||1|2<br>|3|4|5|6<br>Closed<br>l|7<br>|8|9|10<br>Brought<br>in-house a<br>il|11|12|13|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||Upgraded||||at east|New JV|||prevousy||||
||New<br>product<br>line|<br>existing<br>product<br>line|New<br>Techno<br>logy|Discontinued<br>at least 1<br>product|Opened<br>a new<br>plant|one<br>existing<br>plant|with<br>foreign<br>partner|New<br>Licensing<br>Agreement|Outsourced<br>a major<br>activity|<br>out-<br>sourced<br>activity|CORE|INDEX8|INDEX2|
|Investment Fund|0.008<sup>a</sup>|0.020<sup>a</sup>|0.008<sup>a</sup>|0|0.010<sup>a</sup>|0.003|0.001|0.005<sup>b</sup>|0.005|0.010<sup>a</sup>|0.009<sup>a</sup>|0.010<sup>a</sup>|0.001|
||[0.002]|[0.006]|[0.003]|[0.001]|[0.001]|[0.003]|[0.003]|[0.002]|[0.003]|[0.004]|[0.002]|[0.002]|[0.002]|
|Trade Credit|0.007<sup>a</sup>|0.011<sup>a</sup>|0.005<sup>a</sup>|0.003<sup>b</sup>|0.004<sup>b</sup>|0.002|0.003|-0.001|0.004<sup>a</sup>|0.005<sup>b</sup>|0.007<sup>a</sup>|0.007<sup>a</sup>|0.003<sup>c</sup>|
||[0.002]|[0.002]|[0.002]|[0.001]|[0.002]|[0.002]|[0.002]|[0.002]|[0.002]|[0.002]|[0.002]|[0.001]|[0.001]|
|Credit Card|0.013<sup>b</sup>|0.006|-0.002|0.001|0.009<sup>c</sup>|0.002|0.010<sup>b</sup>|-0.007|0.006|-0.005|0.006|0.005|0.001|
||[0.005]|[0.006]|[0.004]|[0.005]|[0.005]|[0.005]|[0.005]|[0.007]|[0.006]|[0.007]|[0.004]|[0.004]|[0.004]|
|Family|0.005<sup>c</sup>|0.007<sup>b</sup>|0.003|-0.002|0.009<sup>a</sup>|0.003<sup>c</sup>|0.003|0.001|0.007|0.007<sup>a</sup>|0.005<sup>c</sup>|0.007<sup>b</sup>|0|
||[0.003]|[0.003]|[0.002]|[0.001]|[0.003]|[0.002]|[0.003]|[0.002]|[0.005]|[0.002]|[0.003]|[0.003]|[0.002]|
|Informal|0.003|0.005|0.002|0.001|-0.001|-0.001|-0.005|0.001|-0.001|0.006|0.001|0.001|0.001|
||[0.003]|[0.003]|[0.003]|[0.003]|[0.004]|[0.004]|[0.006]|[0.003]|[0.003]|[0.004]|[0.003]|[0.003]|[0.003]|
|Other|0.001|0.002|0.001|0.001|0.002|0.003<sup>c</sup>|0.003|0.001|0.004<sup>c</sup>|0.001|0.001|0.002|0.001|
||[0.001]|[0.002]|[0.001]|[0.002]|[0.002]|[0.002]|[0.002]|[0.002]|[0.003]|[0.004]|[0.001]|[0.002]|[0.002]|
|Bank Loan Dummy|0.055|0.196<sup>b</sup>|0.112|0.169<sup>b</sup>|-0.031|0.17|0.118|0.311<sup>a</sup>|0.146<sup>c</sup>|0.137|0.103<sup>c</sup>|0.162<sup>a</sup>|0.175<sup>b</sup>|
||[0.069]|[0.088]|[0.069]|[0.072]|[0.104]|[0.119]|[0.133]|[0.112]|[0.085]|[0.091]|[0.062]|[0.058]|[0.068]|
|Necessity of||||||||||||||
|<br>collateral|-0.072|-0.045|0.092|-0.170<sup>b</sup>|-0.248<sup>b</sup>|-0.241<sup>b</sup>|-0.151|0.076|0.180<sup>b</sup>|0.163<sup>c</sup>|-0.016|-0.01|-0.201<sup>a</sup>|
||[0.066]|[0.076]|[0.067]|[0.073]|[0.097]|[0.112]|[0.124]|[0.096]|[0.086]|[0.093]|[0.060]|[0.055]|[0.069]|
|Share of borrowing||||||||||||||
|<br>in foreign currency|0.005<sup>a</sup>|0.003<sup>a</sup>|0.001|0.003<sup>a</sup>|0.006<sup>a</sup>|0.005<sup>a</sup>|0.010<sup>a</sup>|0.005<sup>a</sup>|0.003<sup>a</sup>|0.003<sup>b</sup>|0.004<sup>a</sup>|0.005<sup>a</sup>|0.004<sup>a</sup>|
||[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|[0.001]|
|_Tests of Significance_<br>_F-Test_||||||||||||||
|Local Bank=Foreign<br>Bank|_0.2367_|_0.4696_|_0.0861_|_0.0719_|_0_|_0.1707_|_0.0008_|_0.0114_|_0.7557_|_0.3641_|_0.122_|_0.0089_|_0.0716_|

a b c , , and represent significance at 1%, 5% and 10% respectively 39