Table 1.
Variable definitions.
Table 2.
This table reports the descriptive statistics for the main variables. The sample period is from 2007 to 2017.
Fig 1.
Ln_Z in different years.
Fig 2.
ROA in different years.
Fig 3.
CAR in different years.
Table 3.
This table reports the result of stability test according to the Fisher-ADF test.
Table 4.
Private capital holding, government’s financial awareness and stability of CCBs.
This table reports the results of dynamic panel system GMM regressions analyzing the impact of private capital holding on stability of CCBs and the moderating effect of government’s financial awareness (The column 1 is the estimated results of the fixed effect model). The dependent variables of Columns 1- 5 are Ln_Z, Ln_Z, ROA, CAR and σ(ROA) respectively. Variables are defined in Table 1. The sample period is from 2007 to 2017. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.
Table 5.
Private ownership shares (spriv), government’s financial awareness of and stability of CCBs.
This table reports the results of dynamic panel system GMM regressions analyzing the impact of private ownership shares (spriv) on stability of CCBs and the moderating effect of government’s financial awareness. The dependent variables of Columns 1- 4 are Ln_Z, ROA, CAR and σ(ROA) respectively. Variables are defined in Table 1. The sample period is from 2007 to 2017. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.
Table 6.
Private capital relative holding (Privl), government’s financial awareness of and stability of CCBs.
This table reports the results of dynamic panel system GMM regressions analyzing the impact of private capital relative holding (Privl) on stability of CCBs and the moderating effect of government’s financial awareness. The dependent variables of Columns 1- 4 are Ln_Z, ROA, CAR and σ(ROA) respectively. Variables are defined in Table 1. The sample period is from 2007 to 2017. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.
Table 7.
Priv’s instrumental variable regression.
This table reports the results of 2SLS regressions analyzing the impact of private capital holding (Priv) on stability of CCBs and the moderating effect of government’s financial awareness. The dependent variables of Columns 1- 6 are Priv, Priv × Finawa, Ln_Z, ROA, CAR and σ(ROA) respectively. Variables are defined in Table 1. The sample period is from 2007 to 2017. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.
Table 8.
spriv’s instrumental variable regression.
This table reports the results of 2SLS regressions analyzing the impact of private capital holding (spriv) on stability of CCBs and the moderating effect of government’s financial awareness. The dependent variables of Columns 1- 6 are spriv, spriv × Finawa, Ln_Z, ROA, CAR and σ(ROA) respectively. Variables are defined in Table 1. The sample period is from 2007 to 2017. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.
Table 9.
Privl’s instrumental variable regression.
This table reports the results of 2SLS regressions analyzing the impact of private capital holding (Privl) on stability of CCBs and the moderating effect of government’s financial awareness. The dependent variables of Columns 1- 6 are Privl, Privl × Finawa, Ln_Z, ROA, CAR and σ(ROA) respectively. Variables are defined in Table 1. The sample period is from 2007 to 2017. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.