Table 6.

Corporate investment by constraint-group: median test

	Short-term credit			Long-term credit
	Constrainedt	Unconstrainedt	Median test	Constrainedt	Unconstrainedt	Median test
Iit /Ait− 1 (tangible)	0.75%	1.72%	0.00***	1.47%	2.30%	0.00***
Iit /Ait− 1 (all fixed assets)	0.94%	1.96%	0.00***	1.71%	2.59%	0.00***
Observations	486	3169		474	9327
Firms	392	1997		399	4097

The table reports the median values of corporate investment (i.e. the annual change in gross fixed assets, either tangible or intangible, scaled by the beginning-of-year total assets) split by constraint-group and the p-value associated with the test of the equality of the median between the constrained observations and the unconstrained observations. constrained firms refer to firms that declare themselves as cash or investment credit constrained as explained in Section 3. All the definitions of the variables are summarized in Table 3. *** indicates significance at the 1% level, ** at the 5% level, and * at the 10% level