Table 6 Global constrained results (including all financial types)

PAF

0.045***

0.023*

0.064**

0.035**

0.021

(0.014)

(0.012)

(0.028)

(0.016)

(0.014)

FL

 − 0.025**

0.003

 − 0.016

 − 0.022*

 − 0.046***

(0.011)

(0.007)

(0.021)

(0.012)

(0.014)

ICT use

0.276***

 − 0.024

0.007

0.105

0.257***

(0.061)

(0.032)

(0.025)

(0.089)

(0.093)

Digitization

0.014

 − 0.025

 − 0.161*

0.127

0.086

(0.060)

(0.034)

(0.086)

(0.085)

(0.096)

Activity_1

0.097

0.033

0.037

 − 0.001

 − 0.086

(0.109)

(0.049)

(0.151)

(0.144)

(0.135)

Activity_2

 − 0.059

–

–

–

 − 0.134

(0.177)

(0.267)

Activity_3

0.029

 − 0.020

0.032

0.021

 − 0.022

(0.083)

(0.047)

( 0.112)

(0.096)

(0.105)

Activity_4

0.002

0.002

 − 0.071

 − 0.019

0.058

(0.071)

(0.032)

(0.099)

(0.092)

(0.094)

Activity_5

0.009

0.027

 − 0.076

–

 − 0.111

(0.114)

(0.039)

( 0.156)

(0.188)

Activity_6

0.206***

0.030

0.024

0.039

0.126

(0.069)

(0.036)

(0.057)

(0.081)

(0.086)

Activity_8

0.056

 − 0.019

0.073

0.196*

 − 0.042

(0.085)

(0.046)

(0.114)

(0.104)

(0.122)

Age_1

 − 0.080

–

 − 0.045

0.013

0.023

(0.068)

(0.101)

(0.063)

( 0.078)

Age_2

 − 0.025

 − 0.003

0.031

 − 0.092

 − 0.120

(0.057)

(0.032)

(0.073)

(0.066)

(0.077)

Ownership_1

0.038

–

 − 0.183*

0.085

0.364***

(0.097)

( 0.102)

(0.093)

(0.114)

Ownership_2

0.091

–

 − 0.062

0.111

0.111

(0.099)

(0.095)

(0.092)

(0.116)

Ownership_3

0.021

–

0.057

0.201

0.269*

(0.117)

(0.134)

(0.120)

(0.138)

Size_1

 − 0.049

 − 0.019

 − 0.236**

0.016

0.105

(0.078)

(0.043)

(0.104)

(0.083)

(0.096)

Size_2

 − 0.086

 − 0.002

 − 0.199**

 − 0.019

 − 0.020

(0.072)

(0.035)

(0.087)

(0.073)

(0.087)

Turnover_1

 − 0.021

 − 0.110*

 − 0.029

0.072

0.071

(0.090)

(0.056)

(0.098)

(0.103)

(0.137)

Turnover_2

0.062

 − 0.036

 − 0.011

 − 0.019

0.159

(0.076)

(0.033)

(0.088)

(0.095)

(0.116)

Turnover_3

0.121

 − 0.022

 − 0.252**

0.091

0.239**

(0.081)

(0.036)

(0.122)

(0.094)

(0.115)

Outlook better

0.096*

 − 0.050

0.009

 − 0.030

0.015

(0.057)

(0.032)

(0.018)

(0.063)

(0.072)

Hcredit better

0.013

0.030

 − 0.043

 − 0.061

0.092

(0.060)

(0.031)

(0.057)

(0.091)

(0.079)

Capital Better

 − 0.111*

 − 0.001

 − 0.039

 − 0.090

 − 0.193***

(0.059)

(0.030)

(0.078)

(0.076)

(0.073)

Firm outlook better

0.072

–

0.050

 − 0.050

 − 0.033

(0.056)

(0.063)

(0.075)

(0.069)

#Obs

333

240

169

179

189

McFadden R²

0.176

0.358

0.268

0.305

0.287