The largest private shareholder and bank loans: IV estimation.

This table reports the estimation results from 2SLS regressions analyzing impact of the largest private shareholder on bank lending to their industry, with industry fixed effect of the largest private shareholder and year fixed effect. Column 1 is the first stage regression of LPS on LPS_IV. Columns 2 is the second stage results. Columns 2 use 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.