The largest private shareholder and bank loans: Group test.

This table reports the estimation results from OLS regressions analyzing the impact of the largest private shareholder on bank lending to their industry, with a different sample in each column. Columns 1–3 uses IndLoan as the dependent variable. Variables are defined in S1 Appendix. The top three industry in each region with a share of the overall economy has been removed. The sample period is from 2007 to 2020. In parentheses are t-statistics. ***, **, * indicate statistical significance at the 1%, 5%, and 10% level, respectively.