The largest private shareholder and bank loans to firms in the their industry.

This table reports the estimation results from OLS regressions analyzing the impact of the bank’s largest private shareholder on the bank’s loans to firms in the their industry, with a different combination of fixed effects in each column. Columns 1–3 uses FirmLoan as the dependent variable. Columns 4 uses Ln(1+ FirmLoan) as the dependent variable. Variables are defined in S1 Appendix. The sample period is from 2007 to 2020. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.