Table 4 ROE models for all banks... | Emerald Publishing

Table 4

ROE models for all banks

	Subsidiaries			Parents
	Model 3.1.a	Model 3.2.a	Model 3.3.a	Model 3.1.b	Model 3.2.b	Model 3.3.b
	(Fixed)	(Random)	(GLS)	(Fixed)	(Random)	(GLS)
GDP	−0.206	−0.402	0.00974	0.161**	0.137**	0.0846***
GDP	(−0.35)	(−0.61)	(0.15)	(3.30)	(3.15)	(3.35)
INF	2.421*	4.012**	0.438*	0.226	0.253*	0.391***
INF	(2.03)	(3.21)	(2.27)	(0.98)	(2.28)	(4.67)
CR5	−5.949***	−4.141***	−0.0360	−0.0655	0.0203	0.0179
CR5	(−7.21)	(−5.25)	(−0.33)	(−0.85)	(0.67)	(1.64)
S_LOANS	−0.0109	0.250***	0.281***	0.239*	0.141*	0.0265
S_LOANS	(−0.71)	(22.01)	(19.30)	(2.56)	(2.42)	(0.97)
D_L	−0.107	0.407***	0.0424	0.0835***	0.0522**	0.0241**
D_L	(−0.95)	(3.53)	(1.85)	(3.37)	(3.18)	(3.26)
CAP	−0.104**	−0.116**	−0.127*	0.472*	0.576***	0.174
CAP	(−2.65)	(−3.10)	(−2.25)	(2.13)	(3.49)	(1.80)
CRED_GROWTH	−0.249	−0.141	0.00113	0.0751***	0.0890***	0.0460***
CRED_GROWTH	(−1.73)	(−0.89)	(0.05)	(3.57)	(4.58)	(4.51)
CI	−0.364***	−0.124***	−0.121***	−0.405***	−0.379***	−0.342***
CI	(−28.23)	(−12.00)	(−10.15)	(−9.25)	(−11.33)	(−21.91)
LIQ_A	0.0147	0.150***	0.142***	0.107**	0.0972**	0.0369*
LIQ_A	(1.43)	(16.29)	(9.52)	(2.66)	(3.17)	(2.52)
COR	−12.07***	−11.43**	−5.712***	−5.049***	−4.741***	−4.875***
COR	(−3.41)	(−2.94)	(−13.55)	(−11.24)	(−12.37)	(−14.06)
SIZE	−0.715***	−0.0334	0.0119	−0.000961	0.00648	−0.000476
SIZE	(−7.13)	(−0.39)	(1.10)	(−0.09)	(1.68)	(−0.33)
_cons	15.28***	3.087***	−0.128	0.123	0.0518	0.248***
_cons	(15.81)	(3.75)	(−1.32)	(0.80)	(0.60)	(6.32)
N	2878	2878	2837	803	803	790

	Subsidiaries			Parents
	Model 3.1.a	Model 3.2.a	Model 3.3.a	Model 3.1.b	Model 3.2.b	Model 3.3.b
	(Fixed)	(Random)	(GLS)	(Fixed)	(Random)	(GLS)
GDP	−0.206	−0.402	0.00974	0.161**	0.137**	0.0846***
GDP	(−0.35)	(−0.61)	(0.15)	(3.30)	(3.15)	(3.35)
INF	2.421*	4.012**	0.438*	0.226	0.253*	0.391***
INF	(2.03)	(3.21)	(2.27)	(0.98)	(2.28)	(4.67)
CR5	−5.949***	−4.141***	−0.0360	−0.0655	0.0203	0.0179
CR5	(−7.21)	(−5.25)	(−0.33)	(−0.85)	(0.67)	(1.64)
S_LOANS	−0.0109	0.250***	0.281***	0.239*	0.141*	0.0265
S_LOANS	(−0.71)	(22.01)	(19.30)	(2.56)	(2.42)	(0.97)
D_L	−0.107	0.407***	0.0424	0.0835***	0.0522**	0.0241**
D_L	(−0.95)	(3.53)	(1.85)	(3.37)	(3.18)	(3.26)
CAP	−0.104**	−0.116**	−0.127*	0.472*	0.576***	0.174
CAP	(−2.65)	(−3.10)	(−2.25)	(2.13)	(3.49)	(1.80)
CRED_GROWTH	−0.249	−0.141	0.00113	0.0751***	0.0890***	0.0460***
CRED_GROWTH	(−1.73)	(−0.89)	(0.05)	(3.57)	(4.58)	(4.51)
CI	−0.364***	−0.124***	−0.121***	−0.405***	−0.379***	−0.342***
CI	(−28.23)	(−12.00)	(−10.15)	(−9.25)	(−11.33)	(−21.91)
LIQ_A	0.0147	0.150***	0.142***	0.107**	0.0972**	0.0369*
LIQ_A	(1.43)	(16.29)	(9.52)	(2.66)	(3.17)	(2.52)
COR	−12.07***	−11.43**	−5.712***	−5.049***	−4.741***	−4.875***
COR	(−3.41)	(−2.94)	(−13.55)	(−11.24)	(−12.37)	(−14.06)
SIZE	−0.715***	−0.0334	0.0119	−0.000961	0.00648	−0.000476
SIZE	(−7.13)	(−0.39)	(1.10)	(−0.09)	(1.68)	(−0.33)
_cons	15.28***	3.087***	−0.128	0.123	0.0518	0.248***
_cons	(15.81)	(3.75)	(−1.32)	(0.80)	(0.60)	(6.32)
N	2878	2878	2837	803	803	790

Note(s): t statistics in parentheses

^*p < 0.05, ^**p < 0.01, ^***p < 0.001