Table 8.

Output of Tobit regression.

Variables	(1)	(2)	(3)	(4)
cons	5.082	2.070	2.138	3.345
	(0.543)∗∗∗	(0.848)∗∗	(0.011)∗∗∗	(0.772)∗∗∗
size	-0.200	-0.816	-0.846	-0.126
	(0.0262)∗∗∗	(0.035)∗∗	(0.034)∗∗	(0.034)∗∗∗
finlev	-0.000	-0.000	-0.000	-0.000
	(0.000)∗	(0.000)	(0.000)	(0.000)
educ	0.000	0.000	0.000	0.000
	(0.009)	(0.000)	(0.001)	(0.000)
npf	-0.030	0.011	0.011	-0.014
	(0.007)∗∗∗	(0.008)	(0.008)	(0.008)∗
roa	0.006	0.000	0.000	0.004
	(0.007)	(0.008)	(0.008)	(0.004)
fdr	-0.000	-0.000	-0.000	0.000
	(0.000)	(0.000)	(0.000)	(0.000)
branch	0.020	0.014	0.153	0.171
	(0.005)∗∗∗	(0.009)	(0.008)	(0.007)∗∗
age	0.000	0.0217	0.022
	(0.005)	(0.009)∗∗	(0.008)
farm	-0.001	-0.000
	(0.001)	(0.002)
grant	0.009
	(0.002)∗∗∗
Wald Chi Square	181.56	24.17	24.32	17.29

Note: ∗,∗∗, and ∗∗∗ are significant at 10%, 5%, and 1% respectively.

The numbers inside the brackets indicate the standard deviation.