Table 11 Robustness with canton and sector dummies
From: Firms’ participation in the Swiss COVID-19 loan programme
(1) Part.(y/n) | (2) Part.(y/n) | (3) Part.(y/n) | |
|---|---|---|---|
Lockdown index (sectors within cantons) | 1.75*** | 1.82*** | − 0.26 |
Virus cases (in canton) | 0.73*** | 1.17 | 0.66*** |
Liquidity ratio, mean (sectors within cantons) | − 0.11*** | − 0.12*** | 0.01 |
Debt ratio, mean (sectors within cantons) | − 0.21 | − 0.19 | − 0.10 |
Constant | Yes | Yes | Yes |
Headcount dummies | Yes | Yes | Yes |
Age dummies | Yes | Yes | Yes |
Canton dummies | No | Yes | No |
Sector dummies | No | No | Yes |
Observations | 471211 | 471211 | 471211 |
Log-likelihood | − 212285.10 | − 211706.62 | − 204289.58 |