|
| Variable | Description | Source | Sign |
|
| Disclosure about finance sources | Dummy: 1—if a company discloses information about finance sources for fixed assets, 0—otherwise | BEEPS | |
| Trade_credits | Percent of fixed assets funded by trade credits | BEEPS | |
|
| Independent variables |
| Obstacle to finance | Barriers to access to finance, characterizing its availability and cost. It is based on the variable k30 (source: BEEPS). If k30 = 0 (no obstacle to finance), 1 (minor obstacle) or 2 (moderate obstacle), than obstacle = 0 (no severe obstacle to finance).If k30 = 3 (major obstacle) or 4 (very severe obstacle), than obstacle = 1 (severe obstacle to finance) | BEEPS | (+) |
| Sme | Dummy of small and medium companies: 1—yes, 0—no | BEEPS | (+) |
| Big | Dummy of big companies: 1—yes, 0—no | BEEPS | (−) |
| Age | Age of a company, years | BEEPS | (+) |
| Share100 | Dummy: 1—there is the only stockholder, 0—otherwise | BEEPS | (−) before the crisis, (+) after the crisis |
| Share75 | Dummy: 1—there are two and more stockholders and the share of one of them is more than 75 percent, 0—otherwise | BEEPS | (−) |
| Share25 | Dummy: 1—the maximal share of each stockholder is less than 25 percent, 0—otherwise | BEEPS | (+) before crisis, (−) after crisis |
| Subsidies | Dummy: 1—if the firm received government subsidies during the last three years, 0—otherwise | BEEPS | (+) |
| Foreign_share_50 | Dummy: 1—if foreigner share is more than 50 percent, 0—otherwise | BEEPS | (+) before the crisis, (−) after the crisis |
| Gov_share_50 | Dummy: 1—if government share is more than 50 percent, 0—otherwise | BEEPS | (+) |
| Politicalstability | Political stability: −2,5—minimum, +2,5—maximum | World bank, worldwide governance indicators | (+) |
| Inflation | Inflation rate, percent | WorldBank | (−) |
| Gdpgrowth | Real GDP growth rate, percent | WorldBank | (+) |
| D_bankloans | Dummy: 1—if the value of bank credits is positive, 0—otherwise | BEEPS | (+) |
| Compete_informal | Dummy: 1—if the firm considers competition in informal sector as a serious obstacle, 0—otherwise | BEEPS | (−) |
| Retained_earnings | Percent of the value of fixed assets purchased by means of retained earnings | BEEPS | (−) |
| Dom_private_GDP | Domestic credit to private sector, percent of GDP | WorldBank | |
|
