Table 13. Moderating role of bank-firm relationship.

	(1)	(2)	(3)	(4)
	debt1	debt1	debt2	debt2
aunc	-0.136***		-0.245***
	(0.013)		(0.023)
aunc*bankfirm	-0.257***		-0.347***
	(0.024)		(0.043)
func		-0.051***		-0.100***
		(0.004)		(0.008)
func*bankfirm		-0.056***		-0.045***
		(0.008)		(0.017)
bankfirm	-0.108***	-0.044**	-0.238***	-0.221***
	(0.008)	(0.020)	(0.015)	(0.014)
lagged DV	-0.109***	-0.115***	-0.106***	-0.044**
	(0.023)	(0.029)	(0.023)	(0.021)
Macro controls	Yes	Yes	Yes	Yes
Firm controls	Yes	Yes	Yes	Yes
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	0.578	0.577	0.558	0.502
Hansen test	0.117	0.290	0.118	0.146

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

** p<0.05;

*** p<0.01.

Standard errors are in parentheses.