Foreign private

0.993*

0.983***

0.993*

1.004

0.997

0.994

0.992*

0.995

0.996

(0.00409)

(0.00437)

(0.00411)

(0.00459)

(0.00435)

(0.00419)

(0.00414)

(0.00454)

(0.00440)

Female ownership

0.903

0.848

0.964

0.874

0.841

0.815

0.747

0.729*

0.833

(0.111)

(0.107)

(0.121)

(0.110)

(0.109)

(0.117)

(0.135)

(0.125)

(0.119)

Internal Funds

1.010

1.014

0.998

1.000

1.012

1.010

1.001

1.021

1.045**

(0.0121)

(0.0143)

(0.0119)

(0.0128)

(0.0146)

(0.0134)

(0.0119)

(0.0161)

(0.0193)

WC from Banks

1.041**

1.029

1.018

1.018

1.034*

1.046**

1.008

1.024

1.065***

(0.0190)

(0.0189)

(0.0171)

(0.0176)

(0.0194)

(0.0198)

(0.0165)

(0.0210)

(0.0239)

WC from Non-Banks

1.043**

1.038**

1.022

1.032*

1.032

1.020

1.012

1.014

1.031

(0.0194)

(0.0195)

(0.0177)

(0.0186)

(0.0197)

(0.0189)

(0.0176)

(0.0231)

(0.0255)

WC. Trade Credit

1.013

1.021

1.003

0.995

1.016

1.011

0.994

1.031*

1.046**

(0.0147)

(0.0169)

(0.0145)

(0.0154)

(0.0171)

(0.0160)

(0.0146)

(0.0189)

(0.0216)

Line of credit

1.115**

1.104*

1.081

1.055

1.056

1.046

0.998

1.049

0.980

(0.0569)

(0.0652)

(0.0560)

(0.0541)

(0.0558)

(0.0519)

(0.0439)

(0.0581)

(0.0445)

Top Manager Exp.

0.994

1.005

0.984

1.000

0.989

0.986

0.969***

0.964***

0.987

(0.0109)

(0.0117)

(0.0115)

(0.0118)

(0.0123)

(0.0117)

(0.0116)

(0.0131)

(0.0118)

Firm size

1.381*

1.451**

1.529**

1.490**

1.547**

1.662***

1.983***

1.543**

1.631***

(0.242)

(0.270)

(0.273)

(0.273)

(0.291)

(0.303)

(0.360)

(0.295)

(0.301)

industry

0.997

0.995

0.993

0.999

1.017**

1.012*

1.005

0.998

0.994

(0.00583)

(0.00634)

(0.00606)

(0.00646)

(0.00688)

(0.00650)

(0.00607)

(0.00676)

(0.00638)

h2

h3

h4a

h4b

h5

h6

h7

h8

Constant

0.310

0.185

1.088

0.164

0.0289**

0.0660*

0.340

0.0415*

0.0100**

(0.417)

(0.287)

(1.463)

(0.235)

(0.0458)

(0.0973)

(0.458)

(0.0720)

(0.0196)

Observations

529

529

529

529

529

529

529

529

529