.112)	−0.0100988 (0.514)	−0.0028406 (0.188)
ENV_Em	0.0017226* (0.045)	0.0000805* (0.035)	0.0503828 (0.288)	0.0037747* (0.087)
ENV_In	−0.0003377 (0.519)	−0.0000520 (0.115)	0.0126147 (0.347)	−0.0010728 (0.506)
SOC_Wf	0.0002080 (0.828)	0.0000366 (0.620)	−0.0364478 (0.282)	−0.001767 (0.603)
SOC_Hr	−0.0007059 (0.105)	−0.00000299 (0.872)	−0.014330 (0.350)	−0.0012105 (0.309)
SOC_Com	−0.0002020 (0.616)	0.0000239 (0.332)	0.0010676 (0.876)	0.0006539 (0.566)
SOC_Prd	−0.0000848* (0.021)	−0.0000458** (0.008)	0.0242346 (0.334)	−0.0001817 (0.913)
GOV_Mo	0.000957* (0.163)	0.0000655** (0.092)	−0.0140845 (0.333)	−0.0029954 (0.071)
GOV_Shr	0.0004081 (0.234)	0.00000255 (0.866)	−0.0113985 (0.327)	0.0004865 (0.586)
GOV_Csr	0.0003286 (0.345)	−0.0000179 (0.617)	0.02301106 (0.315)	−0.0034120* (0.040)
SIZE	0.0356134** (0.002)	0.0015998 (0.497)	3.353849 (0.327)	−0.2537251 (0.078)
CAP	0.3497323 (0.269)	0.0202591 (0.248)	10.96895 (0.242)	1.687017 (0.249)
LIQ	−0.0177219**(0.001)	−0.0003478** (0.001)	0.0143926 (0.513)	0.0147959** (0.003)
LOANDEP	−0.1519370* (0.015)	−0.0019399 (0.742)	2.436618 (0.379)	−0.2314988 (0.543)
CUSTDEP	−0.3723706* (0.019)	−0.0004507 (0.958)	-2.055278 (0.599)	0.045947 (0.939)
GDP	0.00000107 (0.067)	−0.000000089 (0.273)	0.000128 (0.283)	−0.0000135* (0.039)
INF	0.0236940 (0.025)	0.0007544** (0.008)	−0.0773408 (0.388)	−0.0413714 (0.007)
Cons	0.085986 (0.706)	−0.0148885 (0.668)	-54.79590 (0.320)	3.861906 (0.076)
R² within	0.4313	0.2367	0.1264	0.1506
R² between	0.5707	0.4988	0.0130	0.1136
R² overall	0.4597	0.3703	0.0016	0.0003
Wald χ²	79.10**	–	–	–
Hausman χ²	23.66	29.99*	−37.70	52.70**
Fixed/random effects	Random	Fixed	Fixed	Fixed

Notes:

N = 105 (number of Italian banks). ƩiTi.N = 630 (number of bank-year observations). *p < 0.05; **p < 0.01

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