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Table 5: Effects of Consolidation Activity
(CA) and Local Community Bank (CB) Market Share on Small Business Loan
(SBL) Growth in Urban Markets: 1997-2000 Effects on small business loan (SBL) growth
and its decompositions into SBL growth under and over $100,000 and CRE
versus C&I SBL. Estimated coefficients and standard errors (reported in parentheses).
| |
A. Overall Consolidation Activity |
B. Specific Types of Consolidation Activity |
| Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
| Full sample (292 markets) |
Overall CA |
0.102* |
0.084** |
0.018 |
0.002 |
0.100** |
|
| (0.052) |
(0.036) |
(0.039) |
(0.030) |
(0.041) |
|
| Within-mkt CA |
|
-0.144 |
-0.041 |
-0.103 |
-0.061 |
-0.083 |
| |
(0.098) |
(0.067) |
(0.074) |
(0.056) |
(0.076) |
| Big acq big CA |
|
0.205*** |
0.146*** |
0.058 |
0.030 |
0.175*** |
| |
(0.069) |
(0.047) |
(0.052) |
(0.039) |
(0.053) |
| Big acq CB CA |
|
0.034 |
-0.022 |
0.055 |
0.002 |
0.032 |
| |
(0.106) |
(0.072) |
(0.080) |
(0.060) |
(0.082) |
CB CA |
|
0.055 |
0.084 |
-0.029 |
0.020 |
0.035 |
| |
(0.178) |
(0.121) |
(0.134) |
(0.101) |
(0.138) |
CB SBL mkt share |
-0.016 |
-0.025 |
0.009 |
-0.015 |
0.000 |
0.008 |
0.000 |
0.008 |
-0.013 |
0.021 |
| (0.046) |
(0.032) |
(0.035) |
(0.026) |
(0.036) |
(0.050) |
(0.034) |
(0.037) |
(0.028) |
(0.038) |
| High Herfendahl subsample (94 markets) |
Overall CA |
0.093 |
0.099* |
-0.006 |
0.030 |
0.063 |
|
| (0.087) |
(0.051) |
(0.075) |
(0.050) |
(0.065) |
|
| Within-mkt CA |
|
-0.205 |
-0.004 |
-0.201 |
-0.136 |
-0.069 |
| |
(0.174) |
(0.102) |
(0.150) |
(0.100) |
(0.129) |
| Big acq big CA |
|
0.154 |
0.133** |
0.021 |
0.042 |
0.112 |
| |
(0.101) |
(0.059) |
(0.087) |
(0.058) |
(0.075) |
| Big acq CB CA |
|
0.122 |
-0.069 |
0.191 |
0.134 |
-0.012 |
| |
(0.209) |
(0.123) |
(0.180) |
(0.120) |
(0.156) |
CB CA |
|
-0.198 |
-0.036 |
-0.161 |
0.068 |
-0.266 |
| |
(0.316) |
(0.185) |
(0.272) |
(0.181) |
(0.235) |
CB SBL mkt share |
-0.180** |
-0.099** |
-0.081 |
-0.103** |
-0.077 |
-0.179** |
-0.070 |
-0.109 |
-0.119* |
-0.060 |
| (0.076) |
(0.045) |
(0.067) |
(0.044) |
(0.057) |
(0.083) |
(0.049) |
(0.072) |
(0.048) |
(0.062) |
| Low Herfendahl subsample (198 markets) |
Overall CA |
0.080 |
0.056 |
0.024 |
-0.022 |
0.102* |
|
| (0.069) |
(0.051) |
(0.045) |
(0.034) |
(0.057) |
|
| Within-mkt CA |
|
-0.112 |
-0.072 |
-0.041 |
0.018 |
-0.130 |
| |
(0.131) |
(0.098) |
(0.087) |
(0.066) |
(0.109) |
| Big acq big CA |
|
0.230** |
0.159** |
0.070 |
-0.001 |
0.231*** |
| |
(0.100) |
(0.075) |
(0.066) |
(0.050) |
(0.083) |
| Big acq CB CA |
|
-0.059 |
-0.049 |
-0.009 |
-0.082 |
0.023 |
| |
(0.134) |
(0.100) |
(0.088) |
(0.067) |
(0.112) |
CB CA |
|
0.212 |
0.158 |
0.054 |
0.004 |
0.207 |
| |
(0.223) |
(0.167) |
(0.148) |
(0.112) |
(0.187) |
CB SBL mkt share |
0.085 |
0.030 |
0.055 |
0.034 |
0.051 |
0.130** |
0.062 |
0.068 |
0.046 |
0.084 |
| (0.061) |
(0.046) |
(0.040) |
(0.030) |
(0.051) |
(0.065) |
(0.049) |
(0.043) |
(0.033) |
(0.055) |
| Low CB share subsample (163 markets) |
Overall CA |
0.115 |
0.077** |
0.038 |
0.027 |
0.088* |
|
| (0.075) |
(0.038) |
(0.059) |
(0.043) |
(0.053) |
|
| Within-mkt CA |
|
-0.238* |
-0.060 |
-0.177* |
-0.138* |
-0.100 |
| |
(0.134) |
(0.069) |
(0.106) |
(0.076) |
(0.094) |
| Big acq big CA |
|
0.187** |
0.101** |
0.086 |
0.061 |
0.126** |
| |
(0.087) |
(0.044) |
(0.068) |
(0.049) |
(0.061) |
| Big acq CB CA |
|
0.090 |
-0.028 |
0.118 |
0.157 |
-0.068 |
| |
(0.246) |
(0.126) |
(0.193) |
(0.139) |
(0.172) |
CB CA |
|
0.381 |
0.072 |
0.309 |
0.245 |
0.136 |
| |
(0.462) |
(0.236) |
(0.364) |
(0.261) |
(0.324) |
CB SBL mkt share |
0.098 |
-0.057 |
0.155 |
0.094 |
0.003 |
0.079 |
-0.039 |
0.119 |
0.053 |
0.027 |
| (0.122) |
(0.062) |
(0.096) |
(0.069) |
(0.086) |
(0.133) |
(0.068) |
(0.105) |
(0.075) |
(0.093) |
| High CB share subsample (129 markets) |
All CA |
0.076 |
0.117* |
-0.041 |
-0.047 |
0.123* |
|
| (0.080) |
(0.068) |
(0.056) |
(0.043) |
(0.067) |
|
| Within-mkt CA |
|
-0.117 |
-0.032 |
-0.085 |
0.064 |
-0.180 |
| |
(0.170) |
(0.144) |
(0.120) |
(0.092) |
(0.142) |
| Big acq big CA |
|
0.207 |
0.251** |
-0.044 |
0.001 |
0.207* |
| |
(0.135) |
(0.115) |
(0.095) |
(0.073) |
(0.112) |
| Big acq CB CA |
|
0.066 |
0.037 |
0.029 |
-0.121 |
0.187 |
| |
(0.143) |
(0.122) |
(0.102) |
(0.078) |
(0.120) |
CB CA |
|
0.041 |
0.130 |
-0.089 |
-0.054 |
0.095 |
| |
(0.213) |
(0.181) |
(0.151) |
(0.116) |
(0.178) |
CB SBL mkt share |
-0.164 |
-0.139 |
-0.025 |
-0.088 |
-0.076 |
-0.126 |
-0.093 |
-0.033 |
-0.069 |
-0.056 |
| (0.104) |
(0.089) |
(0.073) |
(0.056) |
(0.087) |
(0.111) |
(0.094) |
(0.079) |
(0.060) |
(0.093) |
Memo items: 65 markets are both high Herfendahl and low CB share. 105 markets are both low Herfendahl and high CB share.
Note: All regressions include the full set of banking and economic control variables summarized in table 2.1. *, **, *** indicate significance levels of 10%, 5%, and 1%, respectively.
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