The largest state-owned shareholder and bank loans.

This table reports the estimation results from OLS regressions analyzing the impact of the largest state-owned shareholder on bank lending to their industry, with a different combination of fixed effects in each column. Columns 1–3 uses IndLoanS 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.