Table 4.
Probit model with continuous endogenous regressors estimation results of firm financing and environmental performance in COVID-19 outbreak.
| Bank(A) | Non-bank(B) | Trade_credit(C) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | Probit(I) | Probit(Marginal effects)(II) | IV Probitdy/dx(III) | IV Probitdy/dx(Marginal effects)(IV) | Probit(V) | Probit(Marginal effects)(VI) | IV Probitdy/dx(VII) | IV Probitdy/dx(Marginal effects)(VIII) | Probit(V) | Probit(Marginal effects)(VI) | IV Probitdy/dx(VII) | IV Probitdy/dx(Marginal effects)(VIII) |
| EIndex | −0.1424*** (0.0267) |
−0.0314 (0.3079) |
.7633*** (0.0286) |
.4065*** (0.0297) |
−0.3825*** (0.0413) |
−0.0365 (0.8009) |
.6969*** (0.0544) |
.2864*** (0.0492) |
−0.8983*** (0.0976) |
.0085 (0.4471) |
1.785*** (0.0390) |
.4676*** (0.0377) |
| Female_Own | −1.294*** (0.1133) |
−0.2859 (0.2.797) |
−2.277*** (0.0834) |
−1.212*** (0.0580) |
.0893 (0.1295) |
.0085 (0.1874) |
−1.732*** (0.1080) |
−0.7122*** (0.1007) |
2.124 (0.1.324) |
.0202 (0.6043) |
.6774 (6.77) |
.1775 (1.775) |
| Family_Own | −0.02319*** (0.0025) |
−0.0051 (0.0501) |
−0.0282*** (0.0016) |
−0.0150*** (0.0009) |
−0.0448*** (0.0022) |
−0.0042 (0.0937) |
−0.0372*** (0.0024) |
−0.0153*** (0.0008) |
.0239*** (0.0029) |
.0002 (0.0118) |
.0051** (0.0019) |
.0013*** (0.0004) |
| Firm_Age | .0284*** (0.0070) |
.0062 (0.0614) |
−0.1389*** (0.0067) |
−0.0739*** (0.0059) |
−0.3380*** (0.0160) |
−0.0323 (0.7076) |
−0.3232*** (0.0159) |
−0.1328*** (0.0078) |
−0.1347*** (0.0294) |
−0.0013 (0.0670) |
−0.5299*** (0.0139) |
−0.1388*** (0.0125) |
| Sole_Prop | −0.0129 (0.0782) |
−0.0028 (0.0329) |
−0.4127*** (0.0551) |
−0.2198*** (0.0315) |
−0.0130 (0.0747) |
−0.0012 (0.0282) |
−0.3716*** (0.0558) |
−0.1527*** (0.0298) |
−0.3945*** (0.1053) |
−0.0038 (0.1963) |
−0.2392*** (0.0635) |
−0.0627*** (0.0163) |
| Mgr_Exp | −0.0333*** (0.0033) |
−0.0073 (0.0719) |
−0.0230*** (0.0028) |
−0.0123*** (0.0013) |
−0.0201*** (0.0042) |
−0.0019 (0.0421) |
−0.0169*** (0.0029) |
−0.0069*** (0.0012) |
.1057*** (0.0261) |
.0011 (0.0526) |
−0.4540*** (0.0166) |
−0.1189*** (0.0128) |
| Current_loan | 6.206 (1.007) |
1.370 (8.850) |
1.574 (2.636) |
.8387 (1.404) |
4.608 (1.567) |
.4404 (0.5.333) |
.9650 (4.926) |
.3966 (2.025) |
−2.1418 (0.1.227) |
−0.0204 (1.328) |
−3.317 (5.292) |
−0.8692 (1.386) |
| Manufacturing | 3.084 (1.007) |
.6812 (1.559) |
1.108 (2.637) |
.5903 (1.404) |
3.837 (1.567) |
.3667 (6.947) |
1.790 (4.926) |
.7358 (2.025) |
7.496 (9.644) |
.0715 (3.013) |
2.304 (4.233) |
.6037 (1.109) |
| Retails | 2.315*** (0.1510) |
.5115 (0.5004) |
−2.305*** (0.1924) |
−1.227*** (0.1466) |
−0.9967*** (0.1589) |
−0.0952 (2.0870) |
−4.078*** (0.1218) |
−1.676*** (0.1940) |
– | – | – | – |
| Country dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Cons | −3.464 (0.1008) |
4.483 (2.636) |
3.924 (1.567) |
7.893 (4.926) |
2.016 (4.233) |
|||||||
| corr(e.eindex,e.bank | −0.9092 (0.0166) |
−0.8846 (0.0287) |
−0.9365 (0.0138) |
|||||||||
| Wald test of exogeneity | 250.45*** | 11.40*** | 231.39*** | |||||||||
| Log likelihood | −1464.8 | −6349.7 | −1369.5 | −6660.7 | ||||||||
| Observations | 3506 | 3506 | 3506 | 3506 | 3786 | 3786 | 3786 | 3786 | 2942 | 2942 | 2942 | 2942 |
Table 4. Reports probit results, probit marginal effects, IV probit results, IV probit marginal effects estimated around means points. dy/dx is for discrete change of dummy variable from 0 to 1. These models provide standard errors, which are in parentheses. The Wald test of exogeneity is reported in the last row as a chi-squared statistic with 1 degree of freedom. * Significant at 10% level, **Significant at 5% level, ***Significant at 1% level. Short abbreviation of variables: Firm level external finance accessibility (Bank, Non_bank, Trade_credit). Environmental index (EIndex), firm size (small and Medium), sole proprietorship (Sole_Prop), Number of years experience of the firm's top manager in similar field(Mgr_exp), SME currently has loan from bank or non bank fiancial institute(Current_loan), industry types(Manufacturing, Retail, Other Industry).