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Swiss Journal of Economics and Statistics

Table 5 Results: Indebtedness variables

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)

External financing (headcount groups within sectors)

0.98

    

Debt ratio, mean (headcount groups within sectors)

 

1.48***

   

Debt ratio, mean (sectors)

  

0.76

  

Debt ratio, mean (sectors within cantons)

   

− 0.21

 

Debt ratio, median (sectors within cantons)

    

− 0.31

Headcount dummies

Yes

Yes

Yes

Yes

Yes

Age dummies

Yes

Yes

Yes

Yes

Yes

Other demand determinants

Yes

Yes

Yes

Yes

Yes

Constant

Yes

Yes

Yes

Yes

Yes

Observations

174421

202475

428690

471211

471211

Log-likelihood

− 99987.30

− 115710.68

− 196882.14

− 212285.10

− 212260.06

  1. Logit model. The dependent variable is a firm-level binary variable that indicates firm participation in the loan programme. The number of observations varies depending on data availability of the grouped variables. The other demand determinants comprise the Table 2 variables (lockdown index, virus cases, liquidity ratio, debt ratio) excluding the demand determinant shown in the respective columns. Standard errors are clustered at the level of the grouped variable of interest. 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
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