| . | Dependent variable: . | |||
|---|---|---|---|---|
| . | Log liabilities . | |||
| . | (1) . | (2) . | (3) . | (4) . |
| Listing | −0.157*** | −0.148*** | −0.029 | 0.047 |
| (0.045) | (0.046) | (0.019) | (0.031) | |
| Inflation | 0.010*** | 0.003 | ||
| (0.003) | (0.002) | |||
| GDP growth (percent change) | 0.002 | −0.001 | ||
| (0.005) | (0.003) | |||
| Real exchange rate | −0.000 | 0.000 | ||
| (0.000) | (0.000) | |||
| Credit-to-GDP ratio | −0.004*** | 0.000 | ||
| (0.002) | (0.001) | |||
| Debt-to-GDP ratio | −0.008*** | 0.000 | ||
| (0.002) | (0.000) | |||
| Money supply | 0.001 | 0.003 | ||
| (0.001) | (0.001) | |||
| Interest rate spread | −0.006 | 0.000 | ||
| (0.006) | (0.002) | |||
| Observations | 656 | 656 | 2,680 | 2,500 |
| Time-fixed effects | √ | √ | √ | √ |
| Country-fixed effects | √ | √ | √ | √ |
| Multiple imputation | √ | |||
| . | Dependent variable: . | |||
|---|---|---|---|---|
| . | Log liabilities . | |||
| . | (1) . | (2) . | (3) . | (4) . |
| Listing | −0.157*** | −0.148*** | −0.029 | 0.047 |
| (0.045) | (0.046) | (0.019) | (0.031) | |
| Inflation | 0.010*** | 0.003 | ||
| (0.003) | (0.002) | |||
| GDP growth (percent change) | 0.002 | −0.001 | ||
| (0.005) | (0.003) | |||
| Real exchange rate | −0.000 | 0.000 | ||
| (0.000) | (0.000) | |||
| Credit-to-GDP ratio | −0.004*** | 0.000 | ||
| (0.002) | (0.001) | |||
| Debt-to-GDP ratio | −0.008*** | 0.000 | ||
| (0.002) | (0.000) | |||
| Money supply | 0.001 | 0.003 | ||
| (0.001) | (0.001) | |||
| Interest rate spread | −0.006 | 0.000 | ||
| (0.006) | (0.002) | |||
| Observations | 656 | 656 | 2,680 | 2,500 |
| Time-fixed effects | √ | √ | √ | √ |
| Country-fixed effects | √ | √ | √ | √ |
| Multiple imputation | √ | |||
Note: *p < 0.1; **p < 0.05; ***p < 0.01.
| . | Dependent variable: . | |||
|---|---|---|---|---|
| . | Log liabilities . | |||
| . | (1) . | (2) . | (3) . | (4) . |
| Listing | −0.157*** | −0.148*** | −0.029 | 0.047 |
| (0.045) | (0.046) | (0.019) | (0.031) | |
| Inflation | 0.010*** | 0.003 | ||
| (0.003) | (0.002) | |||
| GDP growth (percent change) | 0.002 | −0.001 | ||
| (0.005) | (0.003) | |||
| Real exchange rate | −0.000 | 0.000 | ||
| (0.000) | (0.000) | |||
| Credit-to-GDP ratio | −0.004*** | 0.000 | ||
| (0.002) | (0.001) | |||
| Debt-to-GDP ratio | −0.008*** | 0.000 | ||
| (0.002) | (0.000) | |||
| Money supply | 0.001 | 0.003 | ||
| (0.001) | (0.001) | |||
| Interest rate spread | −0.006 | 0.000 | ||
| (0.006) | (0.002) | |||
| Observations | 656 | 656 | 2,680 | 2,500 |
| Time-fixed effects | √ | √ | √ | √ |
| Country-fixed effects | √ | √ | √ | √ |
| Multiple imputation | √ | |||
| . | Dependent variable: . | |||
|---|---|---|---|---|
| . | Log liabilities . | |||
| . | (1) . | (2) . | (3) . | (4) . |
| Listing | −0.157*** | −0.148*** | −0.029 | 0.047 |
| (0.045) | (0.046) | (0.019) | (0.031) | |
| Inflation | 0.010*** | 0.003 | ||
| (0.003) | (0.002) | |||
| GDP growth (percent change) | 0.002 | −0.001 | ||
| (0.005) | (0.003) | |||
| Real exchange rate | −0.000 | 0.000 | ||
| (0.000) | (0.000) | |||
| Credit-to-GDP ratio | −0.004*** | 0.000 | ||
| (0.002) | (0.001) | |||
| Debt-to-GDP ratio | −0.008*** | 0.000 | ||
| (0.002) | (0.000) | |||
| Money supply | 0.001 | 0.003 | ||
| (0.001) | (0.001) | |||
| Interest rate spread | −0.006 | 0.000 | ||
| (0.006) | (0.002) | |||
| Observations | 656 | 656 | 2,680 | 2,500 |
| Time-fixed effects | √ | √ | √ | √ |
| Country-fixed effects | √ | √ | √ | √ |
| Multiple imputation | √ | |||
Note: *p < 0.1; **p < 0.05; ***p < 0.01.
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