. 2021 May 7;204:109904. doi: 10.1016/j.econlet.2021.109904

Table 2.

Cross-sectional regressions for bank performance.

	(1)	(2)	(3)	(4)	(5)	(6)
	$Δ$ Tobin’s $q$	$Δ$ Tobin’s $q$	$L o a n G r$	$L o a n G r$	$Δ N I M$	$Δ N I M$
$T e c h$	0.0020*	0.0017*	0.0341*	0.0349**	−0.0002	−0.0001
	(0.0011)	(0.0010)	(0.0186)	(0.0176)	(0.0003)	(0.0003)
Controls	No	Yes	No	Yes	No	Yes
Adj R-sq	0.014	0.093	0.013	0.062	0.000	0.051
Observations	226	226	226	226	226	226

Robust standard errors in parentheses. * $p$ $<$ 0.10, ** $p$ $<$ 0.05, *** $p$ $<$ 0.01.

Tobin’s $q$ is $e q u i t y m a r k e t v a l u e + l i a b i l i t i e s b o o k v a l u e ∕ a s s e t b o o k v a l u e$ . $L o a n G r$ refers to net loans growth between 2020Q2 and 2020Q1. $N I M$ is net interest margin (%). $Δ$ refers to the change between 2020Q2 and 2020Q1. Pre-crisis (2019Q4) controls include: $n o n - p e r f o r m i n g l o a n s, l o g o f a s s e t s, r e t u r n o n e q u i t y$ (excluding columns (5)–(6)), $e q u i t y t o a s s e t r a t i o$ and country dummies. Regression constant not reported for brevity.