Table 4.

The supply chain spillovers

	(1)	(2)	(3)
Variables	Whether applied	Number of applications	Credit amounts (log)
Panel A: Channeling through the railway freight volume
Post × Railway freight volume (log)	− 0.0518*	− 0.0539	− 0.307*
	(0.0289)	(0.0845)	(0.172)
Observations	1455	754	1520
Panel B: With Hubei firms on the supply chain
Post × Hubei supply chain	− 0.853***	− 0.0708	− 5.804***
	(0.184)	(-0.364)	(1.272)
Observations	965	644	965
Panel C: With Hubei firms as the customers
Post × Hubei customers	− 1.302***	− 2.020***	− 8.664***
	(0.114)	(0.217)	(0.811)
Observations	294	232	294
Panel D: With Hubei firms as the suppliers
Post × Hubei suppliers	− 0.580	0.709*	− 2.799
	(0.561)	(0.400)	(3.514)
Observations	422	262	422
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