Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises

Table 2

Ordinary least squares estimation (1).

	Model (1)	Model (2)	Model (3)
𝑋1	0.921***	0.921***	0.920***
	(973.07)	(969.86)	(970.12)
𝑋2	−0.412***	−0.641***	−0.653***
	(−10.17)	(−16.49)	(−16.27)
𝑋3	0.0555***	0.0665***	0.0597***
	(7.11)	(8.5)	(7.63)
𝑋4	−0.152***	−0.172***	−0.164***
	(−11.29)	(−12.83)	(−12.17)
𝑇1	−0.0380***
	(−21.57)
𝑇2		0.0123***
		(13.84)
𝑇3			6.72𝐸−05
			(0.09)
Constant	0.00987***	0.00864***	0.0109***
	(13.62)	(11.65)	(11.49)
𝑁	163972	163972	163972

∗∗∗,∗∗,∗indicates statistical significance at the 1%, 5%, and 10% significance level, respectively. The 𝑡 statistics are given in parenthesis.