. 2022 Jul 14;46(4):713–735. doi: 10.1007/s12197-022-09591-x

Table 3.

Quantile regressions

	Q10	Q25	Q50	Q75	Q90
CVD	-0.710** (0.279)	-1.303*** (0.443)	-1.377** (0.570)	-0.871 (0.540)	-1.305 (0.889)
Size	0.980*** (0.162)	0.837*** (0.231)	0.912*** (0.271)	1.152*** (0.320)	1.710*** (0.631)
Capital	21.614*** (5.342)	37.701*** (7.328)	51.011*** (5.988)	92.366*** (20.314)	140.871*** (9.398)
Asset_Quality	-56.546*** (3.481)	-77.328*** (5.649)	-74.256*** (7.186)	-71.599*** (12.134)	-61.964*** (20.991)
Loans	4.889** (1.914)	3.372 (2.866)	14.851*** (2.663)	26.111*** (4.450)	16.827*** (5.546)
Deposits	8.382*** (2.064)	9.933*** (3.543)	15.455*** (3.596)	14.940*** (4.646)	7.621 (5.106)
Growth	11.742*** (3.041)	-1.099 (5.126)	-4.734 (5.711)	-8.693 (8.049)	8.206 (8.778)
Earnings	43.850*** (12.770)	-5.295 (18.505)	-41.828* (22.896)	-33.306 (35.848)	-260.328*** (49.970)
Healthcare	0.799*** (0.145)	1.279*** (0.238)	1.294*** (0.221)	1.812*** (0.307)	3.290*** (0.395)
GDP	0.365*** (0.141)	-0.044 (0.235)	-0.774*** (0.246)	-0.275 (0.293)	1.002*** (0.291)
Econ_Support	-0.007 (0.015)	-0.944*** (0.331)	-1.771*** (0.022)	-2.922*** (0.028)	-5.399*** (0.041)
Stringency	0.036 (0.078)	0.057 (0.102)	-0.026 (0.123)	-0.139 (0.107)	0.180 (0.198)
Containment	-0.358*** (0.089)	-7.159*** (2.465)	-12.680*** (0.144)	-21.056*** (0.133)	-38.810*** (0.218)
Gov_Resp	0.322 (0.000)	7.995*** (2.729)	14.504 (0.000)	24.204 (0.000)	44.258 (0.000)
Constant	-12.424*** (3.483)	-3.614 (5.418)	-11.363* (5.830)	-21.586*** (7.194)	-27.933*** (9.456)
Observations	1,953	1,953	1,953	1,953	1,953
F Statistic	82.23***	50.86***	9030.52***	19,711.88***	49,534.17***

Q10

Q25

Q50

Q75

Q90

(1)

(2)

(3)

(4)

(5)

CVD

-0.710**

(0.279)

-1.303***

(0.443)

-1.377**

(0.570)

-0.871

(0.540)

-1.305

(0.889)

Size

0.980***

(0.162)

0.837***

(0.231)

0.912***

(0.271)

1.152***

(0.320)

1.710***

(0.631)

Capital

21.614***

(5.342)

37.701***

(7.328)

51.011***

(5.988)

92.366***

(20.314)

140.871***

(9.398)

Asset_Quality

-56.546***

(3.481)

-77.328***

(5.649)

-74.256***

(7.186)

-71.599***

(12.134)

-61.964***

(20.991)

Loans

4.889**

(1.914)

3.372

(2.866)

14.851***

(2.663)

26.111***

(4.450)

16.827***

(5.546)

Deposits

8.382***

(2.064)

9.933***

(3.543)

15.455***

(3.596)

14.940***

(4.646)

7.621

(5.106)

Growth

11.742***

(3.041)

-1.099

(5.126)

-4.734

(5.711)

-8.693

(8.049)

8.206

(8.778)

Earnings

43.850***

(12.770)

-5.295

(18.505)

-41.828*

(22.896)

-33.306

(35.848)

-260.328***

(49.970)

Healthcare

0.799***

(0.145)

1.279***

(0.238)

1.294***

(0.221)

1.812***

(0.307)

3.290***

(0.395)

GDP

0.365***

(0.141)

-0.044

(0.235)

-0.774***

(0.246)

-0.275

(0.293)

1.002***

(0.291)

Econ_Support

-0.007

(0.015)

-0.944***

(0.331)

-1.771***

(0.022)

-2.922***

(0.028)

-5.399***

(0.041)

Stringency

0.036

(0.078)

0.057

(0.102)

-0.026

(0.123)

-0.139

(0.107)

0.180

(0.198)

Containment

-0.358***

(0.089)

-7.159***

(2.465)

-12.680***

(0.144)

-21.056***

(0.133)

-38.810***

(0.218)

Gov_Resp

0.322

(0.000)

7.995***

(2.729)

14.504

(0.000)

24.204

(0.000)

44.258

(0.000)

Constant

-12.424***

(3.483)

-3.614

(5.418)

-11.363*

(5.830)

-21.586***

(7.194)

-27.933***

(9.456)

Observations

1,953

F Statistic

82.23***

50.86***

9030.52***

19,711.88***

49,534.17***

In this table, we illustrate the results from Quantile regressions. We divide our sample into five sub-samples (quintiles) based on Z-Score. As in baseline tests, CVD is the main independent variable, and Z-Score is the dependent variable. We include all control variables and fixed effects in all five specifications. Standard errors are reported in parentheses. ***, **, and * represent significance at 1%, 5%, and 10% levels, respectively