affect both the probability that the firm enters the program and the future outcome of the firm, based on economic theory and previous empirical findings (Caliendo 2006).

In this research, we utilized the age of the firm and dummies variables for the existence of R&D expenditures, export activities and production workers trained. Others dummies variables are the size of the firm (large, medium and small), the country income level (high/ upper-middle), and the existence of domestic owners. The industrial sector was divided into four categories based on the World Bank‘s Enterprise Surveys (ES). As the survey does not contain information related to the performance or productivity of firms, we calculated the technical efficiency of each firm using one output (sales) and five inputs (capital stock , labor cost, materials, energy cost and others costs).

We evaluated the effect of overdraft facility policy by observing various aspects of a firm‘s performance. The outcome variables considered are: technical efficiency, R&D expenditures, export activities and production workers trained. The definition of variables including firm characteristics and outcomes are explained in Table 3.

Table 3 The definition of variables including firm characteristics and outcomes.

|**Variables**||**Definition**|
|---|---|---|
|Production<br>Function<br>(output and|Sales|Used as the measure of output for the production function estimation. For all<br>countries, sales figures in local currency are converted into USD using PPP<br>conversion factor to the official exchange rate ratio<br>|
|inputs)|Capital<br>Stock|Book value of all fixed assets<sup>1</sup>. For all countries, capital stock figures in local<br>currency are converted into USD using PPP conversion factor to the official<br>exchange rate ratio.<br>|
||Labor cost|Total expenditures on personnel<sup>2</sup>. For all countries, labor cost figures in local<br>currency are converted into USD using PPP conversion factor to the official<br>exchange rate ratio.|
||Materials|Total costs of intermediate and raw materials used in production (excluding<br>electricity, fuel, and water). For all countries, materials figures in local<br>currency are converted into USD using PPP conversion factor to the official<br>exchange rate ratio.|
||Energy<br>Cost|Total annual costs of electricity, fuel, and water.|
||Other<br>Costs|Total annual costs of communications services, transport for goods (not<br>includingfuel),and rental of land/buildings,equipment,furniture,etc.|
|Outcomes|Technical<br>efficiency|CCR efficiency index (Bias-Corrected) by Industry (year 2005).|
||Dummy<br>exporter|Dummy variable that takes value 1 whem firm is exporter and 0 whem firm is<br>non-exporter|
||Dummy<br>production<br>workers<br>trained|Dummy variable that takes value 1 if the firm has permanent full-time<br>productions workers who have been trained (by the firm)|
||Dummy<br>Expenditur<br>es of R&D|Dummy variable that takes value 1 if the firm carried out internal R+D during<br>2006 (performed within this establishment).|
|Treatment<br>and control|Dummy<br>Overdraft<br>facility|Dummy variable that take value 1 if the firm has an overdraft facility|

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