# **Table 2: Collateral as percent of the loan**

|Dependent Variable|OLS-FE||OLS with|countrychar|acteristics||
|---|---|---|---|---|---|---|
|Collateral amount as % of loan value|(1)|(2)|(3)|(4)|(5)|(6)|
|years of operation|0.247|0.247|0.0821|0.139|0.397|0.440|
||(0.185)|(0.176)|(0.180)|(0.175)|(0.421)|(0.419)|
|Small(<20)|30.14**|25.03*|24.79*|27.43*|45.39**|51.31**|
||(14.73)|(13.94)|(14.27)|(14.05)|(21.17)|(21.58)|
|Medium(20-99)|6.190|5.267|7.813|8.560|8.135|9.855|
||(11.40)|(11.00)|(10.88)|(10.88)|(20.62)|(21.09)|
|services (D)|-33.30***|-35.57***|-36.19***|-37.38***|-36.03**|-36.34**|
||(7.269)|(8.121)|(8.674)|(8.366)|(15.74)|(14.96)|
|loan from a state-owned bank (D)|-2.488|7.951|15.27|5.901|12.55|-7.071|
||(10.97)|(10.30)|(13.94)|(12.37)|(25.46)|(24.39)|
|loan from a non-bank financial institution (D)|17.97|30.71|31.18*|25.59|-1.997|-11.90|
||(17.65)|(18.82)|(18.24)|(17.56)|(31.06)|(31.64)|
|loan from others (D)|15.99|15.02|17.49|11.81|-99.07***|-107.7***|
||(40.43)|(37.26)|(38.66)|(39.14)|(17.26)|(18.36)|
|state-owned firm (D)|-2.727|-24.81|-31.35|-38.82|8.476|9.713|
||(41.85)|(33.12)|(34.42)|(32.67)|(81.32)|(80.20)|
|foreign-owned firm (D)|4.036|-10.82|-7.470|-9.338|13.99|19.06|
||(18.09)|(17.52)|(17.99)|(17.81)|(32.56)|(32.76)|
|other firm (D)|-11.79<br>|-36.89<br>|-52.25<br>|-50.59<br>|-89.02**<br>|-83.88**<br>|
||(35.21)|(43.94)|(43.41)|(44.20)|(37.50)|(39.13)|
|% of sales in export >50%|-1.787|-2.127|1.152|1.966|-44.44**|-36.33|
||(11.11)|(12.46)|(12.80)|(12.61)|(21.25)|(22.02)|
|an internationally recognized certification|-9.393|-6.144|-4.694|-3.936|41.83**|43.62**|
||(14.68)|(14.46)|(15.63)|(15.50)|(20.80)|(21.15)|
|a checking and/or saving account|2.230|-2.838|-10.09|-12.87|3.112|-8.026|
||(18.20)|(17.75)|(20.11)|(20.88)|(23.61)|(26.48)|
|overdraft facility|7.356|10.52|8.415|10.34|-3.906|-2.209|
||(8.666)|(10.04)|(10.83)|(11.01)|(17.00)|(16.36)|
|type of collateral: land/buildings|60.87***|63.43***|71.50***|69.45***|65.51***|64.32***|
||(8.409)|(8.503)|(9.073)|(9.176)|(14.35)|(14.41)|
|type of collateral: machinery and equipment|-33.75***|-35.38***|-31.50***|-34.97***|-36.86**|-48.31***|
||(6.745)|(6.951)|(7.481)|(7.165)|(17.55)|(18.02)|
|type of collateral: account receivable and inventories|-13.45|-16.26*|-11.15|-12.31|0.725|-5.613|
||(9.085)|(8.367)|(8.543)|(8.392)|(16.89)|(17.42)|
|type of collateral: personal assets of owner|30.37***|37.36***|40.59***|38.17***|-0.267|-3.163|
||(9.475)|(10.06)|(10.25)|(10.27)|(16.84)|(18.08)|
|type of collateral: bonds/stocks/other assets|-39.94***|-46.92***|-49.98***|-47.47***|-61.37***|-57.20***|
||(10.30)|(11.22)|(11.22)|(11.25)|(18.87)|(19.29)|
|GDP per capita||-0.00448***||||-0.00265|
|||(0.000770)||||(0.00217)|
|rule of law|||-21.05*|||29.76|
||||(11.73)|||(31.77)|
|regulatory quality||||-37.57***||-40.46|
|||||(11.30)||(30.73)|
|depth of credit information|||||-7.312***|-2.175|
||||||(2.770)|(2.899)|
|Constant|235.7***|102.9***|71.57**|70.36**|303.3***|320.7***|
||(33.66)|(33.22)|(33.13)|(33.26)|(35.41)|(39.71)|
|country dummies|Yes|No|No|No|No|No|
|year dummies|Yes|Yes|Yes|Yes|Yes|Yes|
|Observations<br>|11016<br>|11010<br>|10652<br>|10652<br>|3013<br>|2966<br>|
|R-squared|0.0658|0.0348|0.0293|0.0319|0.0275|0.0307|
|Clustered standard err|ors inparent|heses,***p<0.|01,**p<0.05|,*p<0.1|||

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