||**Table 10.**|**Differenc**<br>|**es in Effect**<br>|**s of Objec**|**tive Finan**|**cial Acces**<br>|**s Variable**<br> <br>Depen|**s on Empl**<br>dent variabl|**oyment Gro**<br>e: employme|**wth by Firm**<br> <br>nt growth|**Size and Ag **<br>|**e across Re**|**gions**||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Loa**|**n**|||**Credit co**|**nstraint**|||**Sales c**|**redit**|||**Externa**|**finance**||
||**AFR**|**EAP**|**ECA**|**LAC**|**AFR**|**EAP**|**ECA**|**LAC**|**AFR**|**EAP**|**ECA**|**LAC**|**AFR**|**EAP**|**ECA**|**LAC**|
|Financial access (_FC_)|0.063***|0.061***|0.108***|0.123***|0.044***|0.090***|0.044***|0.071***|0.056***|0.077***|0.109***|0.140***|0.070***|0.089***|0.108***|0.136***|
||(0.007)|(0.011)|(0.008)|(0.008)|(0.004)|(0.012)|(0.010)|(0.014)|(0.018)|(0.034)|(0.020)|(0.021)|(0.010)|(0.017)|(0.012)|(0.011)|
|Small*_FC_|-0.026***|-0.033***|-0.035***|-0.054***|-0.049***|-0.076***|-0.043***|-0.066***|-0.019***|-0.051***|-0.031***|-0.069***|-0.027***|-0.018|-0.033***|-0.057***|
||(0.004)|(0.007)|(0.004)|(0.004)|(0.003)|(0.008)|(0.006)|(0.006)|(0.012)|(0.031)|(0.013)|(0.012)|(0.007)|(0.014)|(0.006)|(0.006)|
|Medium*_FC_|-0.036***|-0.045***|-0.057***|-0.057***|-0.049***|-0.082***|-0.067***|-0.064***|-0.026***|-0.057***|-0.051***|-0.086***|-0.035***|-0.039***|-0.058***|-0.071***|
||(0.005)|(0.008)|(0.005)|(0.005)|(0.006)|(0.011)|(0.008)|(0.010)|(0.014)|(0.037)|(0.014)|(0.015)|(0.007)|(0.014)|(0.007)|(0.007)|
|Large*_FC_|-0.047***|-0.069***|-0.084***|-0.069***|-0.051**|-0.111***|-0.070***|-0.065***|-0.079***|-0.024***|-0.067***|-0.087***|-0.057***|-0.061***|-0.080***|-0.083***|
||(0.008)|(0.009)|(0.006)|(0.006)|(0.021)|(0.014)|(0.011)|(0.016)|(0.023)|(0.046)|(0.015)|(0.016)|(0.011)|(0.017)|(0.008)|(0.008)|
|Mature*_FC_|-0.039***|-0.018|-0.035***|-0.043***|-0.018***|-0.040***|-0.037***|-0.035**|-0.033***|0.012**|-0.043***|-0.049***|-0.037***|-0.025|-0.024**|-0.038***|
||(0.007)|(0.011)|(0.008)|(0.008)|(0.004)|(0.013)|(0.010)|(0.014)|(0.020)|(0.033)|(0.019)|(0.022)|(0.010)|(0.018)|(0.012)|(0.011)|
|Older*_FC_|-0.062***|-0.037***|-0.059***|-0.076***|-0.037***|-0.052***|-0.058***|-0.063***|-0.036***|-0.036***|-0.069***|-0.073***|-0.048***|-0.055***|-0.049***|-0.063***|
||(0.007)|(0.011)|(0.008)|(0.008)|(0.005)|(0.012)|(0.011)|(0.014)|(0.021)|(0.031)|(0.020)|(0.022)|(0.011)|(0.018)|(0.012)|(0.011)|
|Multi|0.001|0.001|0.014***|0.012***|0.002|-0.001|0.008*|0.006|-0.003|-0.006|0.008***|0.006***|-0.001|-0.005|0.010**|0.007*|
||(0.003)|(0.006)|(0.005)|(0.004)|(0.003)|(0.006)|(0.005)|(0.004)|(0.003)|(0.006)|(0.004)|(0.004)|(0.003)|(0.006)|(0.004)|(0.004)|
|Manuf|0.00002|0.001|-0.014***|-0.002|0.001|-0.001|-0.015***|-0.006**|-0.003|-0.004|-0.017***|-0.007|-0.003|-0.004|-0.017***|-0.006**|
||(0.002)|(0.005)|(0.003)|(0.003)|(0.002)|(0.005)|(0.003)|(0.003)|(0.002)|(0.004)|(0.003)|(0.003)|(0.002)|(0.004)|(0.003)|(0.003)|
|Exporter|0.004|-0.007|0.011***|0.020***|-0.002|-0.008|0.003|0.012***|-0.005*|-0.014|0.004***|0.012***|-0.003|-0.011*|0.006|0.014***|
||(0.004)|(0.006)|(0.004)|(0.004)|(0.004)|(0.006)|(0.004)|(0.004)|(0.004)|(0.006)|(0.004)|(0.004)|(0.004)|(0.006)|(0.004)|(0.004)|
|Foreign|-0.003|0.003|0.017***|0.004|-0.003|0.006|0.012**|0.004|-0.008|0.002|0.011***|0.004|-0.007**|0.002|0.013***|0.006|
||(0.003)|(0.006)|(0.005)|(0.005)|(0.003)|(0.006)|(0.005)|(0.005)|(0.003)|(0.005)|(0.005)|(0.005)|(0.003)|(0.005)|(0.005)|(0.005)|
|Govt|-0.036***|-0.008|-0.041***|-0.031|-0.041***|-0.017|-0.048***|-0.036*|-0.048***|-0.026|-0.051***|-0.036*|-0.044***|-0.019*|-0.047***|-0.032|
||(0.010)|(0.011)|(0.006)|(0.020)|(0.009)|(0.011)|(0.006)|(0.021)|(0.009)|(0.011)|(0.006)|(0.020)|(0.009)|(0.011)|(0.006)|(0.020)|
|Constant|0.068***|0.024***|0.028***|0.033***|0.063***|0.025***|0.056***|0.058***|0.070***|0.030***|0.049***|0.053***|0.068***|0.026***|0.038***|0.042***|
||(0.002)|(0.004)|(0.003)|(0.004)|(0.002)|(0.004)|(0.002)|(0.003)|(0.002)|(0.003)|(0.002)|(0.002)|(0.002)|(0.003)|(0.002)|(0.003)|
|Adjusted_R_-squared|0.069|0.060|0.099|0.097|0.062|0.062|0.070|0.045|0.083|0.086|0.090|0.092|0.055|0.056|0.082|0.079|
|<br>Number of observations|10,358|4,100|9,527|9,949|10,636|4,076|9,907|10,067|10,878|4,431|10,237|10,203|10,878|4,431|10,237|10,203|
|Number of countries<br>_Note:_Standard errors (in par<br>Model:_EG_=_b_0 +_b_1_FC_+<br>* Significant at the 10 percen<br>_Source:_Authors' estimation|37<br>entheses) are ro<br>_b_2Small*_FC_+_b_ <br>t level. ** Signific<br>s based on data f|10<br>bust to hete<br>3Medium*_F_<br>ant at the 5<br>rom World|30<br>roskedastic<br>_C_+_b_4Lar<br>percent le<br>Bank Enter|15<br>ity and clu<br>ge*_FC_+_b_ <br>vel. *** Sign<br>prise Surve|38<br>stered on c<br>5Mature*_F_<br>ificant at th<br>ys (2006-10|10<br>ountries. R<br>_C_+_b_6Old<br>e 1 percen<br>).|30<br>egressions<br>er*_FC_+_b_ <br>t level.|15<br>for the Mid<br>7Multi +_b_8|38<br>dle East and<br>Manuf +_b_9E|10<br>North Africa<br>xporter +_b_1|30<br>and South Asi<br>0Foreign +_b_1|15<br>a are exclud<br>1Govt + Re|38<br>ed becaus<br>gion + Cou|10<br>e of insuffi<br>ntry Fixed|30<br>cient data.<br>Effects +_e_|15<br>.|

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