Table 2 Probit model estimation Total...

Table 2

Probit model estimation

	Total sample				Fewer than 10 employees		Over 10 employees
	Model 1		Model 2		Model 3		Model 4
Variable	Coefficient	p-value	Coefficient	p-value	Coefficient	p-value	Coefficient	p-value
Constant	−2.263	0.000	−3.284	0.000	−1.721	0.000	−2.682	0.000
Persistence (Y in t−1)	1.596	0.000	1.594	0.000	1.707	0.000	1.531	0.000
Firms’ characteristics
Micro firms (1)	−0.100	0.000	−0.097	0.000	–	–	–	–
Age	−0.020	0.000	−0.020	0.000	−0.044	0.000	−0.010	0.000
Age squared	1.15E−04	0.000	1.16E−04	0.000	3.62E−04	0.000	4.90E−05	0.000
Size	0.201	0.000	0.202	0.000	0.007	0.268	0.265	0.000
Productivity	0.127	0.000	0.130	0.000	0.130	0.000	0.114	0.000
Debt	0.004	0.475	0.051	0.398	0.161	0.000	−0.021	0.026
Debt squared	−2.43E−05	0.598	−2.86E−05	0.536	−0.011	0.014	1.54E−04	0.010
ROE	0.069	0.000	0.068	0.000	0.060	0.000	0.058	0.000
Technology (2)
Non-technological	−0.247	0.000	−0.248	0.000	−0.398	0.000	−0.163	0.000
Medium-high	−0.210	0.000	−0.207	0.000	−0.443	0.000	−0.109	0.003
High	−0.053	0.227	−0.050	0.258	−0.250	0.014	0.028	0.582
Productive sector (3)
Manufacturing	0.177	0.000	0.177	0.000	0.296	0.000	0.085	0.000
Energy	0.109	0.000	0.120	0.000	0.212	0.000	0.042	0.169
Construction	0.358	0.000	0.360	0.000	0.438	0.000	0.258	0.000
Transportation	0.288	0.000	0.291	0.000	0.336	0.000	0.218	0.000
Hospitality	0.272	0.000	0.272	0.000	0.458	0.000	0.088	0.000
Communications	0.162	0.000	0.160	0.000	0.060	0.293	0.172	0.000
Business services	0.207	0.000	0.207	0.000	0.142	0.000	0.252	0.000
Education	0.185	0.000	0.172	0.000	0.385	0.000	0.112	0.000
Health	0.203	0.000	0.200	0.000	0.103	0.000	0.229	0.000
Other services	0.234	0.000	0.228	0.000	0.226	0.000	0.228	0.000
Localisation
GCI	–	–	0.049	0.075	–	–	–	–
HCI	–	–	0.011	0.006	–	–	–	–
Control variable
Country dummies	Yes		No		Yes		Yes
Number of observations	602,604		602,604		420,961		181,643
Log likelihood	−1,26,066.20		−1,26,100.80		−55,568.78		−68,095.20
McFadden R-squared	0.38		0.38		0.25		0.34
Prediction R-squared	92.13		92.15		95.70		84.00

	Total sample				Fewer than 10 employees		Over 10 employees
	Model 1		Model 2		Model 3		Model 4
Variable	Coefficient	p-value	Coefficient	p-value	Coefficient	p-value	Coefficient	p-value
Constant	−2.263	0.000	−3.284	0.000	−1.721	0.000	−2.682	0.000
Persistence (Y in t−1)	1.596	0.000	1.594	0.000	1.707	0.000	1.531	0.000
Firms’ characteristics
Micro firms (1)	−0.100	0.000	−0.097	0.000	–	–	–	–
Age	−0.020	0.000	−0.020	0.000	−0.044	0.000	−0.010	0.000
Age squared	1.15E−04	0.000	1.16E−04	0.000	3.62E−04	0.000	4.90E−05	0.000
Size	0.201	0.000	0.202	0.000	0.007	0.268	0.265	0.000
Productivity	0.127	0.000	0.130	0.000	0.130	0.000	0.114	0.000
Debt	0.004	0.475	0.051	0.398	0.161	0.000	−0.021	0.026
Debt squared	−2.43E−05	0.598	−2.86E−05	0.536	−0.011	0.014	1.54E−04	0.010
ROE	0.069	0.000	0.068	0.000	0.060	0.000	0.058	0.000
Technology (2)
Non-technological	−0.247	0.000	−0.248	0.000	−0.398	0.000	−0.163	0.000
Medium-high	−0.210	0.000	−0.207	0.000	−0.443	0.000	−0.109	0.003
High	−0.053	0.227	−0.050	0.258	−0.250	0.014	0.028	0.582
Productive sector (3)
Manufacturing	0.177	0.000	0.177	0.000	0.296	0.000	0.085	0.000
Energy	0.109	0.000	0.120	0.000	0.212	0.000	0.042	0.169
Construction	0.358	0.000	0.360	0.000	0.438	0.000	0.258	0.000
Transportation	0.288	0.000	0.291	0.000	0.336	0.000	0.218	0.000
Hospitality	0.272	0.000	0.272	0.000	0.458	0.000	0.088	0.000
Communications	0.162	0.000	0.160	0.000	0.060	0.293	0.172	0.000
Business services	0.207	0.000	0.207	0.000	0.142	0.000	0.252	0.000
Education	0.185	0.000	0.172	0.000	0.385	0.000	0.112	0.000
Health	0.203	0.000	0.200	0.000	0.103	0.000	0.229	0.000
Other services	0.234	0.000	0.228	0.000	0.226	0.000	0.228	0.000
Localisation
GCI	–	–	0.049	0.075	–	–	–	–
HCI	–	–	0.011	0.006	–	–	–	–
Control variable
Country dummies	Yes		No		Yes		Yes
Number of observations	602,604		602,604		420,961		181,643
Log likelihood	−1,26,066.20		−1,26,100.80		−55,568.78		−68,095.20
McFadden R-squared	0.38		0.38		0.25		0.34
Prediction R-squared	92.13		92.15		95.70		84.00

Note(s): The endogenous variable is a dichotomous variable that takes the value of 1 if it is a high-growth firm and 0 otherwise

Reference categories: (1) Firms with over ten employees, (2) High technology and (3) Commerce The productivity variable is logarithmic

Source(s): Compiled by the authors

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