Firm level control variables: summary statistics and definition
| Variable | Definition | Unit | Mean | Std |
|---|---|---|---|---|
| Dependent variables | ||||
| APPLY | Dummy variable indicating whether the firm applied for credit (= 1) or not (= 0) | 0,1 | 0.787 | 0.410 |
| RATIONED_1 | Dummy variable indicating whether the firm is credit rationed or denied (= 1) or not (= 0); discouraged borrowers are considered as credit-unconstrained borrowers | 0,1 | 0.371 | 0.484 |
| RATIONED_2 | Dummy variable indicating whether the firm is credit rationed or denied (= 1) or not (= 0); discouraged borrowers are considered credit-constrained borrowers | 0,1 | 0.393 | 0.489 |
| DENIED | Dummy variable indicating whether the firm is denied (= 1) or not (= 0) | 0,1 | 0.063 | 0.243 |
| Independent variables | ||||
| GEO | Dummy variable indicating whether the firm is Italian (= 1) or Austrian (= 0) | 0,1 | 0.665 | 0.473 |
| SEC (=IND) | Dummy variable indicating whether the firm is an industrial firm (= 1) or not (= 0) | 0,1 | 0.533 | 0.500 |
| SEC (=SERV) | Dummy variable indicating whether the firm is a services firm (= 1) or not (= 0) | 0,1 | 0.375 | 0.485 |
| SEC (=COMM) | Dummy variable indicating whether the firm is a commercial firm (= 1) or not (= 0) | 0,1 | 0.092 | 0.289 |
| SIZE | Total number of full-time employees | Quantity | 26.851 | 72.753 |
| FIRM_AGE | Age of the firm (measured in years) | Years | 26.482 | 27.753 |
| SOL-OWNER | Dummy variable indicating whether the firm is owned by a sole owner (= 1) or not (= 0) | 0,1 | 0.500 | 0.500 |
| EXPORT | Percentage indicating the share of export sales [ = Export sales/Total sales] | Ratio | 0.120 | 0.245 |
| CAP | Equity per sources of the firm [ = Equity/(Equity + Financial debts)] | Ratio | 0.513 | 0.367 |
| OUT | Dummy variable indicating whether the firm presents outstanding receivables (= 1) or not (= 0) | 0,1 | 0.449 | 0.498 |
| PERF | Factorial measure of subjective performance | Quantity | 34.765 | 8.225 |
| LOAN_COST | Cost of financial sources [ = Interest expenses/Bank debts] | Ratio | 0.043 | 0.033 |
| SHORT_DEBT | Dummy variable indicating short-term debt bank has used (= 1) or not (= 0) | 0,1 | 0.625 | 0.485 |
| LONG_DEBT | Dummy variable indicating long-term debt bank has used (= 1) or not (= 0) | 0,1 | 0.577 | 0.495 |
| LEND | Number of banks or other financial intermediaries that finance the firm | Quantity | 2.904 | 2.803 |
| RLR | Number of cooperative local banks out of total banks financing the firm [ = Nr. Local cooperative banks/Nr. of banks] | Ratio | 0.160 | 0.275 |
| RISK | Factorial measure of risk taking | Quantity | 8.562 | 2.846 |
| INNOV | Factorial measure of innovativeness | Quantity | 9.948 | 4.700 |
| PROAC | Factorial measure of proactiveness | Quantity | 29.777 | 6.599 |
| AGRESS | Factorial measure of competitive aggressiveness | Quantity | 10.239 | 4.867 |
| AUTON | Factorial measure of autonomy | Quantity | 19.222 | 4.135 |
| COMP_EN | Factorial measure of competitive energy | Quantity | 4.590 | 1.575 |
| STRAT | Factorial measure of strategic firm | Quantity | 4.579 | 1.572 |
| FIN | Dummy variable indicating whether the firm has systematic control of financial sources (= 1) or not (= 0) | 0,1 | 0.618 | 0.4875 |
| BDG | Score (1–7) to measure the entrepreneurial attitude in exploiting forecasting techniques | Scaled [1,7] | 4.643 | 2.169 |
| COST_CONTROL | Score (1–7) to measure the entrepreneurial attitude in exploiting cost-control techniques | Scaled [1,7] | 4.368 | 2.295 |
| GUA | Dummy variable indicating whether collateral or a personal guarantee has been used (= 1) or not (= 0) | 0,1 | 0.636 | 0.482 |
| MG | Dummy variable indicating whether bank guarantees have been used (= 1) or not (= 0) | 0,1 | 0.221 | 0.415 |
| BG | Dummy variable indicating whether mutual guarantees have been used (= 1) or not (= 0) | 0,1 | 0.184 | 0.388 |
| PG | Dummy variable indicating whether public guarantees have been used (= 1) or not (= 0) | 0,1 | 0.227 | 0.420 |
| Variable | Definition | Unit | Mean | Std |
|---|---|---|---|---|
| APPLY | Dummy variable indicating whether the firm applied for credit (= 1) or not (= 0) | 0,1 | 0.787 | 0.410 |
| RATIONED_1 | Dummy variable indicating whether the firm is credit rationed or denied (= 1) or not (= 0); discouraged borrowers are considered as credit-unconstrained borrowers | 0,1 | 0.371 | 0.484 |
| RATIONED_2 | Dummy variable indicating whether the firm is credit rationed or denied (= 1) or not (= 0); discouraged borrowers are considered credit-constrained borrowers | 0,1 | 0.393 | 0.489 |
| DENIED | Dummy variable indicating whether the firm is denied (= 1) or not (= 0) | 0,1 | 0.063 | 0.243 |
| GEO | Dummy variable indicating whether the firm is Italian (= 1) or Austrian (= 0) | 0,1 | 0.665 | 0.473 |
| SEC (=IND) | Dummy variable indicating whether the firm is an industrial firm (= 1) or not (= 0) | 0,1 | 0.533 | 0.500 |
| SEC (=SERV) | Dummy variable indicating whether the firm is a services firm (= 1) or not (= 0) | 0,1 | 0.375 | 0.485 |
| SEC (=COMM) | Dummy variable indicating whether the firm is a commercial firm (= 1) or not (= 0) | 0,1 | 0.092 | 0.289 |
| SIZE | Total number of full-time employees | Quantity | 26.851 | 72.753 |
| FIRM_AGE | Age of the firm (measured in years) | Years | 26.482 | 27.753 |
| SOL-OWNER | Dummy variable indicating whether the firm is owned by a sole owner (= 1) or not (= 0) | 0,1 | 0.500 | 0.500 |
| EXPORT | Percentage indicating the share of export sales [ = Export sales/Total sales] | Ratio | 0.120 | 0.245 |
| CAP | Equity per sources of the firm [ = Equity/(Equity + Financial debts)] | Ratio | 0.513 | 0.367 |
| OUT | Dummy variable indicating whether the firm presents outstanding receivables (= 1) or not (= 0) | 0,1 | 0.449 | 0.498 |
| PERF | Factorial measure of subjective performance | Quantity | 34.765 | 8.225 |
| LOAN_COST | Cost of financial sources [ = Interest expenses/Bank debts] | Ratio | 0.043 | 0.033 |
| SHORT_DEBT | Dummy variable indicating short-term debt bank has used (= 1) or not (= 0) | 0,1 | 0.625 | 0.485 |
| LONG_DEBT | Dummy variable indicating long-term debt bank has used (= 1) or not (= 0) | 0,1 | 0.577 | 0.495 |
| LEND | Number of banks or other financial intermediaries that finance the firm | Quantity | 2.904 | 2.803 |
| RLR | Number of cooperative local banks out of total banks financing the firm [ = Nr. Local cooperative banks/Nr. of banks] | Ratio | 0.160 | 0.275 |
| RISK | Factorial measure of risk taking | Quantity | 8.562 | 2.846 |
| INNOV | Factorial measure of innovativeness | Quantity | 9.948 | 4.700 |
| PROAC | Factorial measure of proactiveness | Quantity | 29.777 | 6.599 |
| AGRESS | Factorial measure of competitive aggressiveness | Quantity | 10.239 | 4.867 |
| AUTON | Factorial measure of autonomy | Quantity | 19.222 | 4.135 |
| COMP_EN | Factorial measure of competitive energy | Quantity | 4.590 | 1.575 |
| STRAT | Factorial measure of strategic firm | Quantity | 4.579 | 1.572 |
| FIN | Dummy variable indicating whether the firm has systematic control of financial sources (= 1) or not (= 0) | 0,1 | 0.618 | 0.4875 |
| BDG | Score (1–7) to measure the entrepreneurial attitude in exploiting forecasting techniques | Scaled [1,7] | 4.643 | 2.169 |
| COST_CONTROL | Score (1–7) to measure the entrepreneurial attitude in exploiting cost-control techniques | Scaled [1,7] | 4.368 | 2.295 |
| GUA | Dummy variable indicating whether collateral or a personal guarantee has been used (= 1) or not (= 0) | 0,1 | 0.636 | 0.482 |
| MG | Dummy variable indicating whether bank guarantees have been used (= 1) or not (= 0) | 0,1 | 0.221 | 0.415 |
| BG | Dummy variable indicating whether mutual guarantees have been used (= 1) or not (= 0) | 0,1 | 0.184 | 0.388 |
| PG | Dummy variable indicating whether public guarantees have been used (= 1) or not (= 0) | 0,1 | 0.227 | 0.420 |
Note(s): This table shows the descriptive statistics for the variables used, together with their definitions and acronyms
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.