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/. Sdroa, S. By, Z. , 2. Ea, and S. By, The values of dependent variables, Z-score, Z-score 1, Z-score 2 are in natural logarithm Independent variables are in decimals except described otherwise Significance test is the test of the null hypothesis that the sum of the coefficients of disclosure and the interaction term do not have joint impacts on risk. Superscripts ***, **, and * denotes statistical significant at the .01, .05 and .10 levels respectively, ) (-0.65) (-3.57) (-2.83) (-3.66) (-2.29) (-2.35) (-1.32) (-1.18) (-0.90) (-0.22) (-0.21) Insiders

A. Table, T-statistics are in parentheses and corrected for heteroskedasticity following White's methodology Explanatory variables are disclosure index (DI) on loan (DILoan DI on memo lines (DIMemo), DI on income statements items, the control variables (PBV, Size, tier 1 capital ratio, coverage of insurance deposits, GDP growth, interest rate, inflation), and the time controls. See Appendix B for details. Z-score = (ROA+Equity-to-Assets)/SDROA, Z-score 1=ROA divided by SDROA, Z-score 2= EA divided by SDROA. The values of Z-score, Z-score 1 and Z-score 2 are in natural logarithm, DI on other earning assests (DIEA), DI on deposits (DIDep), DI on other funding (DIFund) Independent variables are in decimals except described otherwise. Superscripts ***, **, and * denotes statistical significant at the 0.01, 0.05 and 0.10 levels respectively, p.45

A. Table, 3 Robustness tests: The impact of disclosure components on bank risk

A. Table, T-statistics are in parentheses and corrected for heteroskedasticity following White's methodology Explanatory variables are DI on loan (DILoan DI on income statements items, the control variables (PBV, Size, tier 1 capital ratio, coverage of insurance deposits, GDP growth, interest rate, inflation), and the time controls. See Appendix B for details. NPL-to-Cap = ratio of non-performing loan to gross loan divided by ratio of capital asset to total assets, SDROA = the standard deviation of ROA based on two previous years data, SDROE = standard deviation of return on equity. The values of NPL-to-Cap, SDROA, and SDROE are in natural logarithm, DI on other earning assests (DIEA), DI on deposits (DIDep), DI on other funding (DIFund), DI on memo lines (DIMemo)