Table A1

Data, measures and data sources

VariablesCodeMeasurementSource
Firm SizeCurrencyNatural logarithm of firm revenue, monthlySurvey
ProfitabilityCurrencyTotal revenue of the business minus total expenses, monthlySurvey
SalesCurrencyNatural logarithm of firm total sales, monthlySurvey
SexDummyTakes the value of 1 if female and 0 if maleSurvey
Sources of IncomeDummyTakes the value of 1 if sources of income are from the informal sector and 0 if it is from the formal sectorSurvey
Duality/Co-fundingDummyTakes the value of 1 if the business adopts both formal and informal sources of finance and 0 if the business adopts only one sourceSurvey
Business RegistrationDummyTakes the value of 1 if the business is registered and 0 if notSurvey
Age of Business Owner Natural logarithm of the age of the owners of businessesSurvey
Age of BusinessesNumbersNatural logarithm of the number of years the business existsSurvey
Number of BusinessDummyTakes the value of 1 if the entrepreneur only has more than one business and 0 if the entrepreneur has only one businessSurvey
EducationDummyTakes the values of 0, 7, 12, 13, 14 and 15 if the educational attainment of the owner is: no education, Primary schooling, O'Level, Diploma, Degree and M.Sc./PhD. The values are loggedSurvey
Mobile AccountDummyTakes the value of 1 if the business has a mobile account and 0 if notSurvey
Formal Finance (Bank Account)DummyTakes the value of 1 if the entrepreneur access credit from the bank within the month and 0 if notSurvey
Informal Finance (Credit Card)DummyTakes the value of 1 if the entrepreneur access informal credit within the month and 0 if otherwiseSurvey
Informal Finance (Mobile Money)DummyTakes the value of 1 if the business access mobile money within the month and 0 if otherwiseSurvey
Informal Finance (Mobile Banking)DummyTakes the value of 1 if the business accesses mobile banking within the month and 0 if otherwiseSurvey
Source(s): Authors’ (2025)

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