Table 1: Open in new tab Summary...

	(1)	(2)	(3)	(4)	(5)	(6)
A. Loan guarantee exposure
Raw guarantee $_{region, 09 - 10}$ (over assets in %)	21	0.290	0.156	0.105	0.256	0.769
Guarantee $_{region, 09 - 10}$	21	0.040	0.185	–0.140	–0.018	0.726
Guarantee $_{firm, 09 - 10}$ (over assets in %)	31,949	0.307	1.666	0.000	0.000	11.876
Guarantee (1/0)	31,949	0.040	0.196	0.000	0.000	1.000
Default amount $_{firm}$ (over assets in %)	31,949	0.030	0.381	0.000	0.000	0.000
Default on guaranteed loan (1/0)	31,949	0.010	0.098	0.000	0.000	0.000
B. Main outcome variables, 2009–2015
Years employed $_{2009, 2015}$	38,568	6.512	1.295	1.000	7.000	7.000
Earnings $_{2009, 2015}$	38,568	6.498	2.167	0.140	7.085	11.022
Separation $_{2009, 2015}$ (1/0)	38,568	0.488	0.500	0.000	0.000	1.000
Unemployment benefits $_{2009, 2015}$	38,568	0.218	0.478	0.000	0.000	2.154
C. Worker characteristics in 2008
Earnings	38,568	23,836	13,435	12,112	20,755	74,275
Hours	38,568	1,872.131	215.916	1,152.000	1844.000	2,479.000
Age	38,568	38.320	7.762	24.000	39.000	51.000
Male	38,568	0.740	0.439	0.000	1.000	1.000
D. Firm characteristics in 2008 and outcomes
$Δ_{08 - 09} \frac{Bankdebt}{Debt}$	23,238	–0.043	0.258	–0.957	0.000	0.827
${\frac{Bankdebt}{Debt}}_{08}$	25,487	0.652	0.373	0.000	0.810	1.000
$Δ_{08 - 10}$ Interest rate	24,176	–0.013	0.048	–0.209	–0.005	0.147
Interest rate₀₈	26,579	0.065	0.064	0.000	0.048	0.334
Nb employees	31,949	19.948	27.932	0.000	10.750	155.250
Assets (€’000s)	31949	3037	75255	48	754	26,908
ROA	31,949	0.104	0.187	–0.619	0.101	0.703
Firm age	31,949	17.987	12.888	1.000	16.000	54.000
Dividend/Sales	31,949	0.016	0.037	0.000	0.000	0.218
PPE/Assets	31,949	0.453	0.331	0.000	0.376	1.000
Debt/Assets	31,949	0.150	0.193	0.000	0.070	0.856
Credit risk	31,949	5.977	2.953	1.000	6.000	10.000
VA/Emp (€’000s)	31,949	52.1	37.8	3.6	44.1	293.5
TFP	31,949	2.055	0.997	0.222	1.843	6.866

(1)

(2)

(3)

(4)

(5)

(6)

Obs.

Mean

p50

p99

A. Loan guarantee exposure

Raw guarantee

_{region, 09 - 10}

(over assets in %)

0.290

0.156

0.105

0.256

0.769

Guarantee

_{region, 09 - 10}

0.040

0.185

–0.140

–0.018

0.726

Guarantee

_{firm, 09 - 10}

(over assets in %)

31,949

0.307

1.666

0.000

11.876

Guarantee (1/0)

31,949

0.040

0.196

0.000

1.000

Default amount

_{firm}

(over assets in %)

31,949

0.030

0.381

0.000

Default on guaranteed loan (1/0)

31,949

0.010

0.098

0.000

B. Main outcome variables, 2009–2015

Years employed

_{2009, 2015}

38,568

6.512

1.295

1.000

7.000

Earnings

_{2009, 2015}

38,568

6.498

2.167

0.140

7.085

11.022

Separation

_{2009, 2015}

(1/0)

38,568

0.488

0.500

0.000

1.000

Unemployment benefits

_{2009, 2015}

38,568

0.218

0.478

0.000

2.154

C. Worker characteristics in 2008

Earnings

38,568

23,836

13,435

12,112

20,755

74,275

Hours

38,568

1,872.131

215.916

1,152.000

1844.000

2,479.000

Age

38,568

38.320

7.762

24.000

39.000

51.000

Male

38,568

0.740

0.439

0.000

1.000

D. Firm characteristics in 2008 and outcomes

Δ_{08 - 09} \frac{Bankdebt}{Debt}

23,238

–0.043

0.258

–0.957

0.000

0.827

{\frac{Bankdebt}{Debt}}_{08}

25,487

0.652

0.373

0.000

0.810

1.000

Δ_{08 - 10}

Interest rate

24,176

–0.013

0.048

–0.209

–0.005

0.147

Interest rate₀₈

26,579

0.065

0.064

0.000

0.048

0.334

Nb employees

31,949

19.948

27.932

0.000

10.750

155.250

Assets (€’000s)

31949

3037

75255

754

26,908

ROA

31,949

0.104

0.187

–0.619

0.101

0.703

Firm age

31,949

17.987

12.888

1.000

16.000

54.000

Dividend/Sales

31,949

0.016

0.037

0.000

0.218

PPE/Assets

31,949

0.453

0.331

0.000

0.376

1.000

Debt/Assets

31,949

0.150

0.193

0.000

0.070

0.856

Credit risk

31,949

5.977

2.953

1.000

6.000

10.000

VA/Emp (€’000s)

31,949

52.1

37.8

3.6

44.1

293.5

TFP

31,949

2.055

0.997

0.222

1.843

6.866

	(1)	(2)	(3)	(4)	(5)	(6)
A. Loan guarantee exposure
Raw guarantee $_{region, 09 - 10}$ (over assets in %)	21	0.290	0.156	0.105	0.256	0.769
Guarantee $_{region, 09 - 10}$	21	0.040	0.185	–0.140	–0.018	0.726
Guarantee $_{firm, 09 - 10}$ (over assets in %)	31,949	0.307	1.666	0.000	0.000	11.876
Guarantee (1/0)	31,949	0.040	0.196	0.000	0.000	1.000
Default amount $_{firm}$ (over assets in %)	31,949	0.030	0.381	0.000	0.000	0.000
Default on guaranteed loan (1/0)	31,949	0.010	0.098	0.000	0.000	0.000
B. Main outcome variables, 2009–2015
Years employed $_{2009, 2015}$	38,568	6.512	1.295	1.000	7.000	7.000
Earnings $_{2009, 2015}$	38,568	6.498	2.167	0.140	7.085	11.022
Separation $_{2009, 2015}$ (1/0)	38,568	0.488	0.500	0.000	0.000	1.000
Unemployment benefits $_{2009, 2015}$	38,568	0.218	0.478	0.000	0.000	2.154
C. Worker characteristics in 2008
Earnings	38,568	23,836	13,435	12,112	20,755	74,275
Hours	38,568	1,872.131	215.916	1,152.000	1844.000	2,479.000
Age	38,568	38.320	7.762	24.000	39.000	51.000
Male	38,568	0.740	0.439	0.000	1.000	1.000
D. Firm characteristics in 2008 and outcomes
$Δ_{08 - 09} \frac{Bankdebt}{Debt}$	23,238	–0.043	0.258	–0.957	0.000	0.827
${\frac{Bankdebt}{Debt}}_{08}$	25,487	0.652	0.373	0.000	0.810	1.000
$Δ_{08 - 10}$ Interest rate	24,176	–0.013	0.048	–0.209	–0.005	0.147
Interest rate₀₈	26,579	0.065	0.064	0.000	0.048	0.334
Nb employees	31,949	19.948	27.932	0.000	10.750	155.250
Assets (€’000s)	31949	3037	75255	48	754	26,908
ROA	31,949	0.104	0.187	–0.619	0.101	0.703
Firm age	31,949	17.987	12.888	1.000	16.000	54.000
Dividend/Sales	31,949	0.016	0.037	0.000	0.000	0.218
PPE/Assets	31,949	0.453	0.331	0.000	0.376	1.000
Debt/Assets	31,949	0.150	0.193	0.000	0.070	0.856
Credit risk	31,949	5.977	2.953	1.000	6.000	10.000
VA/Emp (€’000s)	31,949	52.1	37.8	3.6	44.1	293.5
TFP	31,949	2.055	0.997	0.222	1.843	6.866

Table 1:

Open in new tab

Summary statistics

	(1)	(2)	(3)	(4)	(5)	(6)
	Obs.	Mean	SD	p1	p50	p99
A. Loan guarantee exposure
Raw guarantee $_{region, 09 - 10}$ (over assets in %)	21	0.290	0.156	0.105	0.256	0.769
Guarantee $_{region, 09 - 10}$	21	0.040	0.185	–0.140	–0.018	0.726
Guarantee $_{firm, 09 - 10}$ (over assets in %)	31,949	0.307	1.666	0.000	0.000	11.876
Guarantee (1/0)	31,949	0.040	0.196	0.000	0.000	1.000
Default amount $_{firm}$ (over assets in %)	31,949	0.030	0.381	0.000	0.000	0.000
Default on guaranteed loan (1/0)	31,949	0.010	0.098	0.000	0.000	0.000
B. Main outcome variables, 2009–2015
Years employed $_{2009, 2015}$	38,568	6.512	1.295	1.000	7.000	7.000
Earnings $_{2009, 2015}$	38,568	6.498	2.167	0.140	7.085	11.022
Separation $_{2009, 2015}$ (1/0)	38,568	0.488	0.500	0.000	0.000	1.000
Unemployment benefits $_{2009, 2015}$	38,568	0.218	0.478	0.000	0.000	2.154
C. Worker characteristics in 2008
Earnings	38,568	23,836	13,435	12,112	20,755	74,275
Hours	38,568	1,872.131	215.916	1,152.000	1844.000	2,479.000
Age	38,568	38.320	7.762	24.000	39.000	51.000
Male	38,568	0.740	0.439	0.000	1.000	1.000
D. Firm characteristics in 2008 and outcomes
$Δ_{08 - 09} \frac{Bankdebt}{Debt}$	23,238	–0.043	0.258	–0.957	0.000	0.827
${\frac{Bankdebt}{Debt}}_{08}$	25,487	0.652	0.373	0.000	0.810	1.000
$Δ_{08 - 10}$ Interest rate	24,176	–0.013	0.048	–0.209	–0.005	0.147
Interest rate₀₈	26,579	0.065	0.064	0.000	0.048	0.334
Nb employees	31,949	19.948	27.932	0.000	10.750	155.250
Assets (€’000s)	31949	3037	75255	48	754	26,908
ROA	31,949	0.104	0.187	–0.619	0.101	0.703
Firm age	31,949	17.987	12.888	1.000	16.000	54.000
Dividend/Sales	31,949	0.016	0.037	0.000	0.000	0.218
PPE/Assets	31,949	0.453	0.331	0.000	0.376	1.000
Debt/Assets	31,949	0.150	0.193	0.000	0.070	0.856
Credit risk	31,949	5.977	2.953	1.000	6.000	10.000
VA/Emp (€’000s)	31,949	52.1	37.8	3.6	44.1	293.5
TFP	31,949	2.055	0.997	0.222	1.843	6.866

	(1)	(2)	(3)	(4)	(5)	(6)
	Obs.	Mean	SD	p1	p50	p99
A. Loan guarantee exposure
Raw guarantee $_{region, 09 - 10}$ (over assets in %)	21	0.290	0.156	0.105	0.256	0.769
Guarantee $_{region, 09 - 10}$	21	0.040	0.185	–0.140	–0.018	0.726
Guarantee $_{firm, 09 - 10}$ (over assets in %)	31,949	0.307	1.666	0.000	0.000	11.876
Guarantee (1/0)	31,949	0.040	0.196	0.000	0.000	1.000
Default amount $_{firm}$ (over assets in %)	31,949	0.030	0.381	0.000	0.000	0.000
Default on guaranteed loan (1/0)	31,949	0.010	0.098	0.000	0.000	0.000
B. Main outcome variables, 2009–2015
Years employed $_{2009, 2015}$	38,568	6.512	1.295	1.000	7.000	7.000
Earnings $_{2009, 2015}$	38,568	6.498	2.167	0.140	7.085	11.022
Separation $_{2009, 2015}$ (1/0)	38,568	0.488	0.500	0.000	0.000	1.000
Unemployment benefits $_{2009, 2015}$	38,568	0.218	0.478	0.000	0.000	2.154
C. Worker characteristics in 2008
Earnings	38,568	23,836	13,435	12,112	20,755	74,275
Hours	38,568	1,872.131	215.916	1,152.000	1844.000	2,479.000
Age	38,568	38.320	7.762	24.000	39.000	51.000
Male	38,568	0.740	0.439	0.000	1.000	1.000
D. Firm characteristics in 2008 and outcomes
$Δ_{08 - 09} \frac{Bankdebt}{Debt}$	23,238	–0.043	0.258	–0.957	0.000	0.827
${\frac{Bankdebt}{Debt}}_{08}$	25,487	0.652	0.373	0.000	0.810	1.000
$Δ_{08 - 10}$ Interest rate	24,176	–0.013	0.048	–0.209	–0.005	0.147
Interest rate₀₈	26,579	0.065	0.064	0.000	0.048	0.334
Nb employees	31,949	19.948	27.932	0.000	10.750	155.250
Assets (€’000s)	31949	3037	75255	48	754	26,908
ROA	31,949	0.104	0.187	–0.619	0.101	0.703
Firm age	31,949	17.987	12.888	1.000	16.000	54.000
Dividend/Sales	31,949	0.016	0.037	0.000	0.000	0.218
PPE/Assets	31,949	0.453	0.331	0.000	0.376	1.000
Debt/Assets	31,949	0.150	0.193	0.000	0.070	0.856
Credit risk	31,949	5.977	2.953	1.000	6.000	10.000
VA/Emp (€’000s)	31,949	52.1	37.8	3.6	44.1	293.5
TFP	31,949	2.055	0.997	0.222	1.843	6.866

This table presents summary statistics at the regional and firm levels (panel A), worker level (panels B and C), and firm level (panel D). The sample includes 1/12th of employees who were working in SMEs located within a 10-mile distance to a regional border in 2008.

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