variable

Dependent variable: debt financing costs

(1)

(2)

(3)

(4)

Full sample

Excluding the financial crisis

USMP × tradecredit

0.001***

0.001***

0.001***

0.001***

(3.274)

(3.023)

(2.964)

(2.640)

Constant

7.440***

8.972***

7.671***

9.598***

(7.438)

(9.019)

(7.565)

(9.479)

Enterprise FE

yes

yes

yes

yes

Time FE

yes

yes

yes

yes

Control variables at the national level

no

yes

no

yes

Obs

13,073

13,073

12,370

12,370

R-squared

0.605

0.622

0.610

0.625