Table 2.

Relationship between qualitative indicators of financial constraints and traditional measures

	Whited–Wu	Kaplan–Zingales	Hadlock–Pierce	Banque de France
	index	index	index	speculative grade
Short-term credit	0.013**	0.001**	0.055	1.668***
constrained	(0.005)	(0.001)	(0.053)	(0.104)
Long-term credit	0.001	0.001	0.106**	1.702***
constrained	(0.001)	(0.001)	(0.054)	(0.936)

The table reports the estimation of a logit model in which traditional indicators of financial constraints are used to explain indicators of Short-term or long-term credit constraints. Credit constrained firms refer to firms that declare themselves as cash or investment credit constrained as explained in Section 3. *** indicates significance at the 1% level, ** at the 5% level, and * at the 10% level

$WW=-0.091\ast \frac{CF}{TA}-0.044\ast ln(TA)+0.021\ast \frac{longtermdebt}{TA}-0.035\ast salesgrowth+0.102\ast industrysalesgrowth-0.062\ast \frac{Dividends}{TA}$

$KZ=-1.001909\ast \frac{CF}{TA}+3.139193\ast \frac{longtermdebt}{TA}-1.314759\ast cashratio+0.2826389\ast MarginalQ-39.36780\ast \frac{Dividends}{TA}$

HP = − 0.737 ∗ log(TA) + 0.043 ∗ (log(TA))² − 0.04 ∗ age