Table 3.

The effects of COVID-19 on firm’s loan demand

	(1)	(2)	(3)
Variables	Whether applied	Number of applications	Credit amounts (log)
Panel A: Overall
Post × Hubei	− 0.528**	− 0.751***	− 2.885**
	(0.221)	(0.225)	(1.202)
Observations	1185	747	1185
Panel B: SOEs subsample
Post × Hubei	− 0.127	0.468	− 1.149
	(0.188)	(0.537)	(1.713)
Observations	64	34	64
Panel C: Non-SOEs subsample
Post × Hubei	− 0.599***	− 0.661***	− 3.067***
	(0.179)	(0.0835)	(0.957)
Observations	1006	468	1004
Panel D: With previous application
Post × Hubei	− 0.140	0.0798	− 0.0413
	(0.378)	(0.303)	(1.654)
Observations	300	335	263
Panel E: Without previous application
Post × Hubei	− 0.568***	− 0.452***	− 3.674***
	(0.120)	(0.103)	(0.869)
Observations	624	110	624
Firm controls	Yes	Yes	Yes
Deal characteristics	No	No	No
Firm fixed effects	Yes	Yes	Yes

(1) Clustered standard errors at industry level. (2) *, **, and *** denote significance at the 10%, 5%, and 1% level, respectively