Table 3.

Controlling for COVID-19 impact.

	No cash problem (1)	Credit restructuring (2)	Debt postponing (3)	Informal credit (4)	New banking credit (5)	Capital injection (6)	Cost reductions (7)
Micro	$-0.437$ (0.362)	$-0.629\ast \ast \ast$ (0.207)	$0.022$ (0.458)	$0.648\ast \ast \ast$ (0.142)	$-0.722\ast \ast \ast$ (0.155)	$-0.699\ast \ast \ast$ (0.252)	$0.362\ast \ast$ (0.165)
Small	$-0.479$ (0.473)	$-0.085$ (0.337)	$0.194$ (0.348)	$0.378\ast \ast \ast$ (0.128)	$-0.139$ (0.103)	$-0.246$ (0.588)	$0.303$ (0.192)
Medium	$-0.253$ (0.753)	$-0.231$ (0.247)	$-0.829\ast$ (0.500)	$-2.584\ast \ast$ (1.074)	$0.445\ast \ast \ast$ (0.039)	$-0.408$ (0.513)	$0.065$ (0.244)
Covid-effect	$1.009\ast \ast \ast$ (0.057)	$-0.534\ast \ast \ast$ (0.048)	$-0.394\ast \ast \ast$ (0.106)	$-0.491\ast \ast \ast$ (0.055)	$-0.324\ast \ast \ast$ (0.019)	$0.303\ast \ast$ (0.121)	$-0.170\ast \ast \ast$ (0.041)
Layoff-lockdowns	$-1.009\ast \ast \ast$ (0.188)	$0.313$ (0.222)	$0.428\ast \ast \ast$ (0.156)	$0.494\ast \ast \ast$ (0.024)	$0.061$ (0.150)	$-0.005$ (0.200)	$-0.124$ (0.111)
Firm age	$0.190\ast$ (0.095)	$0.110\ast$ (0.063)	$-0.210\ast \ast \ast$ (0.034)	$-0.245\ast \ast \ast$ (0.048)	$-0.007$ (0.028)	$-0.214\ast \ast \ast$ (0.072)	$0.035$ (0.070)
Export	$0.319\ast \ast \ast$ (0.092)	$0.148$ (0.124)	$-0.122\ast \ast \ast$ (0.046)	$-0.121$ (0.136)	$-0.148\ast \ast$ (0.043)	$0.178\ast$ (0.100)	$-0.042\ast$ (0.107)
Joint-stock	$0.402\ast \ast \ast$ (0.124)	$-0.049$ (0.090)	$-0.100$ (0.136)	$-0.537\ast \ast \ast$ (0.101)	$0.006$ (0.050)	$0.133\ast$ (0.077)	$-0.050\ast$ (0.029)
Unlimited liability	$-0.854\ast \ast \ast$ (0.133)	$0.530\ast \ast$ (0.247)	$0.185$ (0.245)	$-0.055$ (0.090)	$0.589\ast \ast \ast$ (0.163)	$-1.370\ast \ast \ast$ (0.406)	$-0.225$ (0.162)
Limited partnership	$-0.399$ (0.410)	$-0.420\ast \ast \ast$ (0.090)	$-0.464$ (0.400)	$-0.190\ast$ (0.103)	$0.361$ (0.232)	$-0.612$ (0.720)	$0.132$ (0.222)
Cooperative	$1.363\ast \ast$ (0.525)	–	–	–	$-1.092$ (0.940)	–	$-0.337\ast$ (0.180)
Manufacturing	$-0.309\ast \ast \ast$ (0.072)	$-0.012$ (0.068)	$0.034$ (0.084)	$0.174\ast \ast$ (0.085)	$0.262\ast \ast \ast$ (0.037)	$0.043$ (0.105)	$-0.188\ast \ast \ast$ (0.046)
Construction	$-0.464\ast \ast \ast$ (0.079)	$0.190\ast \ast \ast$ (0.021)	$0.167\ast \ast \ast$ (0.070)	$0.457\ast \ast \ast$ (0.040)	$-0.207\ast \ast \ast$ (0.039)	$0.047$ (0.035)	$0.100\ast \ast \ast$ (0.028)
Commerce	$0.187\ast \ast \ast$ (0.030)	$-0.116\ast \ast \ast$ (0.059)	$-0.069$ (0.056)	$-0.007$ (0.030)	$0.129\ast \ast$ (0.056)	$0.148\ast \ast$ (0.058)	$-0.371\ast \ast \ast$ (0.020)
District fixed effects	YES	YES	YES	YES	YES	YES	YES
No of obs.	2970	2975	2971	2975	2982	2883	2892
Pseudo R2	0.232	0.046	0.052	0.101	0.035	0.058	0.021