Table 4 Alternative measures for the dependent variable.

Variables	(1)	(2)	(3)	(4)	(5)
Variables	SA	Log (Govsub)	Log (Shortloan)	Log (Longloan)	Log (Totaloan)
Zone^*Post	−0.005^**	0.110^***	0.317^***	0.381^*	0.0631^**
	(0.00265)	(0.0320)	(0.118)	(0.201)	(0.0267)
Constant	−3.666^***	15.25^***	18.57^***	4.044	19.17^***
	(0.02)	(0.732)	(2.101)	(3.565)	(0.475)
Controls	√	√	√	√	√
FEs	√	√	√	√	√
Observations	14,791	14,791	14,332	12,680	12,680
R-squared	0.827	0.827	0.722	0.581	0.636
F	705.805	705.805	26.690	103.069	101.365

Model specifications are the same as Table 3. Log (Govsub): Represents the logarithm of government subsidies received by the firm. Log (Shortloan): Represents the logarithm of the firm’s short-term borrowings. Log (Longloan): Represents the logarithm of the firm’s long-term borrowings. Log (Totaloan): Represents the logarithm of the firm’s total borrowings (the sum of short-term and long-term borrowings). Robust standard errors in parentheses.
***p < 0.01; **p < 0.05; *p < 0.1.

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