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Table 9 Robustness in subsamples, by firm age

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)

Lockdown index (sectors within cantons)

2.20***

2.42***

1.73***

1.29***

Virus cases (in canton)

0.22

0.49***

0.75***

0.89***

Liquidity ratio, mean (sectors within cantons)

− 0.16***

− 0.14***

− 0.14***

− 0.07**

Debt ratio, mean (sectors within cantons)

− 0.30

− 0.40**

− 0.33

− 0.04

Constant

Yes

Yes

Yes

Yes

Headcount dummies

Yes

Yes

Yes

Yes

Age dummies

Yes

Yes

Yes

Yes

Observations

12023

128230

130435

200517

Log-likelihood

− 5087.42

− 56872.18

− 53028.92

− 96746.35

Sample

Age <1

Age [1,5)

Age [5,10)

Age 10+

  1. 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 sector-canton level of the FSO financial variables. ***, ** and * denote statistical significance (two-tailed) at the 1%, 5% and 10% significance levels, respectively