Table 5: The three main channels: Banks versus stock markets

||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|
|---|---|---|---|---|---|---|---|---|---|
|Dep. var.: Survival|1y|5y|10y|1y|5y|10y|1y|5y|10y|
|investment needs _×_ banks|-0.003|0.006|0.046<sup>_c_</sup>|||||||
||(0.052)|(0.035)<br>|(0.028)<br>|||||||
|investment needs _×_ stock markets|0.032|0.064<sup>_b_</sup>|0.044<sup>_b_</sup>|||||||
||(0.044)|(0.027)|(0.020)|||||||
|investment needs _×_ GDPpc|0.006|-0.003|-0.008|||||||
||(0.019)|(0.012)|(0.010)|||||||
|investment needs _×_ real exchange rate|-1.944<sup>_b_</sup>|-0.744|-0.646|||||||
||(0.920)|(0.657)|(0.551)|||||||
|liquidity needs _×_ banks||||0.029|0.068<sup>_b_</sup>|0.063<sup>_a_</sup>||||
|||||(0.041)|(0.032)|(0.023)||||
|liquidity needs _×_ stock markets||||0.112<sup>_a_</sup>|0.029|-0.026||||
|||||(0.028)|(0.026)|(0.020)||||
|liquidity needs _×_ GDPpc||||0.058<sup>_a_</sup>|0.036<sup>_a_</sup>|0.030<sup>_a_</sup>||||
|||||(0.014)|(0.013)|(0.010)||||
|liquidity needs _×_ real exchange rate||||-1.456<sup>_c_</sup>|-0.630|-0.668||||
|||||(0.758)|(0.637)|(0.485)||||
|asset intangibility _×_ banks|||||||-0.031|-0.026|-0.009|
||||||||(0.062)|(0.045)|(0.035)|
|asset intangibility _×_ stock markets|||||||0.224<sup>_a_</sup>|0.187<sup>_a_</sup>|0.091<sup>_a_</sup>|
||||||||(0.043)|(0.032)|(0.031)|
|asset intangibility _×_ GDPpc|||||||0.015|0.025|0.012|
||||||||(0.019)|(0.016)|(0.014)|
|asset intangibility _×_ real exchange rate|||||||-2.631<sup>_b_</sup>|-3.129<sup>_a_</sup>|-2.184<sup>_a_</sup>|
||||||||(1.115)|(0.829)|(0.662)|
|initial export|0.019<sup>_a_</sup>|0.016<sup>_a_</sup>|0.012<sup>_a_</sup>|0.019<sup>_a_</sup>|0.016<sup>_a_</sup>|0.012<sup>_a_</sup>|0.019<sup>_a_</sup>|0.016<sup>_a_</sup>|0.012<sup>_a_</sup>|
||(0.002)|(0.002)|(0.001)|(0.002)|(0.002)|(0.001)|(0.002)|(0.002)|(0.001)|
|total export|0.041<sup>_a_</sup>|0.032<sup>_a_</sup>|0.024<sup>_a_</sup>|0.041<sup>_a_</sup>|0.033<sup>_a_</sup>|0.024<sup>_a_</sup>|0.041<sup>_a_</sup>|0.032<sup>_a_</sup>|0.024<sup>_a_</sup>|
||(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|
|number of suppliers|0.003<sup>_a_</sup>|-0.001<sup>_b_</sup>|-0.004<sup>_a_</sup>|0.003<sup>_a_</sup>|-0.001<sup>_b_</sup>|-0.004<sup>_a_</sup>|0.003<sup>_a_</sup>|-0.001<sup>_b_</sup>|-0.004<sup>_a_</sup>|
||(0.000)|(0.001)|(0.000)|(0.000)|(0.001)|(0.000)|(0.000)|(0.001)|(0.000)|
|multiple spell|-0.045<sup>_a_</sup>|-0.276<sup>_a_</sup>|-0.363<sup>_a_</sup>|-0.046<sup>_a_</sup>|-0.276<sup>_a_</sup>|-0.363<sup>_a_</sup>|-0.045<sup>_a_</sup>|-0.276<sup>_a_</sup>|-0.363<sup>_a_</sup>|
||(0.008)|(0.016)|(0.022)|(0.008)|(0.016)|(0.022)|(0.008)|(0.016)|(0.022)|
|phys. cap. intensity _×_ physical capital|-0.056|-0.099<sup>_c_</sup>|-0.039|0.020|-0.044|0.003|-0.044|-0.082|-0.031|
||(0.080)|(0.055)|(0.044)|(0.082)|(0.060)|(0.048)|(0.079)|(0.055)|(0.044)|
|hum. cap. intensity _×_ human capital|0.284<sup>_a_</sup>|0.292<sup>_a_</sup>|0.248<sup>_a_</sup>|0.278<sup>_a_</sup>|0.287<sup>_a_</sup>|0.244<sup>_a_</sup>|0.279<sup>_a_</sup>|0.285<sup>_a_</sup>|0.244<sup>_a_</sup>|
||(0.032)|(0.025)|(0.022)|(0.032)|(0.025)|(0.022)|(0.032)|(0.024)|(0.022)|
|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|0.698|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|

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. All variables are described in Table 2, Table 3, and Table 4. 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.

the stock market turnover (the value of stock market transactions relative to the market value of all listed shares). While stock market capitalization measures the size of the stock market relative to the size of the economy, the stock market turnover captures liquidity or activity of a stock market in a given country. Otherwise, the specifications correspond to Table 5.

Columns (1) to (3) of Table 6 explore the impact of active stock markets on the export survival of products with high investment needs. The interaction term including 27