Table 10 Robustness in subsamples, by firm size
From: Firms’ participation in the Swiss COVID-19 loan programme
(1) Part.(y/n) | (2) Part.(y/n) | (3) Part.(y/n) | (4) Part.(y/n) | (5) Part.(y/n) | |
|---|---|---|---|---|---|
Lockdown index (sectors within cantons) | 1.75*** | 1.67*** | 2.03*** | 2.86*** | 1.51* |
Virus cases (in canton) | 0.73*** | 0.69*** | 1.08*** | 0.75*** | 0.95*** |
Liquidity ratio, mean (sectors within cantons) | − 0.11*** | − 0.11*** | − 0.10*** | − 0.07* | − 0.22* |
Debt ratio, mean (sectors within cantons) | − 0.21 | − 0.24 | 0.03 | 0.11 | 0.15 |
Constant | Yes | Yes | Yes | Yes | Yes |
Headcount dummies | Yes | Yes | Yes | Yes | Yes |
Age dummies | Yes | Yes | Yes | Yes | Yes |
Observations | 471211 | 432440 | 30809 | 6828 | 1128 |
Log-likelihood | − 212285.10 | − 188085.77 | − 19509.86 | − 3951.71 | − 502.12 |
Sample | All firms | FTE [0,10) | FTE [10,50) | FTE [50,250) | FTE 250+ |