variable

Dependent variable: Bank loans/total assets

(1)

(2)

(3)

(4)

Full sample

Excluding the financial crisis

USMP × tradecredit

0.002*

0.002**

0.002

0.002**

(1.736)

(1.992)

(1.632)

(2.047)

Constant

29.943***

28.322***

31.564***

28.900***

(9.746)

(9.057)

(10.037)

(9.003)

Enterprise FE

yes

yes

yes

yes

Time FE

yes

yes

yes

yes

Control variables at the national level

no

yes

no

yes

Obs

15,117

15,117

14,232

14,232

R-squared

0.725

0.725

0.730

0.730