Table AII Assets and credit risk based...

Table AII

Assets and credit risk based pooled regressions

	Model 1: Survival (coef/SE)	Model 2: Revenues (coef/SE)	Model 3: Profits (coef/SE)	Model 4: Survival (coef/SE)	Model 5: Revenues (coef/SE)	Model 6: Profits (coef/SE)
Log firm assets	−0.089*** (0.01)	0.385*** (0.03)	0.376*** (0.04)
Credit risk = 1				−1.607*** (0.36)	1.814*** (0.35)	3.878*** (0.87)
Credit risk = 2				−1.064*** (0.16)	1.089*** (0.27)	2.813*** (0.60)
Credit risk = 3				−0.740*** (0.12)	0.441 (0.26)	1.585** (0.56)
credit risk = 4				−0.552*** (0.14)	−0.160 (0.30)	0.967 (0.60)
Controls included?	Yes	Yes	Yes	Yes	Yes	Yes
Time dummies?	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	16,284	13,117	12,799	16,284	13,117	12,799
R² or X²	5364.05	0.2436	0.0567	5358.89	0.1988	0.0506

	Model 1: Survival (coef/SE)	Model 2: Revenues (coef/SE)	Model 3: Profits (coef/SE)	Model 4: Survival (coef/SE)	Model 5: Revenues (coef/SE)	Model 6: Profits (coef/SE)
Log firm assets	−0.089*** (0.01)	0.385*** (0.03)	0.376*** (0.04)
Credit risk = 1				−1.607*** (0.36)	1.814*** (0.35)	3.878*** (0.87)
Credit risk = 2				−1.064*** (0.16)	1.089*** (0.27)	2.813*** (0.60)
Credit risk = 3				−0.740*** (0.12)	0.441 (0.26)	1.585** (0.56)
credit risk = 4				−0.552*** (0.14)	−0.160 (0.30)	0.967 (0.60)
Controls included?	Yes	Yes	Yes	Yes	Yes	Yes
Time dummies?	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	16,284	13,117	12,799	16,284	13,117	12,799
R² or X²	5364.05	0.2436	0.0567	5358.89	0.1988	0.0506

Notes: These regressions establish the correlation between the dependent variables (survival, revenues and profits) and the mediators – assets and credit risk. This is one of the four steps for Baron and Kenny mediation. *p<0.05; **p<0.01; ***p<0.001

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