The largest private shareholder, the industry’s NPL ratio and bank loans.

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 level of the bank’s NPL ratio in their industry in each column. Columns 1–3 uses IndLoan 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.