Variable

(1)

(2)

(3)

(4)

Firms with a low level of financing constraints

Firms with a high level of financing constraints

Servnum

0.074***

0.021***

(0.021)

(0.001)

Servnum* Mp

0.044***

1.012***

(0.006)

(0.331)

Servreve

0.145***

0.056***

(0.047)

(0.001)

Servreve* Mp

0.093*

0.593***

(0.002)

(0.138)

Mp

1.464***

1.463***

1.402***

1.417***

(0.105)

(0.105)

(0.121)

(0.121)

Variable

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Firmid

Yes

Yes

Yes

Yes

N

8709

8709

10651

10651

Pseudo R²

0.375

0.375

0.351

0.352