Table 3. Banking uncertainty and corporate debt: Baseline GMM regression results.

	(1)	(2)	(3)	(4)
	debt1	debt1	debt2	debt2
aunc	-0.160***		-0.277***
	(0.011)		(0.017)
func		-0.053***		-0.095***
		(0.004)		(0.006)
size	0.038***	0.037***	0.057***	0.056***
	(0.003)	(0.003)	(0.004)	(0.004)
sales	0.002**	0.003**	0.003	0.003
	(0.001)	(0.001)	(0.002)	(0.002)
ppe	0.139***	0.136***	0.319***	0.316***
	(0.019)	(0.019)	(0.028)	(0.028)
roa	-0.514***	-0.500***	-0.594***	-0.565***
	(0.038)	(0.038)	(0.062)	(0.062)
sof	-0.008	-0.011	-0.053***	-0.056***
	(0.008)	(0.008)	(0.012)	(0.012)
refinance	0.465***	0.419***	0.662***	0.539***
	(0.044)	(0.046)	(0.071)	(0.075)
gdp	0.723***	0.905***	1.257***	1.585***
	(0.083)	(0.085)	(0.156)	(0.159)
lagged DV	-0.048***	-0.041**	-0.048***	-0.040**
	(0.017)	(0.017)	(0.017)	(0.017)
Observations	6,969	6,969	6,969	6,969
Firms	623	623	623	623
Instruments	120	120	120	120
AR(1) test	0.000	0.000	0.000	0.000
AR(2) test	0.462	0.128	0.114	0.123
Hansen test	0.520	0.203	0.245	0.412

Notes: Dependent variables (DV) are shown at the top.

* p<0.1;

** p<0.05;

*** p<0.01.

Standard errors are in parentheses.