Table 6.
Financial constraints mechanism investigation.
| (1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
|
|---|---|---|---|---|---|---|---|---|
| Probit | Tobit | Fixed Effect | Probit | Tobit | Fixed Effect | KZ | WW | |
| Financial constraint = KZ | −0.045* | −0.004*** | −0.006*** | |||||
| Financial constraint = WW | −0.298*** | −0.044*** | −0.051*** | |||||
| (0.088) | (0.007) | (0.008) | ||||||
| Post-Covid-19 | 0.048** | −0.038** | ||||||
| (0.001) | (0.001) | |||||||
| Treat | −0.027 | −0.017*** | ||||||
| (0.003) | (0.000) | |||||||
| DID Effect | −0.044** | −0.001*** | ||||||
| (0.001) | (0.000) | |||||||
| Financial growth | −0.08 | −0.002*** | 0.08 | 0.009 | −0.001*** | 0.001 | −0.073 | −0.076 |
| (0.081) | (0.011) | (0.008) | (0.073) | (0.056) | (0.043) | (0.075) | (0.076) | |
| Tobin's Q | 0.084* | 0.0052*** | 0.007*** | 0.059* | 0.006*** | 0.007*** | −0.084 | −0.003* |
| (0.074) | (0.028) | (0.084) | (0.084) | (0.002) | (0.001) | (0.018) | (0.001) | |
| Firm Size | 0.230*** | −0.002*** | −0.005*** | 0.062*** | −0.008*** | −0.007*** | 0.625*** | 0.007* |
| (0.025) | (0.000) | (0.000) | (0.005) | (0.000) | (0.000) | (0.000) | (0.000) | |
| Firm Age | −0.744*** | −0.008*** | −0.008*** | −0.525*** | −0.005*** | −0.004*** | 0.004 | 0.004 |
| (0.019) | (0.002) | (0.003) | (0.002) | (0.001) | (0.001) | (0.031) | (0.003) | |
| Constant | −0.385*** | 0.089*** | 0.078*** | −3.410*** | 0.225*** | 0.221*** | −3.144*** | 2.425*** |
| (0.241) | (0.009) | (0.009) | (0.155) | (0.008) | (0.009) | (0.039) | (0.003) | |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 12,524 | 12,524 | 12,524 | 12,524 | 12,524 | 12,524 | 12,524 | 12,524 |
| R-squared | 0.202 | 0.185 | 0.254 |
Note: in parentheses ***p < 0.01, **p < 0.05, *p < 0.1.