From: Do investments in human and physical capital respond differently to financing constraints?
Variable | Training | Physical capital |
---|---|---|
FC (financing constraints index) | − 0.003* | − 0.532*** |
(0.002) | (0.056) | |
Return on equity (t−1) | 0.006 | − 0.187 |
(0.009) | (0.217) | |
Return on equity (t−2) | 0.005 | 0.098 |
(0.007) | (0.179) | |
Real sales per capita (t−1) × 1000 | 0.132*** | 3.870*** |
(0.027) | (0.811) | |
Real sales per capita (t−2) × 1000 | 0.044 | 1.733*** |
(0.029) | (0.864) | |
Subsidiary firm | 0.019*** | − 0.711*** |
(0.005) | (0.159) | |
Foreign owned firm | 0.016*** | − 0.393*** |
(0.006) | (0.160) | |
Log total real assets | 0.003*** | 0.551*** |
(0.001) | (0.130) | |
Firm age | − 0.004* | − 0.225*** |
(0.002) | (0.069) | |
Hampered by business regulations | 0.002 | 0.551*** |
(0.004) | (0.130) | |
Hampered by labour market reg | 0.007 | 0.020 |
(0.004) | (0.125) | |
Hampered by lack of right skills | 0.032*** | 0.311*** |
(0.004) | (0.112) | |
Percent change due to one standard | ||
deviation change in FC | − 0.013* | − 0.083*** |
Sample size | 28,494 | 27,553 |