Summary statistics
| Variable | Description | Mean/Relative frequency | StdD | Min | Max | Obs |
|---|---|---|---|---|---|---|
| Roa | Profit or loss before taxes over Total Assets (in percentage) | −0.95 | 21.04 | −81.38 | 59.61 | 5,664 |
| Roa2 | Net income over Total Assets (in percentage) | −2.32 | 18.01 | −77.12 | 40.6 | 5,670 |
| Inner area | Dummy = 1 if a firm operates in a municipal having the characteristic of an inner area | 0.08 | 0.27 | 0 | 1 | 6,426 |
| Northwest | Dummy = 1 if a firm operates in North-western regions | 0.4 | 0.49 | 0 | 1 | 6,426 |
| Northeast | Dummy = 1 if a firm operates in North-eastern regions | 0.21 | 0.41 | 0 | 1 | 6,426 |
| Centre | Dummy = 1 if a firm operates in Central regions | 0.19 | 0.39 | 0 | 1 | 6,426 |
| Age | Current year minus firm’s year of establishment (in unit) | 9.4 | 9.91 | 0 | 89 | 6,138 |
| Leverage | (Current plus non-current liabilities) to total assets (in percentage) | 65.13 | 25.21 | 3.52 | 98.21 | 5,759 |
| Working capital | (Currents assets minus current liabilities) to total assets (in percentage) | 14.1 | 24.95 | −58.94 | 77.14 | 5,713 |
| Firm growth | (Current period sales minus previous period sales) divided previous period sales (in percentage) | 0.16 | 0.42 | −3.2 | 3.89 | 5,387 |
| Population density | Population over municipal surface (in square km) (in unit) | 2884.96 | 2859.84 | 18.58 | 8,107.28 | 6,426 |
| Branch density | Number of banks branches over population (municipal level) | 0.06 | 0.02 | 0 | 0.23 | 6,426 |
| Gini index | The Gini concentration index (municipal level) | 0.44 | 0.05 | 0.32 | 0.54 | 6,426 |
| Senior index | Inhabitants ≥ 65 over inhabitants ≤ 14 (municipal level) | 1.78 | 0.41 | 0.49 | 6.5 | 6,426 |
| Seismic risk | Dummy = 1 if the municipality in which a firm is located has a high/medium-high earthquake risk | 0.23 | 0.42 | 0 | 1 | 6,426 |
| Variable | Description | Mean/Relative frequency | StdD | Min | Max | Obs |
|---|---|---|---|---|---|---|
| Roa | Profit or loss before taxes over Total Assets (in percentage) | −0.95 | 21.04 | −81.38 | 59.61 | 5,664 |
| Roa2 | Net income over Total Assets (in percentage) | −2.32 | 18.01 | −77.12 | 40.6 | 5,670 |
| Inner area | Dummy = 1 if a firm operates in a municipal having the characteristic of an inner area | 0.08 | 0.27 | 0 | 1 | 6,426 |
| Northwest | Dummy = 1 if a firm operates in North-western regions | 0.4 | 0.49 | 0 | 1 | 6,426 |
| Northeast | Dummy = 1 if a firm operates in North-eastern regions | 0.21 | 0.41 | 0 | 1 | 6,426 |
| Centre | Dummy = 1 if a firm operates in Central regions | 0.19 | 0.39 | 0 | 1 | 6,426 |
| Age | Current year minus firm’s year of establishment (in unit) | 9.4 | 9.91 | 0 | 89 | 6,138 |
| Leverage | (Current plus non-current liabilities) to total assets (in percentage) | 65.13 | 25.21 | 3.52 | 98.21 | 5,759 |
| Working capital | (Currents assets minus current liabilities) to total assets (in percentage) | 14.1 | 24.95 | −58.94 | 77.14 | 5,713 |
| Firm growth | (Current period sales minus previous period sales) divided previous period sales (in percentage) | 0.16 | 0.42 | −3.2 | 3.89 | 5,387 |
| Population density | Population over municipal surface (in square km) (in unit) | 2884.96 | 2859.84 | 18.58 | 8,107.28 | 6,426 |
| Branch density | Number of banks branches over population (municipal level) | 0.06 | 0.02 | 0 | 0.23 | 6,426 |
| Gini index | The Gini concentration index (municipal level) | 0.44 | 0.05 | 0.32 | 0.54 | 6,426 |
| Senior index | Inhabitants ≥ 65 over inhabitants ≤ 14 (municipal level) | 1.78 | 0.41 | 0.49 | 6.5 | 6,426 |
| Seismic risk | Dummy = 1 if the municipality in which a firm is located has a high/medium-high earthquake risk | 0.23 | 0.42 | 0 | 1 | 6,426 |
Source(s): Authors own work
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