Table 2.
H1N1 cases and bank lending. The dependent variables are All-in-Drawn spread in columns (1)-(2), and Facility size in columns (3)-(4), respectively. All-in-Drawn spread and borrower accounting variables are winsorized at the 1st and 99th percentiles. Loan purpose dummies, borrower industry dummies, and year-month fixed effects are included but their estimates are suppressed for brevity. Robust standard errors clustered at the borrower-country level are reported in parentheses below the coefficients. ***, **, * denote significance at the 1%, 5% and 10% levels, respectively.
| All-in-Drawn spread | Facility size | |||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| CumCases | 11.386*** | −0.083** | ||
| (4.022) | (0.036) | |||
| NewCases | 9.424** | −0.068** | ||
| (4.066) | (0.030) | |||
| Facility size | −9.169*** | −9.455*** | ||
| (2.672) | (2.840) | |||
| Maturity | −4.597*** | −4.900*** | 0.033 | 0.035 |
| (1.046) | (1.099) | (0.032) | (0.032) | |
| Credit line | −12.663 | −10.569 | −0.246* | −0.262* |
| (21.001) | (20.385) | (0.134) | (0.133) | |
| Term loan | 42.360** | 44.648** | −0.033 | −0.050 |
| (18.447) | (17.830) | (0.163) | (0.162) | |
| Senior | −58.285 | −55.840 | 1.082*** | 1.066*** |
| (113.626) | (113.561) | (0.291) | (0.294) | |
| Secured | 63.149*** | 63.846*** | −0.326** | −0.331** |
| (8.129) | (8.007) | (0.137) | (0.143) | |
| No. of lenders | −1.622*** | −1.671*** | 0.065*** | 0.066*** |
| (0.419) | (0.407) | (0.008) | (0.008) | |
| No. of facilities | 2.327 | 1.469 | −0.225*** | −0.219*** |
| (3.290) | (3.313) | (0.039) | (0.040) | |
| Firm size | −0.401 | −0.568 | 0.287*** | 0.289*** |
| (4.628) | (4.680) | (0.095) | (0.094) | |
| Leverage | 0.632*** | 0.630*** | 0.007*** | 0.007*** |
| (0.093) | (0.092) | (0.001) | (0.001) | |
| Profit margin | −0.698*** | −0.693*** | −0.001 | −0.001 |
| (0.078) | (0.081) | (0.001) | (0.001) | |
| ROA | −0.777*** | −0.761*** | 0.013*** | 0.013*** |
| (0.256) | (0.263) | (0.002) | (0.002) | |
| NWC | −0.933*** | −0.936*** | 0.001 | 0.001 |
| (0.190) | (0.187) | (0.001) | (0.001) | |
| Tangibility | −0.081 | −0.089* | −0.000 | 0.000 |
| (0.053) | (0.051) | (0.001) | (0.001) | |
| GDP growth | 1.557 | 0.434 | −0.142*** | −0.134** |
| (5.402) | (5.210) | (0.052) | (0.054) | |
| GDP per capita | 104.276*** | 113.135*** | 0.474 | 0.410 |
| (37.767) | (36.833) | (0.389) | (0.411) | |
| Inflation | 22.020*** | 21.420*** | 0.122* | 0.128** |
| (6.999) | (7.031) | (0.063) | (0.061) | |
| Banking crisis | 17.314 | 15.950 | 1.356* | 1.372* |
| (45.132) | (47.705) | (0.709) | (0.703) | |
| WGI | −74.224 | −82.708 | 0.434 | 0.502 |
| (54.835) | (55.888) | (0.481) | (0.519) | |
| Political Rights | −10.347 | −12.303 | 0.284 | 0.298 |
| (20.618) | (19.620) | (0.214) | (0.226) | |
| Constant | −725.692** | −756.987** | −5.008 | −4.799 |
| (339.608) | (338.876) | (3.910) | (3.932) | |
| Loan purpose dummies | Yes | Yes | Yes | Yes |
| Industry dummies | Yes | Yes | Yes | Yes |
| Year-month FE | Yes | Yes | Yes | Yes |
| N | 1,933 | 1,933 | 2,036 | 2,036 |
| R-square | 0.432 | 0.429 | 0.540 | 0.539 |