# Appendix Table 8

Firm Indebtedness and Use of Public Programs: Thresholds between 1% and 4%

||∆Debt / S|ales (2019)|∆Guarant<br>Sl|eed Debt /<br>2019|∆Non-Gua<br>Sl|ranteed Debt /<br>2019|
|---|---|---|---|---|---|---|
||(1)|(2)|aes <br>(3)|()<br>(4)|a<br>(5)|s ()<br>(6)|
||With|Without|With|Without|With|Without|
||Previous|Previous|Previous|Previous|Previous|Previous|
||Loans|Loans|Loans|Loans|Loans|Loans|
|Use Credit Program (1%)|0_._145|0_._130|0_._139|0_._118|0_._006|0_._012|
||(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|
|Use Credit Program (2%)|0_._145|0_._130|0_._139|0_._118|0_._006|0_._012|
||(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|
|Use Credit Program (3%)|0_._145|0_._130|0_._139|0_._118|0_._006|0_._012|
||(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|
|Use Credit Program (4%)|0_._145|0_._130|0_._139|0_._118|0_._006|0_._012|
||(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|
|Use Employment Program (1%)|0_._008|0_._002|0_._001|0_._000|0_._007|0_._001|
||(0.002)|(0.001)|(0.000)|(0.000)|(0.002)|(0.001)|
|Use Employment Program (2%)|0_._008|0_._002|0_._001|0_._000|0_._007|0_._001|
||(0.002)|(0.001)|(0.000)|(0.000)|(0.002)|(0.001)|
|Use Employment Program (3%)|0_._008|0_._002|0_._001|0_._000|0_._008|0_._001|
||(0.002)|(0.001)|(0.000)|(0.000)|(0.002)|(0.001)|
|Use Employment Program (4%)|0_._008|0_._002|0_._001|0_._000|0_._008|0_._001|
||(0.002)|(0.001)|(0.000)|(0.000)|(0.002)|(0.001)|
|Use Credit Program _×_ Employment Program (1%)|_−_0_._013|_−_0_._016|_−_0_._003|_−_0_._009|_−_0_._009|_−_0_._007|
||(0.003)|(0.003)|(0.001)|(0.002)|(0.003)|(0.002)|
|Use Credit Program _×_ Employment Program (2%)|_−_0_._013|_−_0_._016|_−_0_._003|_−_0_._009|_−_0_._010|_−_0_._007|
||(0.003)|(0.003)|(0.001)|(0.002)|(0.003)|(0.002)|
|Use Credit Program _×_ Employment Program (3%)|_−_0_._013|_−_0_._016|_−_0_._003|_−_0_._009|_−_0_._010|_−_0_._007|
||(0.003)|(0.003)|(0.001)|(0.002)|(0.003)|(0.002)|
|Use Credit Program _×_ Employment Program (4%)|_−_0_._013|_−_0_._016|_−_0_._003|_−_0_._009|_−_0_._010|_−_0_._007|
||(0.003)|(0.003)|(0.001)|(0.002)|(0.003)|(0.002)|
|Increase in Sales Dummy (1%)|0_._023|0_._003|_−_0_._001|0_._001|0_._024|0_._003|
||(0.003)|(0.001)|(0.001)|(0.000)|(0.003)|(0.001)|
|Increase in Sales Dummy (2%)|0_._021|0_._004|_−_0_._001|0_._001|0_._021|0_._003|
||(0.003)|(0.001)|(0.001)|(0.000)|(0.003)|(0.001)|
|Increase in Sales Dummy (3%)|0_._018|0_._003|_−_0_._000|0_._001|0_._019|0_._002|
||(0.003)|(0.001)|(0.001)|(0.000)|(0.003)|(0.001)|
|Increase in Sales Dummy (4%)|0_._018|0_._003|0_._001|0_._001|0_._017|0_._002|
||(0.002)|(0.001)|(0.001)|(0.000)|(0.002)|(0.001)|
|Decrease in Sales Dummy (1%)|0_._020|0_._001|_−_0_._003|_−_0_._000|0_._023|0_._001|
||(0.003)|(0.001)|(0.001)|(0.000)|(0.003)|(0.001)|
|Decrease in Sales Dummy (2%)|0_._017|0_._002|_−_0_._002|0_._000|0_._019|0_._001|
||(0.003)|(0.001)|(0.001)|(0.000)|(0.003)|(0.001)|
|Decrease in Sales Dummy (3%)|0_._015|0_._001|_−_0_._002|0_._000|0_._017|0_._001|
||(0.003)|(0.001)|(0.001)|(0.000)|(0.003)|(0.001)|
|Decrease in Sales Dummy (4%)|0_._014|0_._001|_−_0_._001|0_._000|0_._016|0_._001|
||(0.002)|(0.001)|(0.001)|(0.000)|(0.002)|(0.001)|
|NumberofFirms|62950|51729|62950|51729|62950|51729|
|<br>Industry FE and Municipality FE|,<br>Yes|,<br>Yes|,<br>Yes|,<br>Yes|,<br>Yes|,<br>Yes|

This table reports linear regressions of the change in firms’ leverage on a set of firm-level characteristics for the credit program eligible firms sample, and using alternative thresholds for sales growth, defined in parentheses. Firms with previous loans are those that either have bank credit outstanding in December 2019 or receive a bank loan over the period 2012–2019. Conversely, firms without previous loans are those with no credit records in the banking system throughout the same period. The dependent variable is the change in the debt outstanding between December 2020 and December 2019, relative to 2019 sales. Use credit program and employment program are dummy variables for program participation. Increase (decrease) in sales dummy is equal to one if sales growth is greater (lower) than or equal to the threshold, and zero if sales growth is between the threshold defined. All columns include industry and municipality fixed effects. Standard errors, shown in parentheses, are clustered at the industry and municipality level. For change in debt over 2019 sales and change in guaranteed debt over 2019 sales, observations in the top and bottom 1% of the distribution are winsorized. Change in non-guaranteed debt over sales is constructed as the difference between change in debt outstanding and the change in guaranteed debt, over 2019 sales.

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