Firm Characteristics and Distance Clause Samples

Firm Characteristics and Distance. We exploited the variation in loan characteristics and further underpinned the transportation cost interpretation of the distance coefficients. However, we remain concerned that firm characteristics may drive both loan rate and distance, and thus spuriously affect our results. The bank may ration credit to more distant borrowers unless they are assessed to be of impeccable quality. Problematic for the econometrician is that the bank may determine the quality of the firm by combining both observable and (for us) unobservable firm characteristics. The lower loan rate for the more distant borrowers in the specifications we report so far would then simply be the result of an omitted variable problem. We address this critical issue, first by altering the degree of firm heterogeneity in the sample, and second by investigating an augmented sample for which we obtain more firm characteristics (reported in Section 4.8). We start by restricting the sample to Single-Person Businesses that are also Sole Proprietorships. We are left with 12,360 observations, and report the results in Table 11. The coefficients on all measures of interest (except Main Bank) remain largely unaltered.68 Next, we drop 1,744 contracts located in 149 postal zones bordering other countries (the Netherlands, Germany, Luxembourg, and France). Firms located in one of these postal zones may differ from interior firms in terms of specialization, customer base, and labor force. These firms also face additional constraints in finding another Belgian bank, or alternatively have the opportunity to employ a foreign bank located in an area adjacent to their postal zone (given the size of the firms in our sample and the exchange rate exposure involved, however, we consider the latter scenario to be rather unlikely). Dropping these contracts does not affect our results, and we choose not to report the almost identical coefficients.
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