Table 4.

Testing the mediating effect mechanism of information asymmetry.

	Cre di t	LA	Cre di t
	(1)	(2)	(3)
Ingroup × Inyear	0.3325∗∗∗(01036)	−0.2562∗∗∗(0.0605)	0.3135∗∗∗(0.1038)
LA			0.0655∗(0.0378)
Constant term	−0.6845 (0.6710)	2.3792∗∗∗(0.2075)	−0.5307 (0.6752)
Controli	Yes	Yes	Yes
Province effect	Yes	Yes	Yes
Type effect	Yes	Yes	Yes
Bootstrap test	Z = 1.70, P = 0.088
N	272	374	272

Note: ^∗∗∗, ^∗∗, and ^∗ indicate significant at the 1%, 5%, and 10% significance levels, respectively; standard errors are in parentheses.