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

Table 3

Ordinary least squares estimation (2).

	Model (4)	Model (5)	Model (6)
𝑋2	2.43***	2.44***	3.01***
	(23.16)	(24.22)	(29.05)
𝑋3	−0.0174	−0.0509**	−0.0414**
	(−0.86)	(−2.51)	(−2.04)
𝑋4	−0.270***	−0.225***	−0.225***
	(−7.74)	(−6.44)	(−6.43)
𝑇1	0.0130***
	(2.84)
𝑇2		−0.0592***
		(−25.69)
𝑇3			0.0373***
			(19.8)
Constant	0.515***	0.523***	0.483***
	(392.15)	(388.66)	(228.98)
𝑁	163972	163972	163972

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