Note(s): Bank size is the bank total assets at the end of the fiscal year (€/billion). Bank age is the age of a bank. Z-score measures the bank stability and is calculated as the natural logarithm of the Z-score. NPLs to Gross Loans ratio is a proxy of credit risk. Business model is proxied by the net loans on total assets ratio. Bank profitability is measured in terms of ROA. Training hours is the average amount of the training hours per capita provided to employees of the bank i in the year t. Managerial training hours is the average amount of the managerial training hours per capita provided to employees of the bank i in the year t. Technical training hours is the average amount of the managerial training hours per capita provided to employees of the bank i in the year t. GDP is the growth rate of gross domestic product in the year t. Inflation rate is the annual variation in the Consumer Price Index