Table 7.

Robustness checks: using the infections ratio as an alternative measure

	(1)	(2)	(3)
Variables	Whether applied	Number of applications	Credit amounts (log)
Panel A: Overall
Post × infections ratio	− 0.639**	− 0.797***	− 3.448**
	(0.255)	(0.268)	(1.475)
Observations	1455	848	1455
Panel B: SOEs subsample
Post × infections ratio	0.145	0.672**	0.955
	(0.153)	(0.315)	(1.192)
Observations	147	92	147
Panel C: Non-SOEs subsample
Post × infections ratio	− 0.747***	− 0.767***	− 3.698***
	(0.237)	(0.143)	(1.235)
Observations	1,264	635	1,264
Panel D: With previous application
Post × infections ratio	− 0.106	− 0.153	0.979
	(0.430)	(0.645)	(1.783)
Observations	537	888	537
Panel E: Without previous application
Post × infections ratio	− 0.523***	− 0.524***	− 3.404***
	(0.0955)	(0.0974)	(0.731)
Observations	873	324	873
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