Table 5. Decomposing corporate debt: Bank debt versus other debts.

	Fixed effect regressions (columns 1–4)				GMM regressions (columns 5–8)
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	bankdebt	bankdebt	otherdebt	otherdebt	bankdebt	bankdebt	otherdebt	otherdebt
aunc	-0.124***		-0.024***		-0.136***		-0.007***
	(0.020)		(0.003)		(0.011)		(0.002)
func		-0.039***		-0.009***		-0.044***		-0.003***
		(0.008)		(0.001)		(0.004)		(0.001)
size	0.028***	0.026***	0.006***	0.006***	0.032***	0.032***	0.002***	0.002***
	(0.004)	(0.005)	(0.001)	(0.001)	(0.003)	(0.003)	(0.001)	(0.001)
sales	0.005***	0.005***	0.001	0.001	0.002	0.002	0.001***	0.001*
	(0.002)	(0.002)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
ppe	0.023	0.024	-0.002	-0.002	0.149***	0.147***	-0.001	-0.001
	(0.016)	(0.016)	(0.004)	(0.004)	(0.019)	(0.019)	(0.002)	(0.002)
roa	-0.259***	-0.247***	-0.017***	-0.016***	-0.466***	-0.451***	-0.010***	-0.009***
	(0.025)	(0.023)	(0.005)	(0.004)	(0.037)	(0.036)	(0.003)	(0.003)
sof	-0.004	-0.004	-0.001	-0.001	-0.003	-0.005	-0.002***	-0.002***
	(0.007)	(0.007)	(0.001)	(0.001)	(0.008)	(0.008)	(0.001)	(0.001)
refinance	0.388*	0.361	0.083**	0.070**	0.385***	0.349***	0.027***	0.023***
	(0.218)	(0.229)	(0.032)	(0.026)	(0.045)	(0.047)	(0.005)	(0.005)
gdp	1.109***	1.214***	-0.107***	-0.079**	0.773***	0.924***	-0.039***	-0.033***
	(0.345)	(0.367)	(0.028)	(0.029)	(0.083)	(0.085)	(0.008)	(0.007)
lagged DV					-0.045**	-0.037**	0.061***	0.059***
					(0.018)	(0.018)	(0.011)	(0.011)
Observations	6,969	6,969	6,969	6,969	6,969	6,969	6,969	6,969
Firms	623	623	623	623	623	623	623	623
R-squared	0.061	0.058	0.082	0.087
Instruments					120	120	120	120
AR(1) test					0.000	0.000	0.000	0.000
AR(2) test					0.153	0.148	0.810	0.785
Hansen test					0.411	0.388	0.122	0.112

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

* p<0.1;

** p<0.05;

*** p<0.01.

Standard errors are in parentheses.