| Dependent variable . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | Quasi R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . |
|---|---|---|---|---|---|---|---|---|---|
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . | (7) . | (8) . | (9) . |
| Branch level | −0.123*** | −0.095*** | −0.033*** | −0.112*** | −0.076*** | −0.022** | |||
| (0.026) | (0.021) | (0.008) | (0.029) | (0.023) | (0.009) | ||||
| |${\rm Before}^{-2}$| | −0.026 | 0.020 | −0.000 | ||||||
| (0.040) | (0.032) | (0.011) | |||||||
| |${\rm Before}^{0}$| | −0.135*** | −0.050 | −0.011 | ||||||
| (0.042) | (0.034) | (0.011) | |||||||
| |${\rm After}^{2}$| | −0.111*** | −0.102*** | −0.022* | ||||||
| (0.039) | (0.035) | (0.012) | |||||||
| |${\rm After}^{4+}$| | −0.145*** | −0.117*** | −0.046*** | ||||||
| (0.034) | (0.027) | (0.010) | |||||||
| Observations | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 |
| Adj-|$R^{2}$| | 0.271 | 0.291 | 0.110 | 0.298 | 0.321 | 0.138 | 0.271 | 0.291 | 0.110 |
| Branch FEs | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Quarter FEs | Y | Y | Y | - | - | - | Y | Y | Y |
| Quarter-district FEs | N | N | N | Y | Y | Y | N | N | N |
| Dependent variable . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | Quasi R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . |
|---|---|---|---|---|---|---|---|---|---|
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . | (7) . | (8) . | (9) . |
| Branch level | −0.123*** | −0.095*** | −0.033*** | −0.112*** | −0.076*** | −0.022** | |||
| (0.026) | (0.021) | (0.008) | (0.029) | (0.023) | (0.009) | ||||
| |${\rm Before}^{-2}$| | −0.026 | 0.020 | −0.000 | ||||||
| (0.040) | (0.032) | (0.011) | |||||||
| |${\rm Before}^{0}$| | −0.135*** | −0.050 | −0.011 | ||||||
| (0.042) | (0.034) | (0.011) | |||||||
| |${\rm After}^{2}$| | −0.111*** | −0.102*** | −0.022* | ||||||
| (0.039) | (0.035) | (0.012) | |||||||
| |${\rm After}^{4+}$| | −0.145*** | −0.117*** | −0.046*** | ||||||
| (0.034) | (0.027) | (0.010) | |||||||
| Observations | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 |
| Adj-|$R^{2}$| | 0.271 | 0.291 | 0.110 | 0.298 | 0.321 | 0.138 | 0.271 | 0.291 | 0.110 |
| Branch FEs | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Quarter FEs | Y | Y | Y | - | - | - | Y | Y | Y |
| Quarter-district FEs | N | N | N | Y | Y | Y | N | N | N |
The table reports the effect of organizational design on contract standardization: interquartile range of debt (Columns 1, 4, and 7), standard deviation of debt (Columns 2, 5, and 8), and the variation in the quantity conditional on other contractual characteristics: “quasi” R-squared (Columns 3, 6, and 9). “Quasi” R-squared captures the intensity of contract standardization at branch b, in quarter q. It is estimated as the standard deviation of the residuals obtained from the regression model defined in Equation (??). Columns 4 to 6 report the effect on contract standardization after controlling for local demand shocks through quarter-district fixed effects instead of quarterly fixed effects. The unit of analysis is a branch-quarter. The variable Branch level is a number between 1 and 3, where the lowest value (level 1) and the highest value (level 3) characterize the least hierarchical branches and the most hierarchical branches, respectively. |$\mbox{Before}^{-2}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded (downgraded) in one or two quarters. |$\mbox{Before}^{0}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded this quarter or one quarter ago. |$\mbox{After}^{2}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded (downgraded) two or three quarters ago. |$\mbox{After}^{4+}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded (downgraded) four quarters ago or more. The standard errors are reported in parentheses and clustered at the branch level. * significant at 10%; ** significant at 5%; and *** significant at 1%.
| Dependent variable . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | Quasi R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . |
|---|---|---|---|---|---|---|---|---|---|
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . | (7) . | (8) . | (9) . |
| Branch level | −0.123*** | −0.095*** | −0.033*** | −0.112*** | −0.076*** | −0.022** | |||
| (0.026) | (0.021) | (0.008) | (0.029) | (0.023) | (0.009) | ||||
| |${\rm Before}^{-2}$| | −0.026 | 0.020 | −0.000 | ||||||
| (0.040) | (0.032) | (0.011) | |||||||
| |${\rm Before}^{0}$| | −0.135*** | −0.050 | −0.011 | ||||||
| (0.042) | (0.034) | (0.011) | |||||||
| |${\rm After}^{2}$| | −0.111*** | −0.102*** | −0.022* | ||||||
| (0.039) | (0.035) | (0.012) | |||||||
| |${\rm After}^{4+}$| | −0.145*** | −0.117*** | −0.046*** | ||||||
| (0.034) | (0.027) | (0.010) | |||||||
| Observations | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 |
| Adj-|$R^{2}$| | 0.271 | 0.291 | 0.110 | 0.298 | 0.321 | 0.138 | 0.271 | 0.291 | 0.110 |
| Branch FEs | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Quarter FEs | Y | Y | Y | - | - | - | Y | Y | Y |
| Quarter-district FEs | N | N | N | Y | Y | Y | N | N | N |
| Dependent variable . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | Quasi R2 . | |${\ln}\left(\mbox{IQR}_{b,q}\right)$| . | |${\ln}\left(\sigma_{\mbox{loan}_{b,q}}\right)$| . | “Quasi” R2 . |
|---|---|---|---|---|---|---|---|---|---|
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . | (7) . | (8) . | (9) . |
| Branch level | −0.123*** | −0.095*** | −0.033*** | −0.112*** | −0.076*** | −0.022** | |||
| (0.026) | (0.021) | (0.008) | (0.029) | (0.023) | (0.009) | ||||
| |${\rm Before}^{-2}$| | −0.026 | 0.020 | −0.000 | ||||||
| (0.040) | (0.032) | (0.011) | |||||||
| |${\rm Before}^{0}$| | −0.135*** | −0.050 | −0.011 | ||||||
| (0.042) | (0.034) | (0.011) | |||||||
| |${\rm After}^{2}$| | −0.111*** | −0.102*** | −0.022* | ||||||
| (0.039) | (0.035) | (0.012) | |||||||
| |${\rm After}^{4+}$| | −0.145*** | −0.117*** | −0.046*** | ||||||
| (0.034) | (0.027) | (0.010) | |||||||
| Observations | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 | 54,079 |
| Adj-|$R^{2}$| | 0.271 | 0.291 | 0.110 | 0.298 | 0.321 | 0.138 | 0.271 | 0.291 | 0.110 |
| Branch FEs | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Quarter FEs | Y | Y | Y | - | - | - | Y | Y | Y |
| Quarter-district FEs | N | N | N | Y | Y | Y | N | N | N |
The table reports the effect of organizational design on contract standardization: interquartile range of debt (Columns 1, 4, and 7), standard deviation of debt (Columns 2, 5, and 8), and the variation in the quantity conditional on other contractual characteristics: “quasi” R-squared (Columns 3, 6, and 9). “Quasi” R-squared captures the intensity of contract standardization at branch b, in quarter q. It is estimated as the standard deviation of the residuals obtained from the regression model defined in Equation (??). Columns 4 to 6 report the effect on contract standardization after controlling for local demand shocks through quarter-district fixed effects instead of quarterly fixed effects. The unit of analysis is a branch-quarter. The variable Branch level is a number between 1 and 3, where the lowest value (level 1) and the highest value (level 3) characterize the least hierarchical branches and the most hierarchical branches, respectively. |$\mbox{Before}^{-2}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded (downgraded) in one or two quarters. |$\mbox{Before}^{0}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded this quarter or one quarter ago. |$\mbox{After}^{2}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded (downgraded) two or three quarters ago. |$\mbox{After}^{4+}$| is a dummy variable that equals 1 (|$-1$|) if the branch was upgraded (downgraded) four quarters ago or more. The standard errors are reported in parentheses and clustered at the branch level. * significant at 10%; ** significant at 5%; and *** significant at 1%.
This PDF is available to Subscribers Only
View Article Abstract & Purchase OptionsFor full access to this pdf, sign in to an existing account, or purchase an annual subscription.
