Table V Regression model results for the...

Table V

Regression model results for the period 2005–2012

	Model 1	Model 2	Model 3	Model 4
logZscore (t−1)	0.6482***	0.5825***	0.6653***	0.6388***
IslBank	−0.3153***	−0.4172***	−0.6286***	−0.3356***
CGFL_	−0.1750*	–	–	−0.1495*
WGI_	−0.1460**	−0.2409***	–	−0.1634**
DIClim_	0.0070	0.0025	0.0083	0.0059
–ProRigIndex_	–	–	−0.0046	–
BanImpFamSt	–	0.1251	0.1334	–
BanImpGovSt	–	−0.0800*	−0.4294*	–
BanImpInsInvSt	–	−0.5083**	−0.2738	–
Largeblock	–	–	–	−0.1056
Logtotass	0.0803*	0.1149*	0.0899*	0.0888*
EquAss_	0.4593*	0.6474**	0.4299	0.4559*
NetLoamTotA_	0.0020	0.0041	0.0046*	0.0018
GrowGroLoa~_	−0.0006***	−0.0008**	−0.0013***	−0.0006**
CosToInc_	−0.0015***	−0.0019***	−0.0008*	−0.0015***
GDPgro_	0.0015	0.0012	0.0007	0.0013
_cons	1.3561**	0.5971	0.6869	1.2227**
n	802	802	644	802
Hansen (p-value)	0.978	0.907	0.382	0.994
AR 2 (p-value)	0.972	0.911	0.254	0.959

	Model 1	Model 2	Model 3	Model 4
logZscore (t−1)	0.6482***	0.5825***	0.6653***	0.6388***
IslBank	−0.3153***	−0.4172***	−0.6286***	−0.3356***
CGFL_	−0.1750*	–	–	−0.1495*
WGI_	−0.1460**	−0.2409***	–	−0.1634**
DIClim_	0.0070	0.0025	0.0083	0.0059
–ProRigIndex_	–	–	−0.0046	–
BanImpFamSt	–	0.1251	0.1334	–
BanImpGovSt	–	−0.0800*	−0.4294*	–
BanImpInsInvSt	–	−0.5083**	−0.2738	–
Largeblock	–	–	–	−0.1056
Logtotass	0.0803*	0.1149*	0.0899*	0.0888*
EquAss_	0.4593*	0.6474**	0.4299	0.4559*
NetLoamTotA_	0.0020	0.0041	0.0046*	0.0018
GrowGroLoa~_	−0.0006***	−0.0008**	−0.0013***	−0.0006**
CosToInc_	−0.0015***	−0.0019***	−0.0008*	−0.0015***
GDPgro_	0.0015	0.0012	0.0007	0.0013
_cons	1.3561**	0.5971	0.6869	1.2227**
n	802	802	644	802
Hansen (p-value)	0.978	0.907	0.382	0.994
AR 2 (p-value)	0.972	0.911	0.254	0.959

Notes: This table reports the panel data estimates for the System GMM where the dependent variable is the log of Z-score [logZ] and GMM style lag limits (1, 3) and estimates are robust. Year dummies are included. Hansen is a test for over-identifying restrictions, asymptotically distributed. The models avoid combining related variables. Thus, in Model 2, CGFL is excluded and the property dummies are considered instead. In Model 3, WGI is deleted and the Property Rights Index (PorRigInde) is incorporated instead. Finally, Model 4 includes the large block variable instead of property dummies. *,**,***Significant at 1, 5 and 10 per cent levels, respectively

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