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*** |