226
12,928 0.283
–0.104*** [0.030]
–0.208*** [0.024] –0.146*** [0.031] 0.311 [0.442]
(1)
OLS
12,928
–0.178*** [0.050]
–0.443*** [0.044] –0.223*** [0.056] 0.626 [0.732]
(2)
Tobit
11,628 0.284
–0.117*** [0.030]
0.765*** [0.281]
–0.230*** [0.025] –0.133*** [0.032]
(3)
OLS
11,628
–0.197*** [0.049]
1.177** [0.481]
–0.488*** [0.046] –0.196*** [0.057]
(4)
Tobit
12,928 0.282
0.053 [0.062]
–0.266*** [0.020] –0.178*** [0.046] –0.736 [0.748]
(5)
OLS
12,928
0.072 [0.107]
–0.542*** [0.036] –0.269*** [0.081] –0.958 [1.284]
(6)
Tobit
0.073 [0.062] 11,628 0.282
–0.478 [0.622]
–0.289*** [0.021] –0.175*** [0.043]
(7)
OLS
0.099 [0.109] 11,628
–0.681 [1.088]
–0.590*** [0.039] –0.255*** [0.076]
(8)
Tobit
Source: Authors’ calculations based on recovery dataset. Note: OLS = ordinary least squares. EFD = external financial dependence. TCD = trade credit dependence. Standard errors (in brackets) are clustered by country and by ISIC three-digit industry level. The sample is stratified by country. All regressions include country and sector fixed effects (ISIC three-digit). Other controls: total product exports at reentry, total number of suppliers at reentry, demand shock, and number of previous spells. ***p < 0.01 **p < 0.05 *p < 0.1.
Observations R-squared
Exports at exit ⫻ TCD
Exports at exit ⫻ EFD
Years of experience at exit ⫻ TCD
Years of experience at exit ⫻ EFD
TCD
EFD
Exports at exit
Years of experience at exit
Variables
OLS and Tobit estimates
Table 12.9 Financial Dependence, Exporter Characteristics, and Recovery