| VARIABLES | Financial support | Financial support |
|---|---|---|
| (1) | (2) | |
| Instrument | 0.983*** | 0.982*** |
| (0.027) | (0.027) | |
| Ln firm size | 0.018* | 0.018* |
| (0.011) | (0.011) | |
| Ln firm age | 0.032 | 0.032 |
| (0.022) | (0.022) | |
| Innovation | −0.008 | −0.008 |
| (0.009) | (0.009) | |
| Export | 0.095*** | 0.096*** |
| (0.036) | (0.036) | |
| Entry cost | 0.007 | |
| (0.019) | ||
| Land access | 0.000 | |
| (0.013) | ||
| Transparency | 0.001 | |
| (0.016) | ||
| Time cost | −0.009 | |
| (0.016) | ||
| Informal cost | −0.001 | |
| (0.011) | ||
| Favour state | −0.003 | |
| (0.010) | ||
| Dynamic leader | 0.003 | |
| (0.008) | ||
| Labor training | −0.001 | |
| (0.018) | ||
| Legal frame | 0.000 | |
| (0.016) | ||
| Constant | −0.114* | −0.115 |
| (0.059) | (0.227) | |
| Observations | 4382 | 4382 |
| R-squared | 0.342 | 0.342 |
| F-statistics | 1358.92 | 1312.71 |
| Number of panels | 1587 | 1587 |
Notes: Robust standard errors are in parentheses. *,**,*** significant at 10%, 5%, 1% respectively, year dummies and technological level dummies are controlled in the model. Ln: natural logarithm.