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Tác động của rủi ro thanh khoản đến hiệu quả hoạt động kinh doanh ngân hàng nghiên cứu trường hợp các Quốc gia Đông Nam Á - 24

.

. xtreg nlta l.nlta size size2 lia llr lads eta llp nim gdp infl m2 d_cris ,re


Random-effects GLS regression

Number of obs

=

157

Group variable: donvi

Number of groups

=

25

R-sq: within = 0.7593

Obs per group: min =

1

between = 0.9430

avg =

6.3

overall = 0.9075

max =

11



Wald chi2(13)

=

1145.77

corr(u_i, X)

= 0 (assumed)

Prob > chi2

=

0.0000

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Tác động của rủi ro thanh khoản đến hiệu quả hoạt động kinh doanh ngân hàng nghiên cứu trường hợp các Quốc gia Đông Nam Á - 24


------------------------------------------------------------------------------

nlta | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

nlta

|


L1.

|

.4104024

.0456579

8.99

0.000

.3209145

.4998903


|







size

|

38.03777

16.00329

2.38

0.017

6.671892

69.40365

size2

|

113.4985

25.76821

4.40

0.000

62.99369

164.0032

lia

|

.0289512

.1086347

0.27

0.790

-.183969

.2418713

llr

|

.0711482

.0120239

5.92

0.000

.0475818

.0947146

lads

|

.144363

.3693045

0.39

0.696

-.5794606

.8681865

eta

|

.3436281

.6570881

0.52

0.601

-.944241

1.631497

llp

|

-.7313264

.0971802

-7.53

0.000

-.9217962

-.5408566

nim

|

.5468977

.4337321

1.26

0.207

-.3032015

1.396997

gdp

|

.6194261

.7398057

0.84

0.402

-.8305664

2.069419

infl

|

-.0021385

.0702038

-0.03

0.976

-.1397354

.1354585

m2

|

-.0002486

.0002889

-0.86

0.390

-.0008148

.0003176

d_cris

|

-.2429648

1.198515

-0.20

0.839

-2.592012

2.106082

_cons

|

38.67793

6.43259

6.01

0.000

26.07028

51.28557

-------------+----------------------------------------------------------------

sigma_u | 1.1206409

sigma_e | 3.9531949

rho | .07438207 (fraction of variance due to u_i)

------------------------------------------------------------------------------


.

. xttest0


Breusch and Pagan Lagrangian multiplier test for random effects nlta[donvi,t] = Xb + u[donvi] + e[donvi,t]

Estimated results:

| Var sd = sqrt(Var)

---------+----------------------------- nlta | 241.7897 15.54959

e | 15.62775 3.953195

u | 1.255836 1.120641


Test: Var(u) = 0


.

. est sto R7


.

. hausman F7 R7

chibar2(01) = 7.50

Prob > chibar2 = 0.0031


Note: the rank of the differenced variance matrix (12) does not equal the number of coefficients being tested (13); be sure

this is what you expect, or there may be problems computing the test. Examine the output of your estimators for

anything unexpected and possibly consider scaling your variables so that the coefficients are on a similar scale.


---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| F7 R7 Difference S.E.

-------------+----------------------------------------------------------------

L.nlta

|

.2083052

.4104024

-.2020972

.0255748

size

|

27.95282

38.03777

-10.08495

6.408594

size2

|

116.1691

113.4985

2.67065

17.95844

lia

|

-.0962219

.0289512

-.1251731

.0808474

llr

|

.0784603

.0711482

.0073121

.0067792

lads

|

-.1000741

.144363

-.2444371

.3048472

eta

|

-.844922

.3436281

-1.18855

.3558436

llp

|

-.7521938

-.7313264

-.0208674

.057889

nim

|

1.320559

.5468977

.7736613

.1677196

gdp

|

1.197525

.6194261

.5780991

.

infl

|

-.0046452

-.0021385

-.0025067

.

m2

|

-.00022

-.0002486

.0000286

.

d_cris

|

-.4505222

-.2429648

-.2075573

.

------------------------------------------------------------------------------

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic


chi2(12) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 22.03

Prob>chi2 = 0.0372

(V_b-V_B is not positive definite)

.

. xtabond nlta size size2 lia llr lads eta llp nim gdp infl m2 d_cris,twostep


Number of obs

=

130

Number of groups

=

24

Obs per group:

min =

1


avg =

5.416667


max =

10

Wald chi2(13)

=

3160.76

Prob > chi2

=

0.0000

Arellano-Bond dynamic panel-data estimation Group variable: donvi

Time variable: year


Number of instruments = 71


Two-step results

------------------------------------------------------------------------------

nlta | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

nlta

|


L1.

|

-.0107097

.0918648

-0.12

0.907

-.1907614

.169342


|







size

|

74.91292

49.60797

1.51

0.131

-22.3169

172.1428

size2

|

152.5793

46.81787

3.26

0.001

60.81796

244.3406

lia

|

.5332749

.4031326

1.32

0.186

-.2568505

1.3234

llr

|

.1209989

.0339988

3.56

0.000

.0543624

.1876353

lads

|

1.199283

.9467334

1.27

0.205

-.6562802

3.054847

eta

|

.4641101

1.291361

0.36

0.719

-2.06691

2.995131

llp

|

-1.096928

.3105964

-3.53

0.000

-1.705685

-.4881698

nim

|

.7553804

1.028781

0.73

0.463

-1.260993

2.771753

gdp

|

2.423814

1.476994

1.64

0.101

-.4710408

5.31867

infl

|

-.0365702

.0525004

-0.70

0.486

-.1394692

.0663288

m2

|

-.0007267

.0003033

-2.40

0.017

-.0013213

-.0001322

d_cris

|

.0787545

1.440518

0.05

0.956

-2.744608

2.902117

_cons

|

43.47153

10.92861

3.98

0.000

22.05184

64.89121

------------------------------------------------------------------------------

Warning: gmm two-step standard errors are biased; robust standard errors are recommended.

Instruments for differenced equation GMM-type: L(2/.).nlta

Standard: D.size D.size2 D.lia D.llr D.lads D.eta D.llp D.nim D.gdp D.infl D.m2 D.d_cris Instruments for level equation

Standard: _cons


.

. estat sargan

Sargan test of overidentifying restrictions

H0: overidentifying restrictions are valid


chi2(57) = 15.14184

Prob > chi2 = 1.0000


.

. estat abond


Arellano-Bond test for zero autocorrelation in first-differenced errors

+-----------------------+

|Order | z Prob > z|

|------+----------------|

| 1 |-.96404 0.3350 |

| 2 |-.82053 0.4119 |

+-----------------------+

H0: no autocorrelation


.

. est sto GMM7


.

. esttab P7 F7 R7 GMM7,r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap


----------------------------------------------------------------------------

(1)

(2)

(3)

(4)

nlta

nlta

nlta

nlta

----------------------------------------------------------------------------

L.nlta

0.444***

0.208***

0.410***

-0.0107


[9.72]

[3.98]

[8.99]

[-0.12]

size

37.38**

27.95

38.04**

74.91


[2.35]

[1.62]

[2.38]

[1.51]

size2

107.6***

116.2***

113.5***

152.6***


[4.16]

[3.70]

[4.40]

[3.26]

lia

0.0690

-0.0962

0.0290

0.533


[0.67]

[-0.71]

[0.27]

[1.32]

llr

0.0679***

0.0785***

0.0711***

0.121***


[5.64]

[5.68]

[5.92]

[3.56]

lads

0.223

-0.100

0.144

1.199




[0.63]

[-0.21]

[0.39]

[1.27]

eta

0.651

-0.845

0.344

0.464


[1.05]

[-1.13]

[0.52]

[0.36]

llp

-0.700***

-0.752***

-0.731***

-1.097***


[-7.24]

[-6.65]

[-7.53]

[-3.53]

nim

0.419

1.321***

0.547

0.755


[1.00]

[2.84]

[1.26]

[0.73]

gdp

0.640

1.198*

0.619

2.424


[0.83]

[1.72]

[0.84]

[1.64]

infl

0.00353

-0.00465

-0.00214

-0.0366


[0.05]

[-0.07]

[-0.03]

[-0.70]

m2

-0.000267

-0.000220

-0.000249

-0.000727**


[-0.88]

[-0.86]

[-0.86]

[-2.40]

d_cris

-0.158

-0.451

-0.243

0.0788


[-0.13]

[-0.42]

[-0.20]

[0.05]

_cons

35.38***

50.21***

38.68***

43.47***


[5.46]

[7.49]

[6.01]

[3.98]

----------------------------------------------------------------------------

N

157

157

157

130

R-sq

0.908

0.795



----------------------------------------------------------------------------

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01


.

.

.

. *nlst


.

. reg nlst l.nlst size lia llr lads eta llp nim gdp infl m2 d_cris


Source | SS df MS

Number of obs =

157

-------------+------------------------------

F( 12, 144) =

100.61

Model | 58074.9225 12 4839.57688

Prob > F =

0.0000

Residual | 6926.60615 144 48.1014316

R-squared =

0.8934

-------------+------------------------------

Adj R-squared =

0.8846

Total | 65001.5287 156 416.676466

Root MSE =

6.9355


------------------------------------------------------------------------------

nlst | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

nlst

|


L1.

|

.5982377

.0434561

13.77

0.000

.5123435

.6841318


|







size

|

76.40245

20.94357

3.65

0.000

35.00591

117.799

lia

|

.3038957

.1469439

2.07

0.040

.0134501

.5943413

llr

|

.0529249

.0149365

3.54

0.001

.0234018

.082448

lads

|

.386152

.4986987

0.77

0.440

-.5995634

1.371867

eta

|

-.0856404

.8682011

-0.10

0.922

-1.801705

1.630424

llp

|

-.5746624

.1152042

-4.99

0.000

-.802372

-.3469527

nim

|

.6365048

.5836766

1.09

0.277

-.5171757

1.790185

gdp

|

.8978582

1.076817

0.83

0.406

-1.230552

3.026268

infl

|

.0500666

.1018375

0.49

0.624

-.1512229

.2513562

m2

|

-.0006645

.0004256

-1.56

0.121

-.0015057

.0001767

d_cris

|

1.096588

1.748636

0.63

0.532

-2.359723

4.552899

_cons

|

21.34636

8.732616

2.44

0.016

4.085684

38.60703

------------------------------------------------------------------------------


.

. vif


Variable | VIF 1/VIF

-------------+----------------------

llp

|

86.19

0.011603

llr

|

31.62

0.031629

size

|

21.34

0.046854

nlst

|



L1.

|

2.58

0.387546

d_cris

|

2.07

0.483702

m2

|

1.88

0.532905

lads

|

1.57

0.635439

nim

|

1.50

0.665484

lia

|

1.40

0.712350

infl

|

1.39

0.717522

eta

|

1.34

0.746482

gdp

|

1.31

0.763247

-------------+----------------------

Mean VIF | 12.85

.

. reg nlst l.nlst size size2 lia llr lads eta llp nim gdp infl m2 d_cris


Source | SS df MS

Number of obs =

157

-------------+------------------------------

F( 13, 143) =

97.84

Model | 58432.1785 13 4494.78296

Prob > F =

0.0000

Residual | 6569.3502 143 45.9395119

R-squared =

0.8989

-------------+------------------------------

Adj R-squared =

0.8897

Total | 65001.5287 156 416.676466

Root MSE =

6.7779

------------------------------------------------------------------------------

nlst | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

nlst

|


L1.

|

.5555421

.0451438

12.31

0.000

.4663067

.6447774


|







size

|

53.88677

22.00246

2.45

0.016

10.39468

97.37886

size2

|

95.90732

34.39183

2.79

0.006

27.92527

163.8894

lia

|

.3340159

.1440093

2.32

0.022

.0493538

.618678

llr

|

.0727043

.016229

4.48

0.000

.0406247

.104784

lads

|

.3893904

.4873642

0.80

0.426

-.5739787

1.352759

eta

|

-.0433245

.8486018

-0.05

0.959

-1.720749

1.6341

llp

|

-.7495453

.1288731

-5.82

0.000

-1.004288

-.4948028

nim

|

.5120711

.5721517

0.89

0.372

-.6188967

1.643039

gdp

|

.9126553

1.052354

0.87

0.387

-1.167524

2.992835

infl

|

.1051218

.101462

1.04

0.302

-.0954373

.3056808

m2

|

-.0005746

.0004172

-1.38

0.171

-.0013991

.00025

d_cris

|

1.423481

1.712904

0.83

0.407

-1.962402

4.809365

_cons

|

28.12777

8.87382

3.17

0.002

10.58696

45.66858

------------------------------------------------------------------------------


.

. est sto P8


.

. imtest, white


White's test for Ho: homoskedasticity

against Ha: unrestricted heteroskedasticity

chi2(102) = 121.85

Prob > chi2 = 0.0877


Cameron & Trivedi's decomposition of IM-test


---------------------------------------------------

Source | chi2 df p

---------------------+-----------------------------

Heteroskedasticity | 121.85 102 0.0877

Skewness | 16.00 13 0.2493

Kurtosis | 2.94 1 0.0862

---------------------+----------------------------- Total | 140.79 116 0.0585

---------------------------------------------------


.

. xtreg nlst l.nlst size size2 lia llr lads eta llp nim gdp infl m2 d_cris ,fe


Fixed-effects (within) regression

Number of obs

=

157

Group variable: donvi

Number of groups

=

25

R-sq: within = 0.6821

Obs per group: min =

1

between = 0.9096

avg =

6.3

overall = 0.8703

max =

11


F(13,119)

=

19.64

corr(u_i, Xb) = 0.5279

Prob > F

=

0.0000


------------------------------------------------------------------------------

nlst | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

nlst

|


L1.

|

.2807718

.061558

4.56

0.000

.1588807

.4026628


|







size

|

63.41728

25.8085

2.46

0.015

12.31387

114.5207

size2

|

110.892

46.54314

2.38

0.019

18.73192

203.052

lia

|

.4410757

.2027558

2.18

0.032

.039599

.8425524

llr

|

.0965368

.0203258

4.75

0.000

.0562897

.1367839

lads

|

.2992683

.7187468

0.42

0.678

-1.123922

1.722459

eta

|

-1.53254

1.118291

-1.37

0.173

-3.746868

.6817885

llp

|

-.9129538

.1660838

-5.50

0.000

-1.241816

-.5840913

nim

|

1.260105

.6867436

1.83

0.069

-.0997165

2.619925

gdp

|

1.149606

1.030083

1.12

0.267

-.8900602

3.189273

infl

|

.0857995

.0942437

0.91

0.364

-.1008124

.2724113

m2

|

-.0005032

.0003847

-1.31

0.193

-.0012648

.0002585

d_cris

|

1.740301

1.62178

1.07

0.285

-1.470986

4.951587

_cons

|

46.11767

10.11401

4.56

0.000

26.09092

66.14443

-------------+----------------------------------------------------------------

sigma_u | 7.1924771

sigma_e | 5.9162347

rho | .59644418 (fraction of variance due to u_i)

------------------------------------------------------------------------------

F test that all u_i=0: F(24, 119) = 2.86 Prob > F = 0.0001


.

. est sto F8


.

. xtreg nlst l.nlst size size2 lia llr lads eta llp nim gdp infl m2 d_cris,re

Number of obs

=

157

Group variable: donvi

Number of groups

=

25

R-sq: within = 0.6303

Obs per group: min =

1

between = 0.9645

avg =

6.3

overall = 0.8989

max =

11



Wald chi2(13)

=

1271.94

corr(u_i, X)

= 0 (assumed)

Prob > chi2

=

0.0000

Random-effects GLS regression


------------------------------------------------------------------------------

nlst | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

nlst

|


L1.

|

.5555421

.0451438

12.31

0.000

.4670619

.6440223


|







size

|

53.88677

22.00246

2.45

0.014

10.76274

97.0108

size2

|

95.90732

34.39183

2.79

0.005

28.50059

163.3141

lia

|

.3340159

.1440093

2.32

0.020

.0517628

.616269

llr

|

.0727043

.016229

4.48

0.000

.0408961

.1045125

lads

|

.3893904

.4873642

0.80

0.424

-.565826

1.344607

eta

|

-.0433245

.8486018

-0.05

0.959

-1.706553

1.619904

llp

|

-.7495453

.1288731

-5.82

0.000

-1.002132

-.4969586

nim

|

.5120711

.5721517

0.89

0.371

-.6093256

1.633468

gdp

|

.9126553

1.052354

0.87

0.386

-1.14992

2.975231

infl

|

.1051218

.101462

1.04

0.300

-.09374

.3039836

m2

|

-.0005746

.0004172

-1.38

0.168

-.0013922

.0002431

d_cris

|

1.423481

1.712904

0.83

0.406

-1.933749

4.780711

_cons

|

28.12777

8.87382

3.17

0.002

10.7354

45.52014

-------------+----------------------------------------------------------------

sigma_u | 0

sigma_e | 5.9162347

rho | 0 (fraction of variance due to u_i)

------------------------------------------------------------------------------


.

. xttest0


Breusch and Pagan Lagrangian multiplier test for random effects nlst[donvi,t] = Xb + u[donvi] + e[donvi,t]

Estimated results:

| Var sd = sqrt(Var)

---------+----------------------------- nlst | 416.6765 20.41265

e | 35.00183 5.916235

u | 0 0


Test: Var(u) = 0


.

. est sto R8


.

. hausman F8 R8

chibar2(01) = 0.00

Prob > chibar2 = 1.0000


Note: the rank of the differenced variance matrix (11) does not equal the number of coefficients being tested (13); be sure

this is what you expect, or there may be problems computing the test. Examine the output of your estimators for

anything unexpected and possibly consider scaling your variables so that the coefficients are on a similar scale.


---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| F8 R8 Difference S.E.

-------------+----------------------------------------------------------------

L.nlst

|

.2807718

.5555421

-.2747703

.0418501

size

|

63.41728

53.88677

9.530507

13.48965

size2

|

110.892

95.90732

14.98466

31.36026

lia

|

.4410757

.3340159

.1070598

.1427278

llr

|

.0965368

.0727043

.0238325

.0122376

lads

|

.2992683

.3893904

-.0901221

.5282736

eta

|

-1.53254

-.0433245

-1.489215

.72832

llp

|

-.9129538

-.7495453

-.1634084

.1047642

nim

|

1.260105

.5120711

.7480334

.3798147

gdp

|

1.149606

.9126553

.2369511

.

infl

|

.0857995

.1051218

-.0193223

.

m2

|

-.0005032

-.0005746

.0000714

.

d_cris

|

1.740301

1.423481

.3168195

.

------------------------------------------------------------------------------

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg


Test: Ho: difference in coefficients not systematic chi2(11) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 211.00

Prob>chi2 = 0.0000

(V_b-V_B is not positive definite)


.

. xtabond nlst size size2 lia llr lads eta llp nim gdp infl m2 d_cris,twostep


Number of obs

=

130

Number of groups

=

24

Obs per group:

min =

1


avg =

5.416667


max =

10

Wald chi2(13)

=

1013.90

Prob > chi2

=

0.0000

Arellano-Bond dynamic panel-data estimation Group variable: donvi

Time variable: year

Number of instruments = 71


Two-step results

------------------------------------------------------------------------------

nlst | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+----------------------------------------------------------------

nlst

|


L1.

|

.1088455

.1292335

0.84

0.400

-.1444476

.3621386


|







size

|

76.26455

110.6637

0.69

0.491

-140.6322

293.1613

size2

|

50.22647

121.806

0.41

0.680

-188.5089

288.9619

lia

|

1.497461

.5030539

2.98

0.003

.511493

2.483428

llr

|

.0921788

.0783384

1.18

0.239

-.0613615

.2457192

lads

|

1.510001

.7799416

1.94

0.053

-.0186564

3.038659

eta

|

-.9583397

2.481994

-0.39

0.699

-5.822959

3.90628

llp

|

-.808234

.7087799

-1.14

0.254

-2.197417

.580949

nim

|

3.129304

1.934628

1.62

0.106

-.6624974

6.921106

gdp

|

2.785642

1.725916

1.61

0.107

-.5970909

6.168375

infl

|

.1403407

.0891043

1.58

0.115

-.0343006

.314982

m2

|

-.0007445

.0002593

-2.87

0.004

-.0012527

-.0002363

d_cris

|

2.768595

2.544213

1.09

0.277

-2.217971

7.75516

_cons

|

21.33407

12.72127

1.68

0.094

-3.59915

46.2673

------------------------------------------------------------------------------

Warning: gmm two-step standard errors are biased; robust standard errors are recommended.

Instruments for differenced equation GMM-type: L(2/.).nlst

Standard: D.size D.size2 D.lia D.llr D.lads D.eta D.llp D.nim D.gdp D.infl D.m2 D.d_cris Instruments for level equation

Standard: _cons


.

. estat sargan

Sargan test of overidentifying restrictions

H0: overidentifying restrictions are valid


chi2(57) = 11.6829

Prob > chi2 = 1.0000


.

. estat abond


Arellano-Bond test for zero autocorrelation in first-differenced errors

+-----------------------+

|Order | z Prob > z|

|------+----------------|

| 1 |-.75043 0.4530 |

| 2 |-1.4361 0.1510 |

+-----------------------+

H0: no autocorrelation


.

. est sto GMM8


.

. esttab P8 F8 R8 GMM8,r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap


----------------------------------------------------------------------------

(1)

(2)

(3)

(4)

nlst

nlst

nlst

nlst

----------------------------------------------------------------------------

L.nlst

0.556***

0.281***

0.556***

0.109


[12.31]

[4.56]

[12.31]

[0.84]

size

53.89**

63.42**

53.89**

76.26


[2.45]

[2.46]

[2.45]

[0.69]

size2

95.91***

110.9**

95.91***

50.23


[2.79]

[2.38]

[2.79]

[0.41]

lia

0.334**

0.441**

0.334**

1.497***


[2.32]

[2.18]

[2.32]

[2.98]

llr

0.0727***

0.0965***

0.0727***

0.0922


[4.48]

[4.75]

[4.48]

[1.18]

lads

0.389

0.299

0.389

1.510*


[0.80]

[0.42]

[0.80]

[1.94]

eta

-0.0433

-1.533

-0.0433

-0.958


[-0.05]

[-1.37]

[-0.05]

[-0.39]

llp

-0.750***

-0.913***

-0.750***

-0.808




[-5.82]

[-5.50]

[-5.82]

[-1.14]

nim

0.512

1.260*

0.512

3.129


[0.89]

[1.83]

[0.89]

[1.62]

gdp

0.913

1.150

0.913

2.786


[0.87]

[1.12]

[0.87]

[1.61]

infl

0.105

0.0858

0.105

0.140


[1.04]

[0.91]

[1.04]

[1.58]

m2

-0.000575

-0.000503

-0.000575

-0.000744***


[-1.38]

[-1.31]

[-1.38]

[-2.87]

d_cris

1.423

1.740

1.423

2.769


[0.83]

[1.07]

[0.83]

[1.09]

_cons

28.13***

46.12***

28.13***

21.33*


[3.17]

[4.56]

[3.17]

[1.68]

----------------------------------------------------------------------------

N

157

157

157

130

R-sq

0.899

0.682



----------------------------------------------------------------------------

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01


.

.

.

. --tonghop

unrecognized command: - invalid command name r(199);


.

. esttab P4 F4 R4 GMM4,r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap


----------------------------------------------------------------------------

(1)

(2)

(3)

(4)

fgap

fgap

fgap

fgap

----------------------------------------------------------------------------

L.fgap

0.476***

0.152***

0.351***

-0.122


[10.93]

[3.00]

[7.79]

[-1.34]

size

0.621***

0.291

0.388**

-0.306


[3.77]

[1.64]

[2.33]

[-0.94]

lia

0.00634***

0.00780***

0.00713***

0.0137***


[5.29]

[5.48]

[5.96]

[6.68]

llr

0.000450***

0.000827***

0.000758***

0.000707***


[3.83]

[5.87]

[6.07]

[3.85]

lads

0.00227

-0.000465

0.00148

0.00875***


[0.58]

[-0.09]

[0.38]

[3.72]

eta

0.00993

-0.00719

0.00614

-0.00787


[1.46]

[-0.94]

[0.89]

[-1.27]

llp

-0.00513***

-0.00793***

-0.00787***

-0.00644***


[-5.68]

[-6.90]

[-7.86]

[-3.94]

nim

0.00670

0.0149***

0.00733

0.0161***


[1.46]

[3.14]

[1.63]

[4.43]

gdp

0.00427

0.0123*

0.00545

0.0293***


[0.51]

[1.72]

[0.72]

[5.04]

infl

-0.000843

-0.000101

-0.000187

0.000494


[-1.06]

[-0.16]

[-0.26]

[1.23]

m2

-0.00000416

-0.00000222

-0.00000260

-0.00000332***


[-1.25]

[-0.84]

[-0.88]

[-2.80]

d_cris

-0.0129

-0.00714

-0.00928

-0.00716


[-0.95]

[-0.64]

[-0.76]

[-0.77]

size2


1.254***

1.254***

1.669***



[3.91]

[4.72]

[2.65]

_cons

-0.221***

-0.320***

-0.220***

-0.552***


[-3.22]

[-4.52]

[-3.41]

[-9.40]

----------------------------------------------------------------------------

N

157

157

157

130

R-sq

0.901

0.804



----------------------------------------------------------------------------

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01


.

. esttab P7 F7 R7 GMM7,r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap


----------------------------------------------------------------------------

(1)

(2)

(3)

(4)

nlta

nlta

nlta

nlta

----------------------------------------------------------------------------

L.nlta

0.444***

0.208***

0.410***

-0.0107


[9.72]

[3.98]

[8.99]

[-0.12]

size

37.38**

27.95

38.04**

74.91


[2.35]

[1.62]

[2.38]

[1.51]

size2

107.6***

116.2***

113.5***

152.6***


[4.16]

[3.70]

[4.40]

[3.26]

lia

0.0690

-0.0962

0.0290

0.533


[0.67]

[-0.71]

[0.27]

[1.32]

llr

0.0679***

0.0785***

0.0711***

0.121***


[5.64]

[5.68]

[5.92]

[3.56]

lads

0.223

-0.100

0.144

1.199


[0.63]

[-0.21]

[0.39]

[1.27]

eta

0.651

-0.845

0.344

0.464


[1.05]

[-1.13]

[0.52]

[0.36]


llp

-0.700***

-0.752***

-0.731***

-1.097***


[-7.24]

[-6.65]

[-7.53]

[-3.53]

nim

0.419

1.321***

0.547

0.755


[1.00]

[2.84]

[1.26]

[0.73]

gdp

0.640

1.198*

0.619

2.424


[0.83]

[1.72]

[0.84]

[1.64]

infl

0.00353

-0.00465

-0.00214

-0.0366


[0.05]

[-0.07]

[-0.03]

[-0.70]

m2

-0.000267

-0.000220

-0.000249

-0.000727**


[-0.88]

[-0.86]

[-0.86]

[-2.40]

d_cris

-0.158

-0.451

-0.243

0.0788


[-0.13]

[-0.42]

[-0.20]

[0.05]

_cons

35.38***

50.21***

38.68***

43.47***


[5.46]

[7.49]

[6.01]

[3.98]

----------------------------------------------------------------------------

N

157

157

157

130

R-sq

0.908

0.795



----------------------------------------------------------------------------

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01


.

. esttab P8 F8 R8 GMM8,r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap


----------------------------------------------------------------------------

(1)

(2)

(3)

(4)

nlst

nlst

nlst

nlst

----------------------------------------------------------------------------

L.nlst

0.556***

0.281***

0.556***

0.109


[12.31]

[4.56]

[12.31]

[0.84]

size

53.89**

63.42**

53.89**

76.26


[2.45]

[2.46]

[2.45]

[0.69]

size2

95.91***

110.9**

95.91***

50.23


[2.79]

[2.38]

[2.79]

[0.41]

lia

0.334**

0.441**

0.334**

1.497***


[2.32]

[2.18]

[2.32]

[2.98]

llr

0.0727***

0.0965***

0.0727***

0.0922


[4.48]

[4.75]

[4.48]

[1.18]

lads

0.389

0.299

0.389

1.510*


[0.80]

[0.42]

[0.80]

[1.94]

eta

-0.0433

-1.533

-0.0433

-0.958


[-0.05]

[-1.37]

[-0.05]

[-0.39]

llp

-0.750***

-0.913***

-0.750***

-0.808


[-5.82]

[-5.50]

[-5.82]

[-1.14]

nim

0.512

1.260*

0.512

3.129


[0.89]

[1.83]

[0.89]

[1.62]

gdp

0.913

1.150

0.913

2.786


[0.87]

[1.12]

[0.87]

[1.61]

infl

0.105

0.0858

0.105

0.140


[1.04]

[0.91]

[1.04]

[1.58]

m2

-0.000575

-0.000503

-0.000575

-0.000744***


[-1.38]

[-1.31]

[-1.38]

[-2.87]

d_cris

1.423

1.740

1.423

2.769


[0.83]

[1.07]

[0.83]

[1.09]

_cons

28.13***

46.12***

28.13***

21.33*


[3.17]

[4.56]

[3.17]

[1.68]

----------------------------------------------------------------------------

N

157

157

157

130

R-sq

0.899

0.682



----------------------------------------------------------------------------

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01


.

.

.

. esttab P4 P7 P8,r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap


------------------------------------------------------------

(1)

(2)

(3)

fgap

nlta

nlst

------------------------------------------------------------

L.fgap 0.476***

[10.93]

size

0.621***

37.38**

53.89**


[3.77]

[2.35]

[2.45]

lia

0.00634***

0.0690

0.334**


[5.29]

[0.67]

[2.32]

llr

0.000450***

0.0679***

0.0727***


[3.83]

[5.64]

[4.48]

lads

0.00227

0.223

0.389


[0.58]

[0.63]

[0.80]

eta

0.00993

0.651

-0.0433


[1.46]

[1.05]

[-0.05]

llp

-0.00513***

-0.700***

-0.750***


[-5.68]

[-7.24]

[-5.82]

nim

0.00670

0.419

0.512


[1.46]

[1.00]

[0.89]

gdp

0.00427

0.640

0.913


[0.51]

[0.83]

[0.87]

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