well as the time horizon of export survival both matter for this additional transmission channel. The interaction term of trade credit dependency with banks has the expected negative sign and is highly significant for the long-term export survival at the horizons of both five years (second, fifth, and eighth columns of Table 8) and ten years (third, sixth, and ninth columns of Table 8). By contrast, the interaction term of trade credit dependency with stock markets is never significant in these specifications. When it comes to the short-term survival at the one-year horizon (first, fourth, and seventh columns of Table 8), the interaction terms of trade credit with both banks and stock markets are insignificant.

Table 8: Additional channel from finance to export survival: Trade credit

||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|
|---|---|---|---|---|---|---|---|---|---|
|Dep. var.: Survival|1y|5y|10y|1y|5y|10y|1y|5y|10y|
|investment needs _×_ banks|-0.004|0.002|0.042|||||||
||(0.052)|(0.035)<br>|(0.028)<br>|||||||
|investment needs _×_ stock markets|0.032|0.065<sup>_b_</sup>|0.045<sup>_b_</sup>|||||||
||(0.044)|(0.027)|(0.020)|||||||
|investment needs _×_ GDPpc|0.007|-0.003|-0.007|||||||
||(0.019)|(0.012)|(0.010)|||||||
|investment needs _×_ real exchange rate|-1.949<sup>_b_</sup>|-0.755|-0.657|||||||
||(0.920)|(0.658)|(0.552)|||||||
|liquidity needs _×_ banks||||0.029|0.064<sup>_b_</sup>|0.059<sup>_b_</sup>||||
|||||(0.041)|(0.032)|(0.023)||||
|liquidity needs _×_ stock markets||||0.112<sup>_a_</sup>|0.030|-0.025||||
|||||(0.028)|(0.026)|(0.019)||||
|liquidity needs _×_ GDPpc||||0.058<sup>_a_</sup>|0.035<sup>_a_</sup>|0.030<sup>_a_</sup>||||
|||||(0.014)|(0.013)|(0.010)||||
|liquidity needs _×_ real exchange rate||||-1.458<sup>_c_</sup>|-0.635|-0.673||||
|||||(0.758)|(0.637)|(0.486)||||
|asset intangibility _×_ banks|||||||-0.029|-0.019|-0.002|
||||||||(0.063)|(0.045)|(0.036)|
|asset intangibility _×_ stock markets|||||||0.226<sup>_a_</sup>|0.185<sup>_a_</sup>|0.089<sup>_a_</sup>|
||||||||(0.042)|(0.032)|(0.031)|
|asset intangibility _×_ GDPpc|||||||0.015|0.025|0.012|
||||||||(0.019)|(0.016)|(0.014)|
|asset intangibility _×_ real exchange rate|||||||-2.647<sup>_b_</sup>|-3.148<sup>_a_</sup>|-2.201<sup>_a_</sup>|
||||||||(1.115)|(0.828)|(0.662)|
|trade credit dependency _×_ banks|-0.014|-0.050<sup>_a_</sup>|-0.051<sup>_a_</sup>|-0.007|-0.044<sup>_a_</sup>|-0.046<sup>_a_</sup>|-0.011|-0.048<sup>_a_</sup>|-0.050<sup>_a_</sup>|
||(0.023)|(0.016)|(0.012)|(0.023)|(0.016)|(0.012)|(0.023)|(0.016)|(0.013)|
|trade credit dependency _×_ stock markets|-0.007|0.015|0.015|-0.003|0.015|0.014|-0.015|0.008|0.012|
||(0.020)|(0.015)|(0.011)|(0.020)|(0.015)|(0.011)|(0.019)|(0.015)|(0.011)|
|Observations|235,294|235,294|235,294|235,294|235,294|235,294|235,294|235,294|235,294|
|R-squared|0.259|0.548|0.699|0.259|0.548|0.699|0.259|0.548|0.699|
|Country-Time FE|yes|yes|yes|yes|yes|yes|yes|yes|yes|
|Product FE|yes|yes|yes|yes|yes|yes|yes|yes|yes|
|Full set of controls included|yes|yes|yes|yes|yes|yes|yes|yes|yes|

Dependent variable is the probability of export survival of product _k_ from industrial sector (industry) _i_ exported by country _c_ to the USA. Export survival probability is measured _l_ years after the beginning of export spell, with _l_ = 1 in columns (1), (4) and (7), _l_ = 5 in columns (2), (5) and (8), and _l_ = 10 in columns (3), (6) and (9). The regressions are estimated by OLS and contain a full set of fixed effects at the product level and the (exporting country)*time level, with time referring to the beginning of a given export spell. Trade credit dependency is the ratio of accounts payable to total assets in industry _i_ . Other variables are described in Table 2, Table 3, and Table 4. The full set of controls also includes initial export, total export, number of suppliers, multiple spell, and interaction terms between physical and human capital endowments of country _c_ and the corresponding capital intensities at the industry level. All time-varying explanatory variables are measured at the beginning of the export spell. Robust standard errors are clustered at the (exporting country)*time level, with time referring to the beginning of a given export spell.<sup>_a_</sup> ,<sup>_b_</sup> ,<sup>_c_</sup> denote statistical significance at the 1%, 5%, and 10% level, respectively.

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