Table 3 Regression results Variables...

Table 3

Regression results

Variables	Model 1			Model 2
Intercept	7.893***	(0.677)	[6.561; 9.225]	6.782***	(0.819)	[5.169; 8.395]
Control dummies^a
Savings banks	−0.308	(0.572)	[−1.434; 0.819]	−0.515	(0.558)	[−1.611; 0.584]
Private banks	−0.362	(1.208)	[−2.741; 2.016]	−0.438	(1.208)	[−2.816; 1.941]
TA2	0.502	(0.764)	[−1.003; 2.006]	3.448*	(1.445)	[0.603; 6.293]
TA3	0.004	(0.767)	[−1.505; 1.514]	6.391*	(2.685)	[1.104; 11.677]
TA4	0.682	(0.644)	[−0.585; 1.949]	1.565	(1.271)	[−0.937; 4.066]
TA5	2.042^†	(1.169)	[−0.260; 4.343]	1.564	(1.146)	[−0.692; 3.820]
TA6	0.895	(2.101)	[−3.224; 5.031]	−0.291	(2.539)	[−5.289; 4.708]
Main effects
STAND²	−0.198	(0.225)	[−0.641; 0.246]	−0.149	(0.218)	[−0.579; 0.280]
CCD	0.589*	(0.227)	[0.142; 1.037]	0.509*	(0.221)	[0.074; 0.944]
AUT	0.817***	(0.229)	[0.365; 1.268]	0.827***	(0.224)	[0.385; 1.269]
SEC	0.273	(0.214)	[−0.148; 0.694]	0.312	(0.208)	[−0.098; 0.722]
DOCU^b	−1.172^†	(0.635)	[−2.423; 0.078]	0.429	(0.935)	[−1.411; 2.269]
log(UT/(1-UT))	0.764***	(0.224)	[0.324; 1.204]	0.831***	(0.217)	[0.403; 1.259]
TRAIN	−0.318	(0.216)	[−0.744; 0.108]	1.049*	(0.437)	[0.189; 1.909]
ERR	0.939***	(0.222)	[0.502; 1.375]	0.981***	(0.214)	[0.559; 1.402]
APP	0.360	(0.243)	[−0.118; 0.839]	0.385	(0.238)	[−0.083; 0.853]
Interaction effects
ERR ‧ SEC				−0.576**	(0.209)	[−0.987; −0.164]
TRAIN ‧ TA2				−3.148**	(0.963)	[−5.045; −1.251]
TRAIN ‧ TA3				−1.009	(0.727)	[−2.440; 0.422]
TRAIN ‧ TA4				−1.802***	(0.531)	[−2.847; −0.757]
TRAIN ‧ TA5				−1.366	(0.877)	[−3.092; 0.362]
TRAIN ‧ TA6				0.330	(3.073)	[−5.720; 6.380]
AUT ‧ TRAIN				0.449*	(0.214)	[0.027; 0.871]
DOCU ‧ TA2				−3.435*	(1.658)	[−6.700; −0.170]
DOCU ‧ TA3				−7.072*	(2.834)	[−12.651; −1.491]
DOCU ‧ TA4				−1.323	(1.361)	[−4.001; 1.355]
DOCU ‧ TA5				NA	(NA)
DOCU ‧ TA6				NA	(NA)
Adj. R²	0.156***			0.226***
Δ adj. R²				0.07***

Variables	Model 1			Model 2
Intercept	7.893***	(0.677)	[6.561; 9.225]	6.782***	(0.819)	[5.169; 8.395]
Control dummies^a
Savings banks	−0.308	(0.572)	[−1.434; 0.819]	−0.515	(0.558)	[−1.611; 0.584]
Private banks	−0.362	(1.208)	[−2.741; 2.016]	−0.438	(1.208)	[−2.816; 1.941]
TA2	0.502	(0.764)	[−1.003; 2.006]	3.448*	(1.445)	[0.603; 6.293]
TA3	0.004	(0.767)	[−1.505; 1.514]	6.391*	(2.685)	[1.104; 11.677]
TA4	0.682	(0.644)	[−0.585; 1.949]	1.565	(1.271)	[−0.937; 4.066]
TA5	2.042^†	(1.169)	[−0.260; 4.343]	1.564	(1.146)	[−0.692; 3.820]
TA6	0.895	(2.101)	[−3.224; 5.031]	−0.291	(2.539)	[−5.289; 4.708]
Main effects
STAND²	−0.198	(0.225)	[−0.641; 0.246]	−0.149	(0.218)	[−0.579; 0.280]
CCD	0.589*	(0.227)	[0.142; 1.037]	0.509*	(0.221)	[0.074; 0.944]
AUT	0.817***	(0.229)	[0.365; 1.268]	0.827***	(0.224)	[0.385; 1.269]
SEC	0.273	(0.214)	[−0.148; 0.694]	0.312	(0.208)	[−0.098; 0.722]
DOCU^b	−1.172^†	(0.635)	[−2.423; 0.078]	0.429	(0.935)	[−1.411; 2.269]
log(UT/(1-UT))	0.764***	(0.224)	[0.324; 1.204]	0.831***	(0.217)	[0.403; 1.259]
TRAIN	−0.318	(0.216)	[−0.744; 0.108]	1.049*	(0.437)	[0.189; 1.909]
ERR	0.939***	(0.222)	[0.502; 1.375]	0.981***	(0.214)	[0.559; 1.402]
APP	0.360	(0.243)	[−0.118; 0.839]	0.385	(0.238)	[−0.083; 0.853]
Interaction effects
ERR ‧ SEC				−0.576**	(0.209)	[−0.987; −0.164]
TRAIN ‧ TA2				−3.148**	(0.963)	[−5.045; −1.251]
TRAIN ‧ TA3				−1.009	(0.727)	[−2.440; 0.422]
TRAIN ‧ TA4				−1.802***	(0.531)	[−2.847; −0.757]
TRAIN ‧ TA5				−1.366	(0.877)	[−3.092; 0.362]
TRAIN ‧ TA6				0.330	(3.073)	[−5.720; 6.380]
AUT ‧ TRAIN				0.449*	(0.214)	[0.027; 0.871]
DOCU ‧ TA2				−3.435*	(1.658)	[−6.700; −0.170]
DOCU ‧ TA3				−7.072*	(2.834)	[−12.651; −1.491]
DOCU ‧ TA4				−1.323	(1.361)	[−4.001; 1.355]
DOCU ‧ TA5				NA	(NA)
DOCU ‧ TA6				NA	(NA)
Adj. R²	0.156***			0.226***
Δ adj. R²				0.07***

Note(s): n = 296. Non-categorical independent variables are standardized. Standard errors in parentheses. Bootstrapped (1,000 reps) 95%-confidence intervals in brackets. ^†p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001. ^a “cooperative banks” and TA₁ are the respective baseline category. ^b “no documentation” served as baseline category

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