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4.1.2. Market characteristics
4.1.2。市场特点
Market characteristics are measured by three dummy variables for low, medium, and high concentration as measured by a bank Herfindahl Index and a dummy for firms located in Urban rather than rural areas (see, e.g. , Berkowitz and White, 2004; Berger et al.,2011.) We are severely limited with respect to available market characteristics because confidentiality concerns preclude the SSBF from providing the location of sample firms beyond Census region. However, the SSBF does provide a categorical variable indicating banking-market concentration, and a dummy variable indicating a firm located within an urban area classified as a metropolitan statistical area (MSA). We expect that firms would be less likely to be able to obtain credit in less competitive banking markets. To the extent that this variable does not completely capture variation in banking competition, we expect that firms in rural markets also would be less likely to be able to obtain credit, as these markets tend to be less competitive.
市场特点是低三个虚拟变量来衡量,媒介,高浓度的银行赫芬代尔指数和一个虚拟的公司坐落在城市而不是农村地区(见,例如。伯科威茨和白色,2004;伯杰et al .,2011)。我们严重地限制对可用的市场特征,因为保密问题排除SSBF从人口普查以外的地区提供样本公司的位置。然而,SSBF确实提供了一个分类变量指示银行市场集中,和一个哑变量表明公司位于市区归类为大都市统计区(MSA)。我们预计公司将不太可能能够获得信贷银行市场竞争力。在某种程度上,这个变量不完全捕捉变化在银行业竞争,我们预计公司在农村市场也不太可能能够获得信贷,这些市场往往缺乏竞争力。

4.1.3. Owner characteristics
4.1.3。老板的特点
We include characteristics of the primary owner. The primary owner is the owner with the largest percentage ownership in the firm. Our vector of owner characteristics includes the primary owner’s reputation as measured by age, years of business experience, and dummy variables for educational attainment (high school, some college, college degree, or graduate degree); the race, ethnicity, and gender of the controlling owner as measured by dummy variables for Black-, Hispanic-, Asian-, and Female-owned firms; the primary owner’s credit quality as measured by an indicator for whether the owner has been 60 or more days delinquent on a credit obligation during the past 3 years, a dummy indicating whether the owner has declared bankruptcy during the past 7 years, and a dummy indicating whether a judgment has been rendered against the owner within the past 3 years; and the owner’s personal wealth
我们的主要所有者包括特征。主要的所有者是最大的所有权比例公司所有者。向量所有者特征包括的主要所有者的名声来衡量年龄、年的业务经验,为教育程度和虚拟变量(高中,一些大学、大学学位或研究生学位),种族,民族,和性别控制所有者以虚变量衡量的黑人,西班牙裔,亚裔,和女性公司;主要所有者的信贷质量作为指标来衡量是否业主一直在拖欠60天或以上的信用义务在过去3年,一个虚拟的指示业主是否已经宣布破产在过去的7年,和一个假指示判断是否已经呈现对业主在过去3年,和主人的个人财富

Firms with older owners are expected to be more creditworthy because older owners are thought to be wiser and have longer track records than younger owners. Firms with more experienced owners are thought to be more creditworthy because they have a longer track record in the firm’s line of business. Firms with more educated owners are thought to be more creditworthy because more educated owners are thought to be better equipped to successfully run a business.
老业主的企业预计将更有信誉的,因为老业主被认为是辣,再记录比年轻的主人。公司更有经验的主人被认为是更有信誉的,因为他们有时间记录在公司的业务。公司有更多的受过教育的所有者被认为是更有信誉的,因为受过教育的所有者被认为是能更好地成功地经营生意。
We have no expectations regarding indicators for firms with minority controlling owners (Asian, Black, Female, or Hispanic). We include these variables in an effort to ascertain whether minority-owned firms are experiencing disparate outcomes in the credit markets relative to firms whose controlling owners are white, non-Hispanic males.
我们没有期望公司有关指标与少数民族控制所有者(亚洲人,黑人,女,或西班牙裔)。我们包括这些变量以确定万家公司在信贷市场正在经历不同的结果相对于公司的控制所有者是白色的,非西班牙裔男性。