Table 2.

Controlling for firm and industry characteristics, and district fixed effects.

	No cash problem (1)	Credit restructuring (2)	Debt postponing (3)	Informal credit (4)	New banking credit (5)	Capital injection (6)	Cost reductions (7)
Micro	$-0.822\ast \ast \ast$ (0.293)	$-0.467\ast \ast$ (0.210)	$0.165$ (0.475)	$0.782\ast \ast \ast$ (0.147)	$-0.625\ast \ast \ast$ (0.160)	$-0.759\ast \ast \ast$ (0.256)	$0.381\ast \ast$ (0.178)
Small	$-0.550$ (0.404)	$-0.021$ (0.345)	$0.255$ (0.341)	$0.427\ast \ast \ast$ (0.107)	$-0102$ (0.089)	$-0.263$ (0.589)	$0.309$ (0.196)
Medium	$-0.118$ (0.710)	$-0.267$ (0.276)	$-0.867\ast$ (0.452)	$-2.636\ast \ast \ast$ (0.983)	$0.411\ast \ast \ast$ (0.065)	$-0.383$ (0.543)	$0.061$ (0.238)
Firm age	$0.228\ast \ast$ (0.085)	$0.070$ (0.072)	$-0.237\ast \ast \ast$ (0.031)	$-0.270\ast \ast \ast$ (0.040)	$-0.024$ (0.026)	$-0.196\ast \ast \ast$ (0.074)	$0.030$ (0.072)
Export	$0.449\ast \ast \ast$ (0.107)	$-0.074$ (0.126)	$-0.196\ast \ast \ast$ (0.054)	$-0.208\ast$ (0.109)	$-0.191\ast \ast$ (0.067)	$0.220\ast \ast \ast$ (0.075)	$-0.052$ (0.111)
Joint-stock	$0.449\ast \ast \ast$ (0.091)	$-0.112$ (0.079)	$-0.134$ (0.128)	$-0.555\ast \ast \ast$ (0.100)	$-0.026$ (0.053)	$0.170\ast \ast$ (0.076)	$-0.061\ast \ast$ (0.027)
Unlimited liability	$-0.453\ast \ast \ast$ (0.161)	$0.508\ast \ast$ (0.247)	$0.182$ (0.233)	$-0.073$ (0.067)	$0.555\ast \ast \ast$ (0.143)	$-1.296\ast \ast \ast$ (0.368)	$-0.240$ (0.160)
Limited partnership	$-0.628$ (0.400)	$-0.382\ast \ast \ast$ (0.073)	$-0.418$ (0.400)	$-0.132$ (0.083)	$0.379\ast$ (0.230)	$-0.640$ (0.714)	$0.134$ (0.225)
Cooperative	$1.370$ (0.870)	–	–	–	$-1.111$ (1.072)	–	$-0.350\ast$ (0.210)
Manufacturing	$-0.156$ (0.099)	$-0.089$ (0.070)	$-0.029$ (0.075)	$0.093$ (0.080)	$0.210\ast \ast \ast$ (0.035)	$0.079$ (0.080)	$-0.210\ast \ast \ast$ (0.047)
Construction	$-0.457\ast \ast \ast$ (0.030)	$0.210\ast \ast \ast$ (0.013)	$0.192\ast \ast \ast$ (0.061)	$0.470\ast \ast \ast$ (0.036)	$-0.197\ast \ast \ast$ (0.043)	$0.066\ast$ (0.035)	$0.092\ast \ast \ast$ (0.023)
Commerce	$0.200\ast \ast \ast$ (0.051)	$-0.168\ast \ast \ast$ (0.048)	$-0.093$ (0.057)	$-0.038$ (0.032)	$0.092\ast \ast$ (0.044)	$0.182\ast \ast \ast$ (0.031)	$-0.394\ast \ast \ast$ (0.018)
District fixed effect	YES	YES	YES	YES	YES	YES	YES
No of obs.	2970	2975	2971	2975	2982	2883	2892
Pseudo R2	0.076	0.021	0.031	0.068	0.024	0.050	0.019