Main regression results using 2SLS
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| ESI | ESI | ESI | ESI | |
| CUST_P | 3.7477*** (0.3983) | |||
| EMP_P | 0.0900* (0.0465) | |||
| SUP_P | 0.0044*** (0.0013) | |||
| SHR_P | 0.0019 (0.0020) | |||
| FAGE | −0.0237*** (0.0057) | −0.0238*** (0.0057) | −0.0246*** (0.0057) | −0.0225*** (0.0059) |
| FSIZE | 0.9320*** (0.0274) | 1.0127*** (0.0468) | 0.9408*** (0.0275) | 0.9358*** (0.0284) |
| FLEV | 0.6798*** (0.1799) | 0.8596*** (0.1807) | 0.8468*** (0.1798) | 0.8555*** (0.1808) |
| ROA | 1.8016*** (0.5076) | 1.9612*** (0.5105) | 1.8623*** (0.5094) | 1.8833*** (0.5131) |
| BSIZE | −0.1193 (0.1673) | −0.1149 (0.1675) | −0.1037 (0.1682) | −0.1322 (0.1681) |
| BIND | −2.0033*** (0.5859) | −2.0083*** (0.5891) | −1.9856*** (0.5898) | −2.0491*** (0.5911) |
| CEOD | 0.2845*** (0.0690) | 0.2743*** (0.0695) | 0.2807*** (0.0698) | 0.2819*** (0.0698) |
| Constant | −4.0255*** (0.6547) | −5.3570*** (0.8011) | −4.5064*** (0.6586) | −4.4309*** (0.6616) |
| Industry FE | YES | YES | YES | YES |
| Time FE | YES | YES | YES | YES |
| Observations | 6040 | 6040 | 6040 | 6040 |
| R-squared | 0.33 | 0.33 | 0.33 | 0.32 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| ESI | ESI | ESI | ESI | |
| CUST_P | 3.7477 | |||
| EMP_P | 0.0900* (0.0465) | |||
| SUP_P | 0.0044 | |||
| SHR_P | 0.0019 (0.0020) | |||
| FAGE | −0.0237 | −0.0238 | −0.0246 | −0.0225 |
| FSIZE | 0.9320 | 1.0127 | 0.9408 | 0.9358 |
| FLEV | 0.6798 | 0.8596 | 0.8468 | 0.8555 |
| ROA | 1.8016 | 1.9612 | 1.8623 | 1.8833 |
| BSIZE | −0.1193 (0.1673) | −0.1149 (0.1675) | −0.1037 (0.1682) | −0.1322 (0.1681) |
| BIND | −2.0033 | −2.0083 | −1.9856 | −2.0491 |
| CEOD | 0.2845 | 0.2743 | 0.2807 | 0.2819 |
| Constant | −4.0255 | −5.3570 | −4.5064 | −4.4309 |
| Industry FE | YES | YES | YES | YES |
| Time FE | YES | YES | YES | YES |
| Observations | 6040 | 6040 | 6040 | 6040 |
| 0.33 | 0.33 | 0.33 | 0.32 |
Notes:
Robust standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1