Variables

Model 1 external financing performance

Step1 Con.

Step2 IV1

Step3 IV2

Step4

Std. β

Std. β

Std. β

Std. β

Industry

0.005

0.013

0.025

0.042

Business type

0.032

−0.001

0.002

−0.003

Firm size

−0.041

−0.013

−0.023

−0.033

Sale Revenues

0.045

0.050

0.041

0.046

Total asset

0.172^†

0.118

0.129

0.134

District

−0.010

−0.035

−0.037

−0.037

Trust

0.412^***

0.422^***

0.400^***

Guanxi

−0.154^*

−0.171^*

Interaction

0.175^*

R2

0.034

0.200

0.223

0.253

Increase in R2

0.034

0.166^***

0.023^*

0.030^*

F-value

1.022

6.151^***

6.145^***

6.391^***