3 Issuing costs of state guaranteed bonds - Financial Risk and ...

4 Impact of state guaranteed bonds on bank lending, funding and profitability performance
Table 24: Estimation results of leverage model
Variable
State guaranteed bank
it)
Size of guarantee
it)
Ratio of total earning-to-total assets
-TO-TOTAL ASSETS)it-1
Profits
it-1
Total assets
it-1
Dividend
DIVIDENDit-1
Year of state guarantee
(GUARANTEE YEARit)
Change in real GDP
REAL GDPit)
Long-term interest rate
(INTEREST RATE (LONG-TERM)jt)
Short-term interest rate
(INTEREST RATE (SHORT-TERM)jt)
Interbank rate
(INTERBANK RATEjt)
Main model Controlling for asset risk Controlling for macro
variables
Tier 1 capital as alternative
dependent variable
(1) (2) (3) (4) (5) (6) (7) (8)
-0.00261***
(0.000894)
-0.0428***
(0.0133)
-0.000340
(0.00110)
0.00963***
(0.00265)
-0.00407***
(0.00136)
0.000453
(0.00148)
-0.0340***
(0.0100)
-0.0407***
(0.0125)
-0.000188
(0.00116)
0.00949***
(0.00268)
-0.00420***
(0.00146)
0.00117
(0.00108)
-0.00622***
(0.00131)
-0.0876***
(0.0120)
-0.000752
(0.00110)
-0.00255
(0.00181)
-0.00990***
(0.00254)
-0.00266**
(0.00125)
-0.102*
(0.0527)
-0.0736***
(0.0183)
0.000223
(0.00106)
-0.00140
(0.00218)
-0.00957***
(0.00235)
-0.00121
(0.00172)
-0.00218**
(0.000861)
-0.0369***
(0.00923)
0.00176**
(0.000680)
0.0109***
(0.00275)
-0.00440***
(0.00139)
0.000566
(0.00140)
-0.0240***
(0.00480)
0.00115***
(0.000243)
-0.00326***
(0.000702)
0.00530***
(0.000725)
-0.0320***
(0.0107)
-0.0352***
(0.00905)
0.00189***
(0.000676)
0.0107***
(0.00278)
-0.00455***
(0.00148)
0.00114
(0.00109)
-0.0237***
(0.00484)
0.00111***
(0.000239)
-0.00305***
(0.000710)
0.00531***
(0.000759)
0.0781***
(0.0104)
0.130
(0.197)
-0.0448***
(0.0162)
0.144***
(0.0268)
0.0446***
(0.0158)
0.0954***
(0.0183)
1.860***
(0.370)
-0.0725
(0.0973)
-0.0547***
(0.0133)
0.134***
(0.0225)
0.0403**
(0.0156)
0.0861***
(0.0259)
109