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국회도서관 홈으로 정보검색 소장정보 검색

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Title page

Contents

Abstract 4

1. Introduction 5

2. Related Literature 6

3. Data and estimated relation 8

3.1. Matched Sample 8

3.2. Financial weakness indices for firms and their banks 10

3.3. Baseline specification 11

4. Main results 12

4.1. Macroeconomic factors 12

4.2. The effects of the financial weakness of banks 13

4.3. Country-group heterogeneity 14

5. Robustness Checks 16

5.1. Alternative measurement of financial weakness 16

5.2. Endogenous matching and sample selection 17

6. Concluding remarks 19

References 20

Annexes 24

Tables

Table 1. Distribution firms across country groups, sectors and sizes 9

Table 2. Degree of satisfaction with external finance: summary statistics 10

Figures

Figure 1. Distribution of Firm and Bank Financial weakness Indices 15

Figure 2. Relationship between firm and bank weakness indices 18

Annex Tables

Table A1. Variable definitions 24

Table A2. Summary statistics of the variables entering the indices 25

Table A3. Dissatisfaction with external finance by country group 25

Table A4. Correlation coefficients across satisfaction dimensions 25

Table A5. Linear Probability Model (LPM): baseline and variants 26

Table A6. Variant: logistic regression 27

Table A7. Impact of weakness indices on firms' satisfaction: interaction effects 28

Table A8. Variant: LPM estimated for each region separately 29

Table A9. Variant: LPM with each component of financials separately and fixed effects 30

Table A10. Baseline model using PCA 31

Table A11. LPM on the EIBIS full sample: Firm index and macro-financial developments 32

Table A12. Satisfaction (Probit model with sample selection) 33

Annex Figures

Figure A1. ROC curve 33

Figure A2. LPM - Split Samples 34