Table V Regression table – probit model...

Table V

Regression table – probit model with endogenous selection

	I			II			III			IV
Variable	Coeff.	SE	AME	Coeff.	SE	AME	Coeff.	SE	AME	Coeff.	SE	AME
1st stage – dependent variable: need finance
subsidiary	−0.181***	(0.052)	.	−0.193***	(0.055)	.	−0.136***	(0.039)	.	−0.171***	(0.042)	.
industry=Manu	0.118	(0.063)	.	0.124*	(0.063)	.	0.112	(0.062)	.	0.122	(0.062)	.
industry=Service	−0.0838	(0.092)	.	−0.073	(0.092)	.	−0.088	(0.086)	.	−0.083	(0.092)	.
legal=Public	−0.178*	(0.070)	.	−0.187**	(0.070)	.	−0.153*	(0.061)	.	−0.184**	(0.070)	.
legal=Private	−0.0531	(0.080)	.	−0.057	(0.081)	.	−0.032	(0.075)	.	−0.053	(0.081)	.
region_met	−0.141*	(0.061)	.	−0.143*	(0.061)	.	−0.136*	(0.060)	.	−0.139*	(0.061)	.
imp tech	0.00112	(0.086)	.	−0.003	(0.087)	.	0.017	(0.084)	.	0.002	(0.086)	.
imp ipr	0.0472	(0.090)	.	0.0495	(0.090)	.	0.044	(0.089)	.	0.050	(0.089)	.
imp market	0.0184	(0.060)	.	0.0130	(0.060)	.	0.031	(0.058)	.	0.020	(0.060)	.
size_ln	−0.246	(0.199)	.	−0.101	(0.303)	.	−0.547*	(0.229)	.	−0.264	(0.314)	.
age_ln	−0.331	(0.192)	.	−0.346	(0.279)	.	−0.164	(0.239)	.	−0.242	(0.289)	.
inno inc_ln	0.176	(0.141)	.	−0.110	(0.693)	.	0.138	(0.139)	.	−0.235	(0.746)	.
inno rad_ln	−0.239	(0.194)	.	−0.258	(0.194)	.	0.136	(0.902)	.	0.167	(1.022)	.
$i n n o i n c_{\ln} * a g e_{\ln}^{- 1}$				−0.094	(0.897)	.				−0.565	(0.977)	.
$i n n o i n c_{\ln} * s i z e_{\ln}^{- 1}$				0.559	(0.892)	.				1.184	(0.963)	.
$i n n o r a d_{\ln} * a g e_{\ln}^{- 1}$							1.217	(1.256)	.	1.603	(1.398)	.
$i n n o r a d_{\ln} * s i z e_{\ln}^{- 1}$							−1.676	(1.136)	.	−2.153	(1.265)	.
Year Controls	Yes			Yes			Yes			Yes
2nd stage – dependent variable: constraints
region_met	−0.033	(0.070)	−0.049	−0.063	(0.080)	−0.056	−0.025	(0.061)	−0.061	−0.041	(0.068)	−0.058
imp tech	−0.022	(0.093)	−0.009	−0.031	(0.097)	−0.013	−0.005	(0.085)	0.0029	−0.022	(0.091)	−0.010
imp ipr	−0.051	(0.093)	−0.012	−0.044	(0.096)	−0.008	−0.065	(0.087)	−0.021	−0.057	(0.091)	−0.014
imp market	−0.054	(0.065)	−0.020	−0.061	(0.068)	−0.023	−0.038	(0.058)	−0.010	−0.050	(0.063)	−0.019
size_ln	−1.012***	(0.296)	−0.524	−0.326	(0.349)	−0.159	−0.068	(0.230)	−0.229	0.063	(0.329)	−0.042
age_ln	0.392	(0.205)	0.099	0.326	(0.308)	0.068	0.179	(0.237)	0.0421	0.278	(0.304)	0.068
inno inc_ln	−0.445**	(0.161)	−0.162	−2.350*	(0.958)	−0.136	−0.382**	(0.140)	−0.164	−1.398	(0.874)	−0.124
inno rad_ln	3.276***	(0.390)	1.447	3.550***	(0.543)	1.454	0.053	(1.032)	1.694	0.707	(1.278)	1.561
$i n n o i n c_{\ln} *_{\ln}^{- 1}$				−0.496	(1.061)	.			.	0.410	(1.048)	.
$i n n o i n c_{\ln} * s i z e_{\ln}^{- 1}$				3.383**	(1.300)	.			.	1.214	(1.170)	.
$inno {rad}_{\ln} * {age}_{\ln}^{- 1}$							−1.316	(1.371)		−1.433	(1.553)	.
$i n n o r a d_{\ln} * s i z e_{\ln}^{- 1}$							6.059***	(1.235)		5.379***	(1.470)	.
Industry Controls	Yes			Yes			Yes			Yes
Legal Controls	Yes			Yes			Yes			Yes
Region Controls	Yes			Yes			Yes			Yes
Year Controls	Yes			Yes			Yes			Yes
N 1st stage	2,822			2,822			2,822			2,822
N 2nd stage	1,790			1,790			1,790			1,790
Log Likelihood	−2,893			−2,806			−2,802			−2,799

	I			II			III			IV
Variable	Coeff.	SE	AME	Coeff.	SE	AME	Coeff.	SE	AME	Coeff.	SE	AME
1st stage – dependent variable: need finance
subsidiary	−0.181***	(0.052)	.	−0.193***	(0.055)	.	−0.136***	(0.039)	.	−0.171***	(0.042)	.
industry=Manu	0.118	(0.063)	.	0.124*	(0.063)	.	0.112	(0.062)	.	0.122	(0.062)	.
industry=Service	−0.0838	(0.092)	.	−0.073	(0.092)	.	−0.088	(0.086)	.	−0.083	(0.092)	.
legal=Public	−0.178*	(0.070)	.	−0.187**	(0.070)	.	−0.153*	(0.061)	.	−0.184**	(0.070)	.
legal=Private	−0.0531	(0.080)	.	−0.057	(0.081)	.	−0.032	(0.075)	.	−0.053	(0.081)	.
region_met	−0.141*	(0.061)	.	−0.143*	(0.061)	.	−0.136*	(0.060)	.	−0.139*	(0.061)	.
imp tech	0.00112	(0.086)	.	−0.003	(0.087)	.	0.017	(0.084)	.	0.002	(0.086)	.
imp ipr	0.0472	(0.090)	.	0.0495	(0.090)	.	0.044	(0.089)	.	0.050	(0.089)	.
imp market	0.0184	(0.060)	.	0.0130	(0.060)	.	0.031	(0.058)	.	0.020	(0.060)	.
size_ln	−0.246	(0.199)	.	−0.101	(0.303)	.	−0.547*	(0.229)	.	−0.264	(0.314)	.
age_ln	−0.331	(0.192)	.	−0.346	(0.279)	.	−0.164	(0.239)	.	−0.242	(0.289)	.
inno inc_ln	0.176	(0.141)	.	−0.110	(0.693)	.	0.138	(0.139)	.	−0.235	(0.746)	.
inno rad_ln	−0.239	(0.194)	.	−0.258	(0.194)	.	0.136	(0.902)	.	0.167	(1.022)	.
$i n n o i n c_{\ln} * a g e_{\ln}^{- 1}$				−0.094	(0.897)	.				−0.565	(0.977)	.
$i n n o i n c_{\ln} * s i z e_{\ln}^{- 1}$				0.559	(0.892)	.				1.184	(0.963)	.
$i n n o r a d_{\ln} * a g e_{\ln}^{- 1}$							1.217	(1.256)	.	1.603	(1.398)	.
$i n n o r a d_{\ln} * s i z e_{\ln}^{- 1}$							−1.676	(1.136)	.	−2.153	(1.265)	.
Year Controls	Yes			Yes			Yes			Yes
2nd stage – dependent variable: constraints
region_met	−0.033	(0.070)	−0.049	−0.063	(0.080)	−0.056	−0.025	(0.061)	−0.061	−0.041	(0.068)	−0.058
imp tech	−0.022	(0.093)	−0.009	−0.031	(0.097)	−0.013	−0.005	(0.085)	0.0029	−0.022	(0.091)	−0.010
imp ipr	−0.051	(0.093)	−0.012	−0.044	(0.096)	−0.008	−0.065	(0.087)	−0.021	−0.057	(0.091)	−0.014
imp market	−0.054	(0.065)	−0.020	−0.061	(0.068)	−0.023	−0.038	(0.058)	−0.010	−0.050	(0.063)	−0.019
size_ln	−1.012***	(0.296)	−0.524	−0.326	(0.349)	−0.159	−0.068	(0.230)	−0.229	0.063	(0.329)	−0.042
age_ln	0.392	(0.205)	0.099	0.326	(0.308)	0.068	0.179	(0.237)	0.0421	0.278	(0.304)	0.068
inno inc_ln	−0.445**	(0.161)	−0.162	−2.350*	(0.958)	−0.136	−0.382**	(0.140)	−0.164	−1.398	(0.874)	−0.124
inno rad_ln	3.276***	(0.390)	1.447	3.550***	(0.543)	1.454	0.053	(1.032)	1.694	0.707	(1.278)	1.561
$i n n o i n c_{\ln} *_{\ln}^{- 1}$				−0.496	(1.061)	.			.	0.410	(1.048)	.
$i n n o i n c_{\ln} * s i z e_{\ln}^{- 1}$				3.383**	(1.300)	.			.	1.214	(1.170)	.
$inno {rad}_{\ln} * {age}_{\ln}^{- 1}$							−1.316	(1.371)		−1.433	(1.553)	.
$i n n o r a d_{\ln} * s i z e_{\ln}^{- 1}$							6.059***	(1.235)		5.379***	(1.470)	.
Industry Controls	Yes			Yes			Yes			Yes
Legal Controls	Yes			Yes			Yes			Yes
Region Controls	Yes			Yes			Yes			Yes
Year Controls	Yes			Yes			Yes			Yes
N 1st stage	2,822			2,822			2,822			2,822
N 2nd stage	1,790			1,790			1,790			1,790
Log Likelihood	−2,893			−2,806			−2,802			−2,799

Notes: Dependent variable: financial constraints. Standard errors clustered on firm level in parentheses. *,**,***Significant at 10, 5, 1 percent levels, respectively

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