The effect of firm scale is negative and statistically significant.
This implies that smaller firms depend more on bank loans because these firms are relatively informationally opaque.
Firm age has a positive effect on bank loans, which implies that older firms are more creditworthy and transparent.
The effect of sales growth is negative, which suggests that the assets of firms are growing faster than their total borrowings.
Firms with more current assets need more working capital, so the estimated coefficient for the ratio of current assets to bank loans is positive and statistically significant.
The collateralizable assets have positive effects on bank loans because collateral mitigates the information problem.
Firms with higher cash flow do not need to borrow as much; therefore, the coefficient for ROA is negative and statistically significant.
Finally,the estimated coefficient for the interest rate is negative and statistically significant at the 1% level.