Table 8 Robustness test for effect of equity structure on bank lending over business cycles

iav

−1.9325^b

−1.4950^a

−1.8127^a

−1.6315^a

(−6.14)

(−4.56)

(−5.30)

(−4.80)

crisis

0.0187^c

0.0199^c

0.0191^c

0.0209^c

(1.77)

(1.84)

(1.71)

(1.97)

car

−0.8306^a

−0.8542^a

−0.8989^b

−0.8919^a

(−2.98)

(−3.08)

(−2.65)

(−2.95)

dtl

0.1738^a

0.1779^a

0.1912^a

0.1858^a

(5.36)

(5.25)

(4.99)

(4.97)

size

−0.1026^a

−0.0991^a

−0.1130^a

−0.1100^a

(−4.41)

(−4.61)

(−4.34)

(−5.23)

roa

10.0551^b

9.6492^b

6.5080

6.0394

(2.34)

(2.24)

(1.60)

(1.54)

res_r

−1.1088^a

−1.1442^a

−1.1505^a

−1.1160^a

(−3.44)

(−3.29)

(−3.20)

(−3.13)

fshare

0.4260^a

0.2928^b

(4.16)

(2.32)

state

0.1780^a

0.1704^a

(5.55)

(5.58)

fshare^ciav

−1.6603^a

−0.4995

(−2.95)

(−0.82)

state^ciav

−1.3049^a

−1.3518^a

(−5.82)

(−6.28)

R-squ (within)

0.4015

0.4132

0.4515

0.4720

Observations

241

238

237

237

NO. of Banks

33

33

33

33

Hausman Test p-value

0.0000

0.0000

0.0000

0.0000