Table 3A.

Panel A: Regression between trade credit and monetary and fiscal policy.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	TC1
	Monetary Policy	Non-Conventional Monetary Policy					Fiscal Policy
IR	−0.4311***
	(-5.16)
CRMR		−0.1663*
		(-1.69)
ELA			−0.0930***
			(-3.02)
ECSR				0.2474**
				(2.34)
PRUDEN					−0.0612
					(-1.30)
MARFUN						−0.0773
						(-1.42)
BUSPACK							0.3660**
							(2.33)
SUPBRO							−0.3415**
							(-2.26)
SIZE	−0.6664	−0.7958	−0.8009	−0.7759	−0.7931	−0.7835	−0.6806
	(-0.51)	(-0.60)	(-0.60)	(-0.59)	(-0.60)	(-0.59)	(-0.50)
LEV	−4.9144	−4.9115	−5.0081	−4.9272	−4.9923	−4.9727	−1.8811
	(-1.40)	(-1.39)	(-1.42)	(-1.40)	(-1.42)	(-1.41)	(-1.42)
CF	−1.3408	−1.1441	−1.2514	−1.2051	−1.2571	−1.1829	−0.4082
	(-1.10)	(-0.94)	(-1.02)	(-0.99)	(-1.02)	(-0.97)	(-0.57)
ROA	−2.6944***	−2.4726**	−2.8200***	−2.7064***	−2.7502***	−2.7142***	−2.7690***
	(-2.71)	(-2.40)	(-2.83)	(-2.71)	(-2.74)	(-2.72)	(-2.68)
CASH	1.2016	1.0113	1.0298	1.0369	1.0540	1.0430	0.4786
	(1.22)	(1.03)	(1.05)	(1.05)	(1.07)	(1.06)	(0.70)
CAP_INT	0.7261	0.8717	0.8542	0.8627	0.8370	0.8297	0.3578
	(0.29)	(0.35)	(0.35)	(0.35)	(0.34)	(0.34)	(0.14)
INTAN	−4.4405	−4.2801	−4.3236	−4.3399	−4.3360	−4.3344	−4.6381
	(-0.80)	(-0.77)	(-0.77)	(-0.78)	(-0.78)	(-0.78)	(-0.79)
SGA	−14.1438***	−16.4595***	−16.3428***	−16.4070***	−16.5127***	−16.4307***	−13.2239***
	(-4.72)	(-5.59)	(-5.56)	(-5.60)	(-5.61)	(-5.61)	(-4.31)
CR	−0.0469*	−0.0444*	−0.0464*	−0.0424*	−0.0431*	−0.0452*	−0.0325*
	(-1.88)	(-1.85)	(-1.92)	(-1.76)	(-1.80)	(-1.88)	8.6331
Intercept	9.2250	10.3648	10.4483	10.1690	10.3660	10.2823	(0.65)
	(0.73)	(0.81)	(0.82)	(0.80)	(0.81)	(0.81)	(0.70)
FIRM FE	YES	YES	YES	YES	YES	YES	YES
FQ FE	YES	YES	YES	YES	YES	YES	YES
N	14,667	14,667	14,667	14,667	14,667	14,667	14,213
Adj. R-Sq	0.777	0.776	0.776	0.776	0.776	0.776	0.777
LM: OLS vs RE	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Hausman: FE vs RE	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)