|(12)<br>0.240<br>(1.96)*<br>-0.042<br>(0.28)<br>0.251<br>(2.85)***<br>-0.363<br>(2.26)**<br>-0.016<br>(1.62)<br>0.001<br>(0.04)<br>0.009<br>(0.87)<br>-0.041<br>(3.89)***<br>yes<br>777<br>0.07<br>198.00|||
|---|---|---|
|(11)<br>0.154<br>(0.89)<br>0.197<br>(1.18)<br>0.323<br>(2.43)**<br>-0.290<br>(1.99)**<br>-0.017<br>(1.71)*<br>-0.020<br>(1.25)<br>0.020<br>(1.39)<br>-0.047<br>(3.84)***<br>yes<br>777<br>0.07<br>198.00|||
|l Changes<br>(10)<br>0.184<br>(1.28)<br>0.173<br>(1.38)<br>0.272<br>(2.24)**<br>-0.203<br>(1.60)<br>-0.018<br>(1.82)*<br>-0.020<br>(1.61)<br>0.016<br>(1.34)<br>-0.040<br>(3.78)***<br>yes<br>777<br>0.07<br>198.00|||
|Annua<br>(9)<br>0.235<br>(1.80)*<br>0.057<br>(0.39)<br>0.253<br>(2.35)**<br>-0.155<br>(1.10)<br>-0.019<br>(1.85)*<br>-0.011<br>(0.70)<br>0.012<br>(1.10)<br>-0.041<br>(3.78)***<br>yes<br>777<br>0.07<br>198.00|m specifc)||
|Shocks<br>(8)<br>0.196<br>(1.34)<br>0.261<br>(1.90)*<br>0.350<br>(2.44)**<br>-0.300<br>(1.94)*<br>-0.021<br>(1.99)**<br>-0.032<br>(2.22)**<br>0.022<br>(1.72)*<br>-0.039<br>(3.50)***<br>yes<br>777<br>0.08<br>198.00|frms)<br> observed. (fr||
|ponse to <br>(7)<br>0.135<br>(0.74)<br>0.249<br>(1.41)<br>0.263<br>(2.30)**<br>-0.205<br>(1.58)<br>-0.018<br>(1.80)*<br>-0.032<br>(1.81)*<br>0.025<br>(1.85)*<br>-0.040<br>(3.73)***<br>yes<br>777<br>0.09<br>198.00|e and across <br>ds indicator is||
|stment Res<br>(6)<br>0.114<br>(1.69)*<br>-0.048<br>(0.74)<br>0.156<br>(2.53)**<br>-0.160<br>(1.77)*<br>-0.011<br>(1.82)*<br>0.004<br>(0.52)<br>0.006<br>(1.28)<br>-0.019<br>(3.79)***<br>yes<br>979<br>0.04<br>202.00|1%<br>d across frms)<br> specifc)<br>(varies with tim<br>ed for all perio|ross frms)<br>oss frms)|
|e 12: Inve<br>(5)<br>0.051<br>(0.59)<br>0.095<br>(1.17)<br>0.188<br>(2.30)**<br>-0.143<br>(1.44)<br>-0.011<br>(1.89)*<br>-0.009<br>(1.17)<br>0.011<br>(1.82)*<br>-0.025<br>(3.93)***<br>yes<br>979<br>0.04<br>202.00|signifcant at <br> with time an<br>served. (frm <br>ively binding <br>ntly constrain|h time and ac<br> time and acr|
|Tabl<br>al Changes<br>(4)<br>0.080<br>(1.02)<br>0.077<br>(1.22)<br>0.160<br>(2.10)**<br>-0.104<br>(1.04)<br>-0.012<br>(1.97)*<br>-0.009<br>(1.40)<br>0.010<br>(1.78)*<br>-0.019<br>(3.80)***<br>yes<br>979<br>0.04<br>202.00|nt at 5%; *** <br>_trt_ = 1(varies<br>ndicator is ob<br>e): Consecut<br>me): Consiste|ng (varies wit<br>g (varies with|
|Semi Annu<br>(3)<br>0.106<br>(1.60)<br>0.020<br>(0.25)<br>0.179<br>(2.99)***<br>-0.154<br>(1.30)<br>-0.012<br>(1.93)*<br>-0.004<br>(0.45)<br>0.008<br>(1.53)<br>-0.019<br>(3.74)***<br>yes<br>979<br>0.04<br>202.00|%; ** signifca<br>_nstrt−_1&_cns_<br> for all periods i<br>derate to extrem<br>oderate to extre|secutively bindi<br>ecutively bindin|
|Capital Stock<br>(2)<br>0.103<br>(1.20)<br>0.119<br>(1.58)<br>0.301<br>(2.83)***<br>-0.304<br>(2.48)**<br>-0.014<br>(2.11)**<br>-0.017<br>(2.30)**<br>0.015<br>(2.63)***<br>-0.018<br>(3.37)***<br>yes<br>979<br>0.06<br>202.00|gnifcant at 10<br>ely binding. _c_<br>y constrained <br>s problem(mo<br>as problem(m|han 100: Con<br>ears old: Cons|
|Change in Log <br>g Output Price<br>(1)<br>0.076<br>(0.78)<br>0.098<br>(1.05)<br>0.200<br>(2.71)***<br>-0.185<br>(1.84)*<br>-0.012<br>(1.98)**<br>-0.014<br>(1.55)<br>0.014<br>(2.17)**<br>-0.019<br>(3.71)***<br>yes<br>979<br>0.05<br>202.00|parentheses* si<br>nce:Consecutiv<br>nce: Consistentl<br>ance reported a<br>nance reported|employees less t<br> is less than 5 y|
|OLS<br>Dependent Variable: <br>Shock: Change in Lo<br>Constant<br>Constraint<br>Shock<br>Cnstr*shock<br>Lagged Capital<br>Cnstr*Lagged Rev<br>Lagged Revenue<br>Time trend<br>Firm characteristics<br>Observations<br>R-squared<br>N.Firms|Robust t statistics in <br>(1) , (7) Internal Fina<br>(2), (8) Internal Fina<br>(3), (9) Access to fn<br>(4), (10) Access to f|(5), (11) Number of <br>(6), (12) Age of frm|

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