**Table 2. Financial Structures and Export Dynamics**

|||Log of Export|Exporter||Exporter||Log of Export|<br>Exporter||Exporter||Log of Export|<br>Exporter||Exporter|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Log of # of<br>Exporters|Value per<br>Exporter|Entry<br>Rate|Exporter<br>Exit Rate|Turnover<br>Rate|Log of # of<br>Exporters|Value per<br>Exporter|Entry<br>Rate|Exporter<br>Exit Rate|Turnover<br>Rate|Log of # of<br>Exporters|Value per<br>Exporter|Entry<br>Rate|Exporter<br>Exit Rate|<br>Turnover<br>Rate|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|(10)|(11)|(12)|(13)|(14)|(15)|
||||||||_Panel A_|_: All count_|_ries_|||||||
|(Bank Credit / (Bank Credit + Stock))*ExtFin|0.376***|-0.248|-0.036|-0.056**|-0.061|||||||||||
||(0.114)|(0.243)|(0.022)|(0.025)|(0.040)|||||||||||
|(Foreign Bank / Total Bank Assets)*ExtFin||||||-0.160|-0.636***|0.037**|0.049***|0.094***||||||
|||||||(0.104)|(0.192)|(0.018)|(0.019)|(0.032)||||||
|Bank Concentration*ExtFin||||||0.179|-0.349|0.010|0.041|0.016||||||
|||||||(0.185)|(0.362)|(0.034)|(0.038)|(0.065)||||||
|(Bank Credit / (Bank Credit + Bond))*ExtFin|||||||||||1.287***|-1.920***|-0.025|-0.013|-0.031|
||||||||||||(0.141)|(0.446)|(0.034)|(0.034)|(0.057)|
|(All Credit / GDP)*ExtFin|0.091***|0.320***|0.002|0.005|0.006|-0.045|0.205*|0.010|0.014|0.034|0.141***|0.188|-0.004|-0.001|-0.001|
||(0.033)|(0.088)|(0.008)|(0.009)|(0.015)|(0.055)|(0.110)|(0.011)|(0.012)|(0.021)|(0.040)|(0.125)|(0.011)|(0.011)|(0.019)|
|Observations|17,870|17,561|15,685|15,639|15,548|17,653|17,233|15,919|15,904|15,766|15,094|14,669|12,870|12,813|12,689|
|R-squared|0.882|0.550|0.528|0.498|0.551|0.876|0.542|0.467|0.459|0.502|0.899|0.569|0.488|0.450|0.500|
|||||||_Pan_|_el B: Excludin_|_g high-inco_|_me countri_|_es_||||||
|(Bank Credit / (Bank Credit + Stock))*ExtFin|0.461***|-0.338|-0.053**|-0.078***|-0.085*|||||||||||
||(0.125)|(0.293)|(0.024)|(0.028)|(0.044)|||||||||||
|(Foreign Bank / Total Bank Assets)*ExtFin||||||-0.157|-0.705***|0.040**|0.054***|0.101***||||||
|||||||(0.107)|(0.196)|(0.019)|(0.019)|(0.033)||||||
|Bank Concentration*ExtFin||||||0.230|-0.486|-0.003|0.029|-0.010||||||
|||||||(0.195)|(0.376)|(0.036)|(0.041)|(0.069)||||||
|(Bank Credit / (Bank Credit + Bond))*ExtFin|||||||||||1.397***|-1.880***|-0.052|-0.036|-0.081|
||||||||||||(0.155)|(0.491)|(0.038)|(0.037)|(0.062)|
|(All Credit / GDP)*ExtFin|0.261***|0.285|-0.022|-0.022|-0.023|0.019|0.162|0.007|0.006|0.033|0.062|0.547***|-0.019|-0.012|-0.020|
||(0.062)|(0.177)|(0.015)|(0.016)|(0.025)|(0.085)|(0.174)|(0.016)|(0.018)|(0.030)|(0.066)|(0.172)|(0.018)|(0.018)|(0.031)|
|Observations|14,790|14,505|12,937|12,888|12,799|15,840|15,435|14,270|14,255|14,117|12,227|11,822|10,278|10,220|10,095|
|R-squared|0.859|0.526|0.494|0.458|0.513|0.849|0.514|0.435|0.423|0.468|0.877|0.538|0.452|0.404|0.455|

Note: This table reports the effects of financial structures on the number, size and dynamics of exporters in 2-digit ISIC industries. The financial structure is captured by the ratio of bank credit to the sum of stock market capitalization and bank credit (columns 1-5); the share of foreign bank assets in total bank assets in the country (columns 6-10); the ratio of bank credit to the sum of bond market capitalization and bank credit (columns 11-15). The dependent variables are the number of exporters (columns 1, 6, 11); the average foreign sales of exporters (columns 2, 7, 12); the entry rate of exporters (columns 3, 8, 13); the exit rate of exporters (columns 4, 9, 14); the turnover (entry+exit) rate of exporters (columns 5, 10, 15). In all regressions All Credit/GDP is used to control for total financial development. Regressions in columns 6-10 also control for the concentration of the banking sector. All regressions include country-year fixed effects and industry-year fixed effects. The regressions in Panel A refer to all the countries in the sample; those in Panel B exclude high-income countries. Robust standard errors, clustered at the country-year level, are in parentheses. ***, **, and * denote statistical significance at the 1%, 5%, and 10% level, respectively.