Table 13.

Descriptive statistics

	All firms (N = 58,367)	Applying firms (N = 18,553)	Unrestricted firms (N = 15,153)	Credit denied firms (N = 1119)	Quantity constrained firms (N = 2281)
Micro	0.27	0.19	0.17	0.46	0.21
Small	0.22	0.20	0.19	0.27	0.22
Medium	0.17	0.19	0.20	0.13	0.18
Autonomous firm	0.84	0.84	0.84	0.89	0.83
Individual owner	0.75	0.73	0.72	0.85	0.74
< 5 years	0.04	0.03	0.03	0.08	0.04
≥ 5 and < 9 years	0.08	0.08	0.07	0.13	0.10
Turnover decreased	0.20	0.19	0.17	0.35	0.22
Profit decreased	0.30	0.31	0.29	0.50	0.39
Own capital deteriorated	0.10	0.10	0.08	0.30	0.15
Public support improved	0.08	0.09	0.09	0.03	0.09
Credit history deteriorated	0.09	0.10	0.08	0.33	0.16
Fixed investments	0.53	0.65	0.68	0.40	0.54
New products investment	0.21	0.20	0.19	0.24	0.22
Working capital investment	0.41	0.41	0.39	0.47	0.51
Small loan		0.18	0.17	0.29	0.21
Medium loan		0.13	0.13	0.20	0.16
Medium-large loan		0.21	0.20	0.20	0.23
Large loan		0.41	0.43	0.14	0.32
Branch density	32.04	34.83	33.84	36.74	41.53
HHI	0.07	0.07	0.07	0.08	0.08
Cooperative banks	27.76	29.62	30.32	29.88	24.22
NPL ratio	6.78	7.01	6.57	9.39	9.42
Enforcing Contracts	66.60	66.31	66.84	64.36	63.08

Notes: the Table reports means of the explanatory variables for the longitudinal estimation sample (which includes only those panel firms for which bank loans are a relevant source of financing) and for the sub-samples of panel firms having applied for a bank loan (i.e. Loan demand = 1), unrestricted firms (i.e. Loan demand = 1 and Rationing 3 = 0), credit denied firms (i.e. Loan demand = 1 and Rationing = 1) and quantity constrained firms (i.e. Loan demand = 1, Rationing = 0 and Rationing 3 = 1). Descriptive statistics are computed using sample weights