Table 9 Robustness test for effect of equity structure on bank lending over business cycles

gdp

−4.0962^b

−3.8419^a

−4.1117^a

−4.4322^a

(−10.06)

(−6.11)

(−9.33)

(−7.07)

crisis

0.0488^a

0.0460^a

0.0428^a

0.0434^a

(4.28)

(3.94)

(3.61)

(3.72)

car

−0.6463^b

−0.7202^a

−0.7341^b

−0.7322^a

(−2.68)

(−2.78)

(−2.43)

(−2.77)

dtl

0.1629^a

0.1786^a

0.1786^a

0.1733^a

(5.32)

(4.86)

(4.99)

(4.90)

size

−0.1242^a

−0.1284^a

−0.1388^a

−0.1366^a

(−6.30)

(−6.75)

(−6.13)

(−7.37)

roa

9.0760^b

8.4784^b

7.1814^c

6.5943^c

(2.37)

(2.08)

(1.84)

(1.74)

res_r

−1.5158^a

−1.6241^a

−1.5710^a

−1.5168^a

(−4.95)

(−4.89)

(−4.73)

(−4.69)

share5

0.2266

0.1187

(1.29)

(0.63)

state

0.1218^a

0.1321^a

(3.04)

(3.16)

share5^cgdp

−0.6865

0.6806

(−0.71)

(0.68)

state^cgdp

−1.2404^a

−1.5096^a

(−2.84)

(−3.17)

R-squ (within)

0.4659

0.4801

0.4887

0.5014

Observations

241

238

237

237

No of Banks

33

33

33

33

Hausman Test p-value

0.0000

0.0000

0.0000

0.0000