Firms’ participation in the Swiss COVID-19 loan programme

Swiss Journal of Economics and Statistics

Table 12 Main results, all coefficients displayed

	(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)	2.16***				1.75***
Virus cases (in canton)		0.74***			0.73***
Liquidity ratio, mean (sectors within cantons)			−0.13***		−0.11***
Debt ratio, mean (sectors within cantons)				−0.06	−0.21
FTE [10,50)	1.14***	1.23***	1.06***	1.07***	1.06***
FTE [50,250)	0.89***	0.88***	0.72***	0.72***	0.80***
FTE 250+	0.23*	0.20**	0.00	0.02	0.06
Age [1,5)	0.20***	0.20***	0.13***	0.13***	0.15***
Age [5,10)	0.02	−0.00	−0.05	−0.07*	−0.02
Age 10+	0.17***	0.18***	0.15***	0.14***	0.18***
Constant	− 2.63***	−2.26***	−1.38***	−1.67***	−2.27***
Observations	674423	675111	471257	471728	471211
Log-likelihood	−277189.69	−281379.54	−215653.56	−216776.51	−212285.10

Logit model. The dependent variable is a firm-level binary variable that indicates firm participation in the loan programme. Standard errors are clustered at the level of the grouped variable of interest; in column (5), clustering is at the sector-canton level of the FSO financial variables. The number of observations varies depending on data availability of the grouped variables. ***, ** and * denote statistical significance (two-tailed) at the 1%, 5% and 10% significance levels, respectively. Headcount is measured in full-time equivalent (FTE) employees, and firm age is in years. The base group has FTE [0,10) and age <1