Notes: The table presents results of a probit regression model with fixed effects (a) and a GLM regression model (b) that is considering as dependent variable a dummy that assume value 1 if the banking group has a foreign branch in the country j at time t and zero otherwise. The table report coefficient estimates and their standard deviation in brackets and statistical fitness statistics (Chi-Square, Aikake Information coefficient, and Bayesian information criterion). The independent variables are: $CEiJ$ is a dummy equal to one when the country j applies a capital entry requirement; $CRiJ$is a dummy variable assuming value one if the country j applies EU capital adequacy requirements to the firm on the basis of its country of domicile and 0 in the case of general exemption;$TAit$⁠, $ROAit$⁠, and $NIIit$ are respectively the natural logarithm of the total assets, the return on assets and the non-interest income for the bank i at time t; the macro-economic variables $EXPtJ/GDPtJ,CREDtJ/GDPtJ, MkttJ/GDPtJ$⁠, and $πtJ$ are respectively the exports, the bank credit and the stock market capitalization divided by the GDP, the inflation $πtJ$ for the country j at time t; the banking market variable are $TAtJ¯, ROAtJ¯, NIItJ¯$ that represent respectively the country average ROA, NII and Total assets owned by banks in the country j at time t. *Statistical significant at 10% level, **Statistical significant at 5% level Source: Orbis data processed by the authors