Table 5 Dynamic panel-data estimation, two-step system GMM.

L1

0.6711 (0.000) ***

0.649 (0.037) **

0.202 (0.043)**

0.337 (0.003) ***

0.747 (0.023) **

CIR

−0.001 (0.684)

−0.008 (0.023) ***

−0.109 (0.052) *

0.066 (0.166)

−0.564 (0.026)*

ROA

−1.059 (0.000) ***

1.344 (0.794)

− 0.528 (0.017) **

−0.66 (0.000) ***

−1.583 (0.010) **

NII

0.0056 (0.441)

− 0.562 (0.081) *

−0.038 (0.069) *

−0.118 (0.04) **

−0.478 (0.02) **

CAR

−0.0526 (0.000) ***

−0.041 (0.01) ***

0.1474 (0.106)

0.164 (0.657)

0.1037 (0.389)

PCREDIT

−0.0080 (0.003) ***

− 0.036 (0.070) *

−0.121 (0.015) ***

−0.008 (0.007)***

−0.037 (0.047)**

FGN

−0.0309 (0.000) ***

−0.008 (0.001) ***

−0.033 (0.075) *

0.074 (0.014)*

0.467 (0.156)

GDP

−0.126 (0.000) ***

0.182 (0.010) ***

−0.133 (0.053) *

−0.255 (0.034) ***

−0.378 (0.017) ***

UNEM

0.0335 (0.060) *

−0.197 (0.700)

0.029 (0.745)

−0.118 (0.041) **

−0.381 (0.001) ***

INFLATION

−0.035 (0.000) ***

0.178 (0.045) **

0.010 (0.009) ***

1.05 (0.342)

0.673 (0.387)

PCA_INST

−0.693 (0.000) ***

−3.003 (0.053) *

−1.176 (0.001) ***

−0.041 (0.041) **

−0.067 (0.064) *

_cons

4.400 (0.000) ***

34.65 (0.65)

−5.309 (0.04) **

3.48 (3.24)

11.88 (0.034)**

Wald Chi²

9214

3425

3433

2561

4567

Prob

0.001

0.006

0.012

0.018

0.018

Sargan Test

0.759

0.826

0.55

0.65

0.68

Arellano-Bond AR (1) (Prob.)

0.000

0.000

0.002

0.001

0.013

Arellano-Bond AR (2) (Prob.)

0.281

0.263

0.345

0.451

0.286