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.