|
Dependent variable
|
(1) ROA
|
(2) ROE
|
(3) NPL ratio
|
(4) Cost
|
(5) Market share
|
|---|
|
Panel A Second-stage
|
|
1–HHI
|
−0.006a (0.003)
|
− 0.082a (0.048)
|
1.327a (0.775)
|
0.024c (0.004)
|
0.355b (0.137)
|
|
Loan ratio
|
0.015c (0.002)
|
0.036a (0.019)
|
0.444 (0.319)
|
0.032c (0.002)
|
0.136b (0.078)
|
|
Asset ratio
|
−0.006a (0.007)
|
− 0.002 (0.001)
|
− 0.086c (0.027)
|
0.000 (0.000)
|
−4.533c (0.897)
|
|
Capital
|
0.006b (0.003)
|
−0.301c (0.065)
|
− 0.782 (0.755)
|
0.010c (0.004)
|
− 0.313b (0.192)
|
|
Asset quality
|
0.001b (0.002)
|
−0.004 (0.008)
|
0.036 (0.215)
|
0.000 (0.001)
|
1.389c (0.511)
|
|
GDP
|
−1.984 (2.193)
|
13.998 (39.002)
|
− 2793.267c (643.740)
|
0.829 (3.154)
|
−62.621c (17.233)
|
|
Age
|
−0.001 (0.001)
|
0.011c (0.002)
|
− 0.011 (0.062)
|
0.000 (0.000)
|
− 0.023 (0.010)
|
|
Size
|
54.743 (33.593)
|
733.750a (434.495)
|
21,350.632b (8308.440)
|
50.455 (40.844)
|
1.258c (0.411)
|
|
Constant
|
0.001 (0.003)
|
−0.003 (0.044)
|
1.708a (0.999)
|
− 0.010b (0.005)
|
0.349b (0.177)
|
|
Year fixed effects
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
|
Bank fixed effects
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
|
N
|
790
|
790
|
794
|
783
|
796
|
|
R2
|
0.717
|
0.599
|
0.454
|
0.705
|
0.971
|
|
Panel B: First-stage
| |
|
1–Predicted HHI
|
0.655c (0.077)
|
0.655c (0.077)
|
0.652c (0.077)
|
0.659c (0.078)
|
0.658c (0.077)
|
|
Constant
|
0.541c (0.080)
|
0.541c (0.080)
|
0.542c (0.082)
|
0.535c (0.081)
|
0.533c (0.081)
|
- Notes. Standard errors are robust and reported in parentheses. a, b, and c indicate significance at 10%, 5%, and 1% levels, respectively
