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L. Listed, 15) (1.86) (0.59) (-1.14) (-0.80) (-0.52) (-0.79) (-0.34) (-1.52) COUNTRY DUMMIES Yes Yes Yes Yes Yes Yes Yes Yes Yes Number of obs

T. Orthogonalized-with and . M_deposit-=, LISTED = a dummy variable which takes the value of one if the bank is listed on the stock market and zero otherwise; LAMBDA is the inverse Mills ratio estimated for each bank from the first-stage Probit model. The variables FAMILY, COMPANY and BANK represent the percentage of stock held respectively by families/individuals, non-financial companies and banks. We also include dummy variables to account for country specific effects ? ) (-0.78) (-0.26) (-1.05) (0.67) (-0.03) (-1, 84) (0.75) (2.50) (2.80) (2.47) (2.42) (2.37) (3.55) (3.52) FAMILY ( 1 ? ) (-1.38) (-2.66) (-1.86) (1.93) (0.83) (-0.80) (0.99) (-0.17) (-0.37) COMPANY*DISCIPLINE ( 5 ? ) (-0.24) (0.73) (0.62) (0.69) (-0.21) 8 ? ) (2.26) (2.16) (-1.11) (-2.77) (-2.14) (-1.45) (-2.10) (-1.66) (-0.29)

A. Table, . Sdroa-sdroe-m_llp-z-zp-zp1-zp2, and . M_roa, ) (3.66) (3.53) FAMILY_OWNED -0.220 -5.555 ** -1.106 ** 8.898 1.354 -1.233 2.587 -0.257 -2.039 (-1.10) (-2.39) (-2.30) (0.60) (0.10) (-1.12) (0.21) (-0, cross-section OLS regressions Risk measures Default Risk measures Profitability measures.33) (-2.19) (-1.23) (0.30) (-1.33) (-2.08) (-0.96), pp.31090-31091