Table 5.
Probit model with continuous regressors estimation results of firm financing, environmental performance and country level macroeconomic variables in COVID-19 outbreak.
| Panel A | Panel B | Panel C | ||||
|---|---|---|---|---|---|---|
| Bank | Non_Bank | Trade-Credit | ||||
| Variable | IV Probitdy/dx | IV Probitdy/dx(Marginal effects) | IV Probitdy/dx | IV Probitdy/dx(Marginal effects) | IV Probitdy/dx | IV Probitdy/dx(Marginal effects) |
| EPI | .4798*** (0.0615) |
.1886*** (0.0222) |
.5005*** (0.0604) |
.1935*** (0.0237) |
.4651*** (0.0618) |
.1814*** (0.0265) |
| Female_Own | .1225 (0.1572) |
.0481 (0.0612) |
.0083 (0.2084) |
.0032 (0.0804) |
−0.1840 (0.1587) |
−0.0718 (0.0629) |
| Family_Own | −0.0012 (0.0017) |
−0.0004 (0.0069) |
.0014* (0.0008) |
.0005 (0.0003) |
.0005 (0.0012) |
.0002 (0.0004) |
| Firm_Age | .0017 (0.0122) |
.0007 (0.0048) |
−0.0016 (0.0137) |
−0.0006 (0.0052) |
.0028 (0.0102) |
.0010 (0.0039) |
| ∞Partnership | −0.7198*** (0.2566) |
−0.2829** (0.1019) |
.6272* (0.3655) |
.2426** (0.1293) |
.6067*** (0.1320) |
.2367*** (0.0518) |
| ∞Company | −0.0926 (0.2236) |
−0.0364 (0.0875) |
.1619 (0.2415) |
.0626 (0.0935) |
.2402 (0.2350) |
.0937 (0.0926) |
| Manufacturing | −0.4577* (0.1800) |
−0.1799*** (0.0685) |
.6247*** (0.1211) |
.2416*** (0.0373) |
.4056*** (0.1085) |
.1582*** (0.0448) |
| Retails | .3523*** (0.0927) |
.1384*** (0.0366) |
−0.4311*** (0.1311) |
−0.1667*** (0.0550) |
−0.4020*** (0.1395) |
−0.1568*** (0.0543) |
| Credit_Index | .0298 (0.2466) |
.0117 (0.0970) |
.0121 (0.2240) |
.0046 (0.0867) |
.0173 (0.2147) |
.0067 (0.0838) |
| Ease_business | −0.0009 (0.0120) |
−0.0004 (0.0047) |
.0059 (0.0119) |
.0022 (0.0046) |
.0029 (0.0115) |
.0011 (0.0045) |
| Bank_Capital | −0.0390** (0.0175) |
−0.0153** (0.0067) |
.0395*** (0.0109) |
.0153*** (0.0048) |
.0381*** (0.0145) |
.0148** (0.0059) |
| Regulatory | −0.0739 (0.0965) |
−0.2907 (0.0379) |
.1212 (0.1010) |
.0469 (0.0404) |
.14928** (0.0800) |
.0582* (0.0308) |
| Governance | −0.1223 (0.3940) |
−0.0471 (0.1543) |
−0.1189 (0.4175) |
−0.0460 (0.1617) |
.4141 (0.4137) |
.1587 (0.1570) |
| Cons | 2.961 (0.2.831) |
−4.0830* (0.2.441) |
2.062*** (0.3241) |
|||
| Log pseudolikelihood | −557.78 | −566.28 | −565.90 | |||
| corr(e.emindex,e.sales_decrease | .9832 (0.0020) |
−0.9567 (0.0737) |
.9908 (0.0075) |
|||
| Wald test of exogeneity | 1569.2*** | 4.79** | 602.69*** | |||
| Observations | 4089 | 4089 | 4089 | |||
* 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).