Firms’ participation in the Swiss COVID-19 loan programme

Swiss Journal of Economics and Statistics

Table 8 Results: Firm size interactions

	(1) Part.(y/n)	(2) Part.(y/n)	(3) Part.(y/n)	(4) Part.(y/n)
FTE [0,10)× Interacted measure	1.68***	0.70***	− 0.11***	− 0.25
FTE [10,50)× Interacted measure	2.01***	1.08***	− 0.11***	0.06
FTE [50,250)× Interacted measure	2.77***	0.71**	− 0.12**	0.14
FTE 250+× Interacted measure	1.70*	0.99***	− 0.23**	0.41
Headcount dummies	Yes	Yes	Yes	Yes
Age dummies	Yes	Yes	Yes	Yes
Other demand determinants	Yes	Yes	Yes	Yes
Constant	Yes	Yes	Yes	Yes
Observations	471211	471211	471211	471211
Log-likelihood	− 212260.43	− 212245.70	− 212283.71	− 212267.28
Interacted measure	Lockdown index	Virus cases	Liquidity ratio	Debt ratio

Logit model. The dependent variable is a firm-level binary variable that indicates firm participation in the loan programme. The interacted measures are listed in the last line of the table. Firm size is measured in FTE employees. The first headcount group (FTE[0,10)) is the reference group for the coefficient of the chosen interacted variable. The coefficients of the other headcount groups (in FTE) consist of this reference coefficient plus the interaction term of the given headcount group. The other demand determinants comprise the Table 2 variables (lockdown index, virus cases, liquidity ratio, debt ratio) excluding the chosen interacted variable 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