Variables | SMEs | Non-SMEs | ||
---|---|---|---|---|
(21) | (22) | (23) | (24) | |
PG | PG | PG | PG | |
DT I(FDb it ≤ γ1) | − 0.3269*** |  | − 0.2299*** |  |
(− 8.1826) |  | (− 4.4714) |  | |
DT I(γ1 < FDb it ≤ γ2) | 0.2852*** |  | 0.3526*** |  |
(10.2364) | Â | (22.4891) | Â | |
DT I(γ2 < FDb it) | 0.6243*** |  | 0.3196*** |  |
(49.9548) | Â | (13.3133) | Â | |
DT I(FDc it ≤ γ) |  | − 0.6634*** |  | − 0.0442 |
 | (− 11.8398) |  | (− 0.4715) | |
DT I(γ1 < FDc it ≤ γ2) |  | − 0.4068*** |  | 0.3640*** |
 | (− 7.4945) |  | (22.5858) | |
DT I(γ < FDc it) |  | 0.6131*** |  | 0.3235*** |
 | (49.6211) |  | (17.6410) | |
Control | Yes | Yes | Yes | Yes |
Constant | 0.2412*** | 0.2301*** | 0.5329*** | 0.5092*** |
(10.2126) | (9.8603) | (17.4958) | (16.7261) | |
Observations | 21,463 | 21,463 | 12,487 | 12,487 |
Number of new id | 1627 | 1627 | 1492 | 1492 |
R-squared | 0.160 | 0.170 | 0.084 | 0.074 |