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.