Table V. Determinants of ROA 1 2 3 4 5 6...

Table V.

Determinants of ROA

	1	2	3	4	5	6
EQ/TAt−1	0.28 (2.77) ***	0.02 (4.01) ***	0.01 (2.43) **	0.02 (2.57)**	0.01 (2.44)**	0.02 (2.03)**
EQAGDP₍₋₁₎	0.000 (1.01)	−0.000 (−0.07)	0.000 (0.95)	0.000 (0.82)	0.000 (0.96)	0.015 (0.73)
LOTA	−0.01 (−1.20)	−0.01 (−1.81)*	−0.01 (−1.15)	−0.01 (−1.09)	−0.01 (−1.07)	0.00 (0.09)
LOAGDP	0.009 (0.76)	−0.009 (−0.64)*	−0.009 (−0.97)	−0.009 (−0.97)	−0.01 (−0.99)	−0.00 (−0.56)
DSTA	0.01 (1.06)	0.01 (0.66)	0.01 (0.75)	0.01 (0.95)	0.01 (0.88)	0.01 (0.79)
DSTGDP	0.00 (1.06)	−0.00 (−1.30)	−0.00 (−1.59)	−0.00 (−1.68)*	−0.00 (−1.64)	−0.00 (−1.52)
OHTA	−1.05 (−25.90)***	−1.01 (−22.67)***	−0.96 (−20.38)***	−0.95 (−19.34)***	−0.96 (−20.39)***	−1.13 (−1.51)***
OHAGDP	0.00 (0.39)	0.00 (0.10)	−0.00 (−0.27)	−0.00 (−0.39)	−0.96 (−0.25)	0.00 (0.03)
OOI	0.90 (41.48)***	0.58 (34.27)***	0.87 (35.22)***	0.86 (32.69)***	0.87 (35.17)***	0.89 (26.77)***
OOIGDP	0.00 (2.26)**	0.00 (0.93)	0.00 (0.62)	0.00 (0.94)	0.00 (0.59)	0.00 (1.26)
FRGN	−0.12 (−1.63)*	−0.06 (−0.81)	−0.06 (−0.841)	−0.05 (−0.81)	−0.06 (−0.84)	1.74 (3.65)
FRNGDP	0.00 (0.96)	0.00 (0.21)	0.00 (0.13)	0.00 (0.10)	0.00 (0.12)	−0.00 (−3.05)***
GDPPC		0.00 (0.92)	0.00 (1.09)	0.00 (1.14)	0.00 (1.14)	−0.00 (−0.05)
GDPGR		0.01 (2.65)	0.01 (2.65)	0.02 (2.70)	0.02 (2.79)***	0.05 (3.02)***
RI		0.01 (0.93)	0.02 (2.57)	0.02 (2.37)**	0.02 (2.52)**	0.04 (3.44)***
RIGDP		0.00 (0.41)	0.00 (0.22)	0.00 (0.11)	0.00 (0.24)	−0.00 (−0.43)
TAX			0.00 (1.12)	0.00 (1.13)	0.00 (1.151)	0.04 (2.23)**
TAXGDP			−0.000 (−0.23)	−0.00 (−0.25)	−0.00 (−0.26)	−0.00 (−1.46)
RES			0.00 (0.38)	0.00 (0.32)	0.00 (0.36)	−0.00 (−0.09)
RESGDP			−0.00 (−0.07)	−0.00 (−0.11)	−0.00 (−0.08)	0.02 (0.99)
OILGDP			0.00 (0.22)	−0.00 (−0.57)
INSUR					−0.00 (−0.89)
MCAP						−0.00 (−0.50)
MCPGDP						0.00 (0.78)
BNK						−0.03 (−4.42)***
BNKGDP						0.00 (2.63)***
Assets						0.00 (0.14)
C3						0.00 (0.34)
Adjusted R²	0.72	0.71	0.75	0.75	0.75	0.78
F-STA	15.166***	14.01***	15.92***	16.16***	15.88***	12.35***
DW	2.12	2.18	2.15	2.16	2.15	2.28
Observations	2,527	2,234	1,942	1,919	1,942	1,135

	1	2	3	4	5	6
EQ/TAt−1	0.28 (2.77) ***	0.02 (4.01) ***	0.01 (2.43) **	0.02 (2.57)**	0.01 (2.44)**	0.02 (2.03)**
EQAGDP₍₋₁₎	0.000 (1.01)	−0.000 (−0.07)	0.000 (0.95)	0.000 (0.82)	0.000 (0.96)	0.015 (0.73)
LOTA	−0.01 (−1.20)	−0.01 (−1.81)*	−0.01 (−1.15)	−0.01 (−1.09)	−0.01 (−1.07)	0.00 (0.09)
LOAGDP	0.009 (0.76)	−0.009 (−0.64)*	−0.009 (−0.97)	−0.009 (−0.97)	−0.01 (−0.99)	−0.00 (−0.56)
DSTA	0.01 (1.06)	0.01 (0.66)	0.01 (0.75)	0.01 (0.95)	0.01 (0.88)	0.01 (0.79)
DSTGDP	0.00 (1.06)	−0.00 (−1.30)	−0.00 (−1.59)	−0.00 (−1.68)*	−0.00 (−1.64)	−0.00 (−1.52)
OHTA	−1.05 (−25.90)***	−1.01 (−22.67)***	−0.96 (−20.38)***	−0.95 (−19.34)***	−0.96 (−20.39)***	−1.13 (−1.51)***
OHAGDP	0.00 (0.39)	0.00 (0.10)	−0.00 (−0.27)	−0.00 (−0.39)	−0.96 (−0.25)	0.00 (0.03)
OOI	0.90 (41.48)***	0.58 (34.27)***	0.87 (35.22)***	0.86 (32.69)***	0.87 (35.17)***	0.89 (26.77)***
OOIGDP	0.00 (2.26)**	0.00 (0.93)	0.00 (0.62)	0.00 (0.94)	0.00 (0.59)	0.00 (1.26)
FRGN	−0.12 (−1.63)*	−0.06 (−0.81)	−0.06 (−0.841)	−0.05 (−0.81)	−0.06 (−0.84)	1.74 (3.65)
FRNGDP	0.00 (0.96)	0.00 (0.21)	0.00 (0.13)	0.00 (0.10)	0.00 (0.12)	−0.00 (−3.05)***
GDPPC		0.00 (0.92)	0.00 (1.09)	0.00 (1.14)	0.00 (1.14)	−0.00 (−0.05)
GDPGR		0.01 (2.65)	0.01 (2.65)	0.02 (2.70)	0.02 (2.79)***	0.05 (3.02)***
RI		0.01 (0.93)	0.02 (2.57)	0.02 (2.37)**	0.02 (2.52)**	0.04 (3.44)***
RIGDP		0.00 (0.41)	0.00 (0.22)	0.00 (0.11)	0.00 (0.24)	−0.00 (−0.43)
TAX			0.00 (1.12)	0.00 (1.13)	0.00 (1.151)	0.04 (2.23)**
TAXGDP			−0.000 (−0.23)	−0.00 (−0.25)	−0.00 (−0.26)	−0.00 (−1.46)
RES			0.00 (0.38)	0.00 (0.32)	0.00 (0.36)	−0.00 (−0.09)
RESGDP			−0.00 (−0.07)	−0.00 (−0.11)	−0.00 (−0.08)	0.02 (0.99)
OILGDP			0.00 (0.22)	−0.00 (−0.57)
INSUR					−0.00 (−0.89)
MCAP						−0.00 (−0.50)
MCPGDP						0.00 (0.78)
BNK						−0.03 (−4.42)***
BNKGDP						0.00 (2.63)***
Assets						0.00 (0.14)
C3						0.00 (0.34)
Adjusted R²	0.72	0.71	0.75	0.75	0.75	0.78
F-STA	15.166***	14.01***	15.92***	16.16***	15.88***	12.35***
DW	2.12	2.18	2.15	2.16	2.15	2.28
Observations	2,527	2,234	1,942	1,919	1,942	1,135

Notes:

t-statistics are in parentheses;

***p < 0.01;

**p < 0.05;

*p < 0.10

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