Results of the expanded models' estimation
| Mod. No | 8 | 9 | 10 | 11 |
|---|---|---|---|---|
| Model | RE | RE | RE | RE |
| Constant | 0.747*** (0.0047) | 0.500*** (0.0115) | 0.453*** (0.0158) | 0.435*** (0.0127) |
| TANG | −0.145*** (0.0067) | −0.151*** (0.0079) | −0.154*** (0.0079) | −0.148*** (0.0068) |
| SIZE | 0.010*** (0.0020) | 0.005** (0.0022) | 0.005** (0.0023) | 0.015*** (0.0020) |
| GROW | 0.035*** (0.0018) | 0.040*** (0.0027) | 0.041*** (0.0028) | 0.038*** (0.0018) |
| PROF | −0.389*** (0.0098) | −0.384*** (0.0127) | −0.392*** (0.0128) | −0.394*** (0.0100) |
| LIQ | −0.037*** (0.0008) | −0.038*** (0.0010) | −0.038*** (0.0010) | −0.036*** (0.0008) |
| NDTS | −0.122*** (0.0326) | −0.051 (0.0400) | −0.040 (0.0402) | −0.116*** (0.0331) |
| DC | −0.237*** (0.0025) | −0.247*** (0.0030) | −0.252*** (0.0030) | −0.246*** (0.0026) |
| IND_DR | 0.510*** (0.0176) | 0.423*** (0.0200) | 0.392*** (0.0146) | |
| IND_Beta | −0.003 (0.0033) | −0.005 (0.0033) | ||
| EASE_BUS | 0.151*** (0.0239) | 0.143*** (0.0171) | ||
| PRIV_DEBT | 0.018*** (0.0053) | 0.025*** (0.0050) | ||
| GDP_GRO | 0.355*** (0.0689) | 0.397*** (0.0535) | ||
| INFLAT | −0.996*** (0.0947) | −1.121*** (0.0668) | ||
| No. of observation | 35,651 | 20,629 | 20,413 | 33,114 |
| Joint test on named regressors | 22,822 p < 0.0001 | 20,955 p < 0.0001 | 21,457 p < 0.0001 | 26,818 p < 0.0001 |
| Breusch–Pagan test | 11,381 p < 0.0001 | 4,923 p < 0.0001 | 4,816 p < 0.0001 | 9,625 p < 0.0001 |
| Mod. No | 8 | 9 | 10 | 11 |
|---|---|---|---|---|
| Model | RE | RE | RE | RE |
| Constant | 0.747*** (0.0047) | 0.500*** (0.0115) | 0.453*** (0.0158) | 0.435*** (0.0127) |
| TANG | −0.145*** (0.0067) | −0.151*** (0.0079) | −0.154*** (0.0079) | −0.148*** (0.0068) |
| SIZE | 0.010*** (0.0020) | 0.005** (0.0022) | 0.005** (0.0023) | 0.015*** (0.0020) |
| GROW | 0.035*** (0.0018) | 0.040*** (0.0027) | 0.041*** (0.0028) | 0.038*** (0.0018) |
| PROF | −0.389*** (0.0098) | −0.384*** (0.0127) | −0.392*** (0.0128) | −0.394*** (0.0100) |
| LIQ | −0.037*** (0.0008) | −0.038*** (0.0010) | −0.038*** (0.0010) | −0.036*** (0.0008) |
| NDTS | −0.122*** (0.0326) | −0.051 (0.0400) | −0.040 (0.0402) | −0.116*** (0.0331) |
| DC | −0.237*** (0.0025) | −0.247*** (0.0030) | −0.252*** (0.0030) | −0.246*** (0.0026) |
| IND_DR | 0.510*** (0.0176) | 0.423*** (0.0200) | 0.392*** (0.0146) | |
| IND_Beta | −0.003 (0.0033) | −0.005 (0.0033) | ||
| EASE_BUS | 0.151*** (0.0239) | 0.143*** (0.0171) | ||
| PRIV_DEBT | 0.018*** (0.0053) | 0.025*** (0.0050) | ||
| GDP_GRO | 0.355*** (0.0689) | 0.397*** (0.0535) | ||
| INFLAT | −0.996*** (0.0947) | −1.121*** (0.0668) | ||
| No. of observation | 35,651 | 20,629 | 20,413 | 33,114 |
| Joint test on named regressors | 22,822 | 20,955 | 21,457 | 26,818 |
| Breusch–Pagan test | 11,381 | 4,923 | 4,816 | 9,625 |
Note(s): * dependence is significant at the level of 0.1; ** dependence is significant at the level of 0.05; *** dependence is significant at the level of 0.01 (standard errors in parentheses)
Source(s): own elaboration
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