Main results
| (1a) | (1b) | (1c) | (2a) | (2b) | (2c) | (3a) | (3b) | (3c) | (4a) | (4b) | (4c) | (5a) | (5b) | (5c) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APPLY | RATIONED_1 | RATIONED_2 | RATIONED_SUB | DENIED | |||||||||||
| GEO | 1.188*** (0.456) | 1.249*** (0.457) | 1.213** (0.511) | 1.088** (0.457) | 1.340*** (0.482) | 0.782 (0.513) | 1.040** (0.479) | 1.182** (0.519) | 0.772 (0.536) | −3.794** (1.586) | −3.794** (1.586) | ||||
| SEC (=IND) | 0.622 (0.555) | 0.778 (0.567) | 1.156* (0.594) | 0.648 (0.540) | 0.772 (0.555) | 1.180** (0.599) | 0.645 (0.570) | 0.849 (0.5811) | 1.236** (0.6162) | ||||||
| SEC (=SERV) | −0.193 (0.583) | −0.119 (0.586) | 0.218 (0.611) | −0.129 (0.566) | −0.140 (0.575) | 0.153 (0.605) | −0.116 (0.596) | −0.095 (0.603) | 0.133 (0.621) | ||||||
| SOL-OWNER | −0.669 (0.435) | −0.713 (0.441) | - 0.713 (0.441) | −0.543* (0.321) | −0.601* (0.330) | −0.654* (0.349) | −0.514 (0.348) | −0.628* (0.362) | −1.695 (1.048) | −1.695 (1.048) | |||||
| AGE | −0.014* (0.007) | −0.015* (0.008) | −0.018** (0.008) | −0.009 (0.006) | −0.011* (0.006) | −0.015** (0.007) | −0.014* (0.008) | −0.015** (0.007) | −0.018** (0.008) | 0.032** (0.015) | 0.032** (0.015) | ||||
| SIZE | −0.065* (0.038) | −0.126** (0.054) | −0.126** (0.055) | ||||||||||||
| PERF | −0.111*** (0.023) | −0.107*** (0.024) | −0.118*** (0.025) | −0.102 (0.022) | −0.104*** (0.023) | −0.111*** (0.026) | −0.109*** (0.023) | −0.110*** (0.024) | −0.120*** (0.027) | −0.0671 (0.042) | −0.1034* (0.0578) | −0.103* (0.057) | |||
| CAP | −1.239** (0.620) | −1.341** (0.631) | −1.341** (0.631) | 3.375*** (1.307) | 6.504*** (2.259) | 6.504*** (2.259) | |||||||||
| OUT | 0.720** (0.332) | 0.703** (0.340) | 0.679* (0.358) | 0.543 (0.354) | 0.621* (0.356) | 0.625* (0.376) | 2.657** (1.048) | 2.657** (1.048) | |||||||
| LO-COST | 1.107** (0.494) | 1.263** (0.5087) | 1.352*** (0.5216) | 1.4014*** (0.484) | 1.629*** (0.504) | 1.834*** (0.527) | 1.314*** (0.501) | 1.604*** (0.525) | 1.741*** (0.542) | 1.691** (0.733) | 3.708*** (1.255) | 3.708*** (1.253) | |||
| LT-DEBT | 2.845*** (0.591) | 2.885*** (0.595) | 2.885*** (0.595) | −1.923** (0.867) | −2.246* (1.151) | −2.246* (1.151) | |||||||||
| ST-DEBT | 1.500*** (0.456) | 1.518*** (0.461) | 1.518*** (0.461) | −2.150** (0.843) | −4.827*** (1.695) | −4.827*** (1.695) | |||||||||
| EXPORT | 1.129* (0.667) | 1.970** (0.792) | 1.773** (0.808) | 1.376** (0.658) | 2.188*** (0.799) | 2.013** (0.821) | 1.240* (0.682) | 2.210*** (0.820) | 2.065** (0.842) | 2.607** (1.246) | 3.971** (1.605) | 3.971** (1.605) | |||
| INNOV | 0.500*** (0.168) | 0.500*** (0.168) | |||||||||||||
| PROAC | −0.044 (0.029) | −0.044 (0.029) | 0.039 (0.035) | 0.045 (0.036) | −0.202*** (0.071) | −0.202*** (0.071) | |||||||||
| AGRESS | −0.084** (0.042) | −0.037 (0.051) | −0.102** (0.043) | −0.045 (0.053) | −0.109** (0.045) | −0.056 (0.056) | |||||||||
| AUTON | 0.099 (0.063) | −0.353*** (0.134) | −0.353*** (0.134) | ||||||||||||
| BDG | 0.137 (0.093) | 0.487** (0.240) | 0.487** (0.240) | ||||||||||||
| COST_CONTROL | 0.215 (0.151) | ||||||||||||||
| FIN | −1.618 (0.994) | −1.618 (0.994) | |||||||||||||
| LEND | 0.298* (0.158) | 0.299* (0.159) | 0.299* (0.159) | 0.118* (0.066) | 0.120* (0.067) | 0.121* (0.068) | 0.097 (0.067) | 0.299** (0.119) | 0.727*** (0.239) | 0.727*** (0.239) | |||||
| RLR | 8.755** (3.555) | 7.833*** (2.677) | 7.516*** (2.622) | ||||||||||||
| GUA | 0.799** (0.361) | 0.859** (0.368) | 0.969** (0.383) | 1.069*** (0.388) | 1.157*** (0.365) | 1.216*** (0.382) | 0.876** (0.368) | 1.109*** (0.378) | 1.189*** (0.389) | ||||||
| MG | 0.734* (0.400) | 0.936** (0.418) | 0.998** (0.433) | 0.821** (0.388) | 0.995** (0.411) | 1.099** (0.426) | 0.722* (0.410) | 1.111*** (0.425) | 1.220*** (0.438) | ||||||
| BG | 0.785* (0.419) | 0.850** (0.425) | 0.744* (0.441) | 0.698 (0.438) | 0.677 (0.426) | 0.679 (0.433) | 0.827* (0.446) | ||||||||
| PROAC × RLR | −0.168** (0.085) | −0.169** (0.083) | |||||||||||||
| AGRESS × RLR | −0.224* (0.127) | −0.240** (0.119) | −0.227* (0.121) | ||||||||||||
| AUTON × RLR | −0.327* (0.185) | ||||||||||||||
| Observations | 271 | 271 | 271 | 271 | 271 | 271 | 271 | 271 | 271 | 265 | 265 | 265 | 271 | 271 | 271 |
| Pseudo R2 | 0.466 | 0.474 | 0.474 | 0.327 | 0.338 | 0.363 | 0.315 | 0.333 | 0.365 | 0.336 | 0.354 | 0.376 | 0.361 | 0.561 | 0.561 |
| (1a) | (1b) | (1c) | (2a) | (2b) | (2c) | (3a) | (3b) | (3c) | (4a) | (4b) | (4c) | (5a) | (5b) | (5c) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APPLY | RATIONED_1 | RATIONED_2 | RATIONED_SUB | DENIED | |||||||||||
| GEO | 1.188*** (0.456) | 1.249*** (0.457) | 1.213** (0.511) | 1.088** (0.457) | 1.340*** (0.482) | 0.782 (0.513) | 1.040** (0.479) | 1.182** (0.519) | 0.772 (0.536) | −3.794** (1.586) | −3.794** (1.586) | ||||
| SEC (=IND) | 0.622 (0.555) | 0.778 (0.567) | 1.156* (0.594) | 0.648 (0.540) | 0.772 (0.555) | 1.180** (0.599) | 0.645 (0.570) | 0.849 (0.5811) | 1.236** (0.6162) | ||||||
| SEC (=SERV) | −0.193 (0.583) | −0.119 (0.586) | 0.218 (0.611) | −0.129 (0.566) | −0.140 (0.575) | 0.153 (0.605) | −0.116 (0.596) | −0.095 (0.603) | 0.133 (0.621) | ||||||
| SOL-OWNER | −0.669 (0.435) | −0.713 (0.441) | - 0.713 (0.441) | −0.543* (0.321) | −0.601* (0.330) | −0.654* (0.349) | −0.514 (0.348) | −0.628* (0.362) | −1.695 (1.048) | −1.695 (1.048) | |||||
| AGE | −0.014* (0.007) | −0.015* (0.008) | −0.018** (0.008) | −0.009 (0.006) | −0.011* (0.006) | −0.015** (0.007) | −0.014* (0.008) | −0.015** (0.007) | −0.018** (0.008) | 0.032** (0.015) | 0.032** (0.015) | ||||
| SIZE | −0.065* (0.038) | −0.126** (0.054) | −0.126** (0.055) | ||||||||||||
| PERF | −0.111*** (0.023) | −0.107*** (0.024) | −0.118*** (0.025) | −0.102 (0.022) | −0.104*** (0.023) | −0.111*** (0.026) | −0.109*** (0.023) | −0.110*** (0.024) | −0.120*** (0.027) | −0.0671 (0.042) | −0.1034* (0.0578) | −0.103* (0.057) | |||
| CAP | −1.239** (0.620) | −1.341** (0.631) | −1.341** (0.631) | 3.375*** (1.307) | 6.504*** (2.259) | 6.504*** (2.259) | |||||||||
| OUT | 0.720** (0.332) | 0.703** (0.340) | 0.679* (0.358) | 0.543 (0.354) | 0.621* (0.356) | 0.625* (0.376) | 2.657** (1.048) | 2.657** (1.048) | |||||||
| LO-COST | 1.107** (0.494) | 1.263** (0.5087) | 1.352*** (0.5216) | 1.4014*** (0.484) | 1.629*** (0.504) | 1.834*** (0.527) | 1.314*** (0.501) | 1.604*** (0.525) | 1.741*** (0.542) | 1.691** (0.733) | 3.708*** (1.255) | 3.708*** (1.253) | |||
| LT-DEBT | 2.845*** (0.591) | 2.885*** (0.595) | 2.885*** (0.595) | −1.923** (0.867) | −2.246* (1.151) | −2.246* (1.151) | |||||||||
| ST-DEBT | 1.500*** (0.456) | 1.518*** (0.461) | 1.518*** (0.461) | −2.150** (0.843) | −4.827*** (1.695) | −4.827*** (1.695) | |||||||||
| EXPORT | 1.129* (0.667) | 1.970** (0.792) | 1.773** (0.808) | 1.376** (0.658) | 2.188*** (0.799) | 2.013** (0.821) | 1.240* (0.682) | 2.210*** (0.820) | 2.065** (0.842) | 2.607** (1.246) | 3.971** (1.605) | 3.971** (1.605) | |||
| INNOV | 0.500*** (0.168) | 0.500*** (0.168) | |||||||||||||
| PROAC | −0.044 (0.029) | −0.044 (0.029) | 0.039 (0.035) | 0.045 (0.036) | −0.202*** (0.071) | −0.202*** (0.071) | |||||||||
| AGRESS | −0.084** (0.042) | −0.037 (0.051) | −0.102** (0.043) | −0.045 (0.053) | −0.109** (0.045) | −0.056 (0.056) | |||||||||
| AUTON | 0.099 (0.063) | −0.353*** (0.134) | −0.353*** (0.134) | ||||||||||||
| BDG | 0.137 (0.093) | 0.487** (0.240) | 0.487** (0.240) | ||||||||||||
| COST_CONTROL | 0.215 (0.151) | ||||||||||||||
| FIN | −1.618 (0.994) | −1.618 (0.994) | |||||||||||||
| LEND | 0.298* (0.158) | 0.299* (0.159) | 0.299* (0.159) | 0.118* (0.066) | 0.120* (0.067) | 0.121* (0.068) | 0.097 (0.067) | 0.299** (0.119) | 0.727*** (0.239) | 0.727*** (0.239) | |||||
| RLR | 8.755** (3.555) | 7.833*** (2.677) | 7.516*** (2.622) | ||||||||||||
| GUA | 0.799** (0.361) | 0.859** (0.368) | 0.969** (0.383) | 1.069*** (0.388) | 1.157*** (0.365) | 1.216*** (0.382) | 0.876** (0.368) | 1.109*** (0.378) | 1.189*** (0.389) | ||||||
| MG | 0.734* (0.400) | 0.936** (0.418) | 0.998** (0.433) | 0.821** (0.388) | 0.995** (0.411) | 1.099** (0.426) | 0.722* (0.410) | 1.111*** (0.425) | 1.220*** (0.438) | ||||||
| BG | 0.785* (0.419) | 0.850** (0.425) | 0.744* (0.441) | 0.698 (0.438) | 0.677 (0.426) | 0.679 (0.433) | 0.827* (0.446) | ||||||||
| PROAC × RLR | −0.168** (0.085) | −0.169** (0.083) | |||||||||||||
| AGRESS × RLR | −0.224* (0.127) | −0.240** (0.119) | −0.227* (0.121) | ||||||||||||
| AUTON × RLR | −0.327* (0.185) | ||||||||||||||
| Observations | 271 | 271 | 271 | 271 | 271 | 271 | 271 | 271 | 271 | 265 | 265 | 265 | 271 | 271 | 271 |
| Pseudo | 0.466 | 0.474 | 0.474 | 0.327 | 0.338 | 0.363 | 0.315 | 0.333 | 0.365 | 0.336 | 0.354 | 0.376 | 0.361 | 0.561 | 0.561 |
Note(s): This table shows the stepwise logistic regression results using as dependent variables: Apply (all firms that respond “YES” to the first question and firms that respond “NO” to the same question but have at least one difficulty from I to VIII), Rationed_1 (dummy variable equal to one for firms that apply for credit and have at least one difficulty from I to VIII, zero for the rest of the surveyed firms), Rationed_2 (dummy variable equal to one for firms that have at least one difficulty in obtaining credit from I to IX, zero for the rest of the sample of firms), Rationed_sub (same as Rationed_1, excluding discouraged borrowers from the sample of firms) and credit denied (dummy variable that switches to one for firms that receive a credit denial, zero otherwise). Models (a) do not contain EO controls. Models (b) add the EO dimensions, while in models (c) we EO dimensions are also interacted with the relationship lending proxy. See Table 3 for the definition of the independent variables. *** indicates significance at the 1% level, ** at the 5% level, * at the 10% level
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