Determinants of credit access difficulties of firms that applied for credit (subsample)
| (4a) | (4b) | (4c) | (5a) | (5b) | (5c) | |
|---|---|---|---|---|---|---|
| RATIONED (ON APPLY) | DENIED (ON APPLY) | |||||
| GEO | 1.859*** (0.515) | 1.7297*** (0.5581) | 1.837*** (0.5897) | −3.046 (1.946) | −3.657* (2.090) | −2.800 (2.142) |
| SEC (=IND) | 0.597 (0.608) | 1.005 (0.672) | 1.089* (0.660) | |||
| SEC (=SERV) | −0.534 (0.632) | −0.341 (0.679) | −0.240 (0.671) | |||
| SOLEOWNER | −0.747* (0.389) | 3.307* (1.797) | ||||
| FIRM_AGE | −0.017** (0.008) | −0.016** (0.008) | −0.0218** (0.009) | |||
| SIZE | 0.153* (0.082) | −0.162** (0.079) | ||||
| PERF | −0.114*** (0.026) | −0.103*** (0.026) | −0.126*** (0.028) | |||
| CAP | 6.899*** (2.659) | 7.318*** (2.804) | 7.807*** (2.945) | |||
| OUT | 0.713* (0.387) | 0.761* (0.411) | 0.755* (0.406) | 1.846 (1.331) | ||
| LOAN_COST | 1.099* (0.620) | 1.452** (0.679) | 1.753** (0.700) | 3.323 (2.536) | ||
| LONG_DEBT | −0.685 (0.438) | −5.183*** (1.933) | −6.321** (2.456) | 5.801** (2.547) | ||
| SHORT_DEBT | −4.689** (1.846) | −5.043** (2.032) | −5.151** (2.011) | |||
| EXPORT | 1.142 (0.775) | 2.302** (0.954) | 1.824** (0.914) | |||
| INNOV | 0.280** (0.138) | 0.395** (0.199) | ||||
| RISK | 1.015** | |||||
| PROAC | 0.035 (0.042) | |||||
| AGGRESS | −0.122** (0.125) | −0.043 (0.057) | −0.300* (0.181) | −0.267* (0.160) | ||
| BDG | 0.178 (0.098) | 0.250** (0.110) | 0.208* (0.107) | 0.517 (0.361) | 0.888* (0.511) | |
| FIN | −0.573 (0.403) | −0.722* (0.432) | −2.770** (1.318) | −3.366** (1.615) | −6.097** (2.498) | |
| COST_CONTROL | 0.542** (0.319) | 0.998** (0.452) | ||||
| STRAT | −0.209 (0.132) | −1.152** (0.492) | −1.185** (0.654) | −1.399** (0.674) | ||
| LEND | 0.400* (0.230) | 0.464** (0.209) | ||||
| RLR | 0.839** (0.365) | 1.468* (0.807) | ||||
| GUA | 0.594 (0.402) | 0.834* (0.432) | 0.802* (0.426) | −2.804* (1.581) | −3.760** (1.845) | |
| MG | 0.738 (0.464) | |||||
| BG | 0.681 (0.484) | |||||
| PROAC × RLR | −0.185* (0.112) | |||||
| AGGRESS × RLR | −0.288** (0.146) | |||||
| INNOV × RLR | −2.050** (0.994) | |||||
| Observations | 213 | 213 | 213 | 213 | 213 | 213 |
| Pseudo R2 | 0.312 | 0.353 | 0.360 | 0.715 | 0.748 | 0.730 |
| (4a) | (4b) | (4c) | (5a) | (5b) | (5c) | |
|---|---|---|---|---|---|---|
| RATIONED (ON APPLY) | DENIED (ON APPLY) | |||||
| GEO | 1.859*** (0.515) | 1.7297*** (0.5581) | 1.837*** (0.5897) | −3.046 (1.946) | −3.657* (2.090) | −2.800 (2.142) |
| SEC (=IND) | 0.597 (0.608) | 1.005 (0.672) | 1.089* (0.660) | |||
| SEC (=SERV) | −0.534 (0.632) | −0.341 (0.679) | −0.240 (0.671) | |||
| SOLEOWNER | −0.747* (0.389) | 3.307* (1.797) | ||||
| FIRM_AGE | −0.017** (0.008) | −0.016** (0.008) | −0.0218** (0.009) | |||
| SIZE | 0.153* (0.082) | −0.162** (0.079) | ||||
| PERF | −0.114*** (0.026) | −0.103*** (0.026) | −0.126*** (0.028) | |||
| CAP | 6.899*** (2.659) | 7.318*** (2.804) | 7.807*** (2.945) | |||
| OUT | 0.713* (0.387) | 0.761* (0.411) | 0.755* (0.406) | 1.846 (1.331) | ||
| LOAN_COST | 1.099* (0.620) | 1.452** (0.679) | 1.753** (0.700) | 3.323 (2.536) | ||
| LONG_DEBT | −0.685 (0.438) | −5.183*** (1.933) | −6.321** (2.456) | 5.801** (2.547) | ||
| SHORT_DEBT | −4.689** (1.846) | −5.043** (2.032) | −5.151** (2.011) | |||
| EXPORT | 1.142 (0.775) | 2.302** (0.954) | 1.824** (0.914) | |||
| INNOV | 0.280** (0.138) | 0.395** (0.199) | ||||
| RISK | 1.015** | |||||
| PROAC | 0.035 (0.042) | |||||
| AGGRESS | −0.122** (0.125) | −0.043 (0.057) | −0.300* (0.181) | −0.267* (0.160) | ||
| BDG | 0.178 (0.098) | 0.250** (0.110) | 0.208* (0.107) | 0.517 (0.361) | 0.888* (0.511) | |
| FIN | −0.573 (0.403) | −0.722* (0.432) | −2.770** (1.318) | −3.366** (1.615) | −6.097** (2.498) | |
| COST_CONTROL | 0.542** (0.319) | 0.998** (0.452) | ||||
| STRAT | −0.209 (0.132) | −1.152** (0.492) | −1.185** (0.654) | −1.399** (0.674) | ||
| LEND | 0.400* (0.230) | 0.464** (0.209) | ||||
| RLR | 0.839** (0.365) | 1.468* (0.807) | ||||
| GUA | 0.594 (0.402) | 0.834* (0.432) | 0.802* (0.426) | −2.804* (1.581) | −3.760** (1.845) | |
| MG | 0.738 (0.464) | |||||
| BG | 0.681 (0.484) | |||||
| PROAC × RLR | −0.185* (0.112) | |||||
| AGGRESS × RLR | −0.288** (0.146) | |||||
| INNOV × RLR | −2.050** (0.994) | |||||
| Observations | 213 | 213 | 213 | 213 | 213 | 213 |
| Pseudo | 0.312 | 0.353 | 0.360 | 0.715 | 0.748 | 0.730 |
Note(s): This table shows the stepwise logistic regression results using as dependent variables: Rationed (dummy variable equal to one for firms that are rationed, zero for firms that apply for credit and receive everything requested), Denied (dummy variable equal to one for firms that are credit denied, zero for firms that apply for credit and receive everything requested). 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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