needs. This is the opposite result compared to the findings in Table 5. Part of the explanation might lie in a possible collinearity problem between various interaction terms. The fact that the interaction terms of growth opportunities with banks and stock markets are both highly significant but their regression coefficients have opposite signs throughout Table 9 would also support this interpretation.<sup>17</sup> Table 9: Additional channel from finance to export survival: Growth opportunities

||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|
|---|---|---|---|---|---|---|---|---|---|
|Dep. var.: Survival|1y|5y|10y|1y|5y|10y|1y|5y|10y|
|investment needs _×_ banks|0.045|0.064<sup>_c_</sup>|0.090<sup>_a_</sup>|||||||
||(0.053)|(0.034)|(0.028)|||||||
|investment needs _×_ stock markets|-0.003|0.036|0.024|||||||
||(0.047)|(0.027)|(0.021)|||||||
|investment needs _×_ GDPpc|0.005|-0.005|-0.009|||||||
||(0.019)|(0.012)|(0.011)|||||||
|investment needs _×_ real exchange rate|-1.945<sup>_b_</sup>|-0.743|-0.645|||||||
||(0.920)|(0.656)|(0.550)|||||||
|liquidity needs _×_ banks||||0.022|0.059<sup>_c_</sup>|0.056<sup>_b_</sup>||||
|||||(0.042)|(0.032)|(0.023)||||
|liquidity needs _×_ stock markets||||0.120<sup>_a_</sup>|0.035|-0.022||||
|||||(0.029)|(0.027)|(0.019)||||
|liquidity needs _×_ GDPpc||||0.058<sup>_a_</sup>|0.035<sup>_a_</sup>|0.030<sup>_a_</sup>||||
|||||(0.014)|(0.013)|(0.010)||||
|liquidity needs _×_ real exchange rate||||-1.452<sup>_c_</sup>|-0.629|-0.667||||
|||||(0.759)|(0.637)|(0.484)||||
|asset intangibility _×_ banks|||||||-0.020|-0.013|0.000|
||||||||(0.062)|(0.045)|(0.035)|
|asset intangibility _×_ stock markets|||||||0.217<sup>_a_</sup>|0.181<sup>_a_</sup>|0.086<sup>_a_</sup>|
||||||||(0.042)|(0.032)|(0.031)|
|asset intangibility _×_ GDPpc|||||||0.013|0.023|0.011|
||||||||(0.019)|(0.016)|(0.014)|
|asset intangibility _×_ real exchange rate|||||||-2.625<sup>_b_</sup>|-3.149<sup>_a_</sup>|-2.199<sup>_a_</sup>|
||||||||(1.114)|(0.828)|(0.661)|
|growth opportunities _×_ banks|-0.065<sup>_a_</sup>|-0.079<sup>_a_</sup>|-0.060<sup>_a_</sup>|-0.060<sup>_a_</sup>|-0.072<sup>_a_</sup>|-0.051<sup>_a_</sup>|-0.062<sup>_a_</sup>|-0.075<sup>_a_</sup>|-0.054<sup>_a_</sup>|
||(0.021)|(0.016)|(0.012)|(0.021)|(0.016)|(0.012)|(0.020)|(0.015)|(0.012)|
|growth opportunities _×_ stock markets|0.049<sup>_a_</sup>|0.038<sup>_a_</sup>|0.027<sup>_a_</sup>|0.052<sup>_a_</sup>|0.041<sup>_a_</sup>|0.027<sup>_a_</sup>|0.044<sup>_a_</sup>|0.036<sup>_a_</sup>|0.026<sup>_a_</sup>|
||(0.017)|(0.012)|(0.010)|(0.016)|(0.012)|(0.009)|(0.015)|(0.012)|(0.010)|
|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|0.699|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|
|Full set of controls included|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. Growth opportunities is the growth in real sales for the representative firm in industry _i_ in the US. Other variables are described in Table 2, Table 3, and Table 4. The full set of controls also includes initial export, total export, number of suppliers, multiple spell, and interaction terms between physical and human capital endowments of country _c_ and the corresponding capital intensities at the industry level. 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 results for the other two main transmission channels from finance to export survival are not substantially affected by the inclusion of the channel related to global growth opportunities.

> 17 Fisman and Love (2007) do not encounter this problem as they interact growth opportunities only with a general measure of financial development, which is the sum of the two proxies capturing the strength of the banks and the depth of stock markets in a given country.

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