Table 10 Robustness results II

Lagged non-performing loan

0.246

0.426

0.351

0.417

0.313

0.463

(0.268)

(0.726)

(0.345)

(0.336)

(0.236)

(0.251)

Political risk index

− 0.114*

− 0.133***

− 0.147**

− 0.158**

− 0.074***

− 0.215**

(0.001)

(0.078)

(0.032)

(0.015)

(0.084)

(0.034)

Economic risk index

− 0.085

− 0.113**

− 0.105

− 0.132***

− 0.117**

− 0.101*

(0.315)

(0.031)

(0.265)

(0.076)

(0.025)

(0.001)

Financial risk index

− 0.035

− 0.045*

− 0.015***

− 0.024

− 0.023

− 0.002***

(0.452)

(0.021)

(0.074)

(0.334)

(0.352)

(0.086)

Control variables

YES

YES

YES

YES

YES

YES

TC dummies

YES

YES

YES

YES

YES

YES

FC dummy

YES

YES

YES

YES

YES

YES

Adj.R²

–

–

–

–

0.61

–

CD-test (p value)

–

–

–

–

(0.287)

–

AR (2)

–

–

–

–

–

(0.246)

Hansen-test

–

–

–

–

–

(0.433)

Sargan-test

–

–

–

–

–

(0.359)