Table 7 Multinomial logit model results...

Table 7

Multinomial logit model results and marginal effects by age cohort (reference give business to family) (N = 471)

	55 and over cohort (n = 123)				54 and under cohort (n = 348)
Exit intention	Coeff	Std. err	Marginal effects		Coeff	Std. err	Marginal effects
Sell to family
SEW	−0.19	0.42	0.006	−0.49***		0.19	−0.024
Rural	−0.90	1.08	−0.026	0.84***		0.35	0.132
Family ownership	1.35	1.01	0.051	0.76		0.49	0.118
Female owner	−0.08	0.97	0.001	−1.21***		0.38	−0.133
BIPOC owner	−0.74	1.16	0.007	0.39		0.33	0.080
Business age	0.02	0.03	0.000	0.00		0.02	0.000
Sole proprietorship	−1.69**	0.85	−0.050	−0.96***		0.34	−0.121
Ln business income	0.04	0.12	0.003	−0.10		0.06	−0.011
Employees	0.00	0.02	0.001	0.01		0.01	0.001
Wholesale	1.20	0.91	0.045	−0.06		0.41	0.023
Production	0.35	0.84	0.016	−0.58		0.46	−0.010
Constant	−1.63	3.92		2.80**		1.30
Sell to outsider
SEW	−0.27	0.21	0.006	−0.74***		0.16	−0.098
Rural	−2.85*	1.69	−0.170	−0.64*		0.38	−0.129
Family ownership	0.91	0.77	0.058	−0.41		0.35	−0.079
Female owner	−0.93	0.73	−0.055	−0.30		0.35	−0.010
BIPOC owner	−1.43	0.90	−0.033	−0.30		0.33	−0.030
Business age	0.00	0.02	0.000	0.02		0.02	0.003
Sole proprietorship	−0.93	0.77	−0.035	0.00		0.33	0.023
Ln business income	0.09	0.17	0.008	−0.03		0.07	−0.003
Employees	−0.06**	0.03	−0.003	0.00		0.01	0.001
Wholesale	0.34	0.96	0.020	−0.70*		0.38	−0.111
Production	1.66	1.12	0.112	−1.26***		0.43	−0.177
Constant	0.34	2.47		4.60***		1.16
Liquidate
SEW	−0.62***	0.19	−0.140	−0.92***		0.18	−0.051
Rural	−0.03	0.48	0.111	−0.73*		0.39	−0.054
Family ownership	−0.16	0.52	−0.101	−1.01**		0.43	−0.080
Female owner	−0.06	0.50	0.019	−0.25		0.41	0.001
BIPOC owner	−1.51**	0.77	−0.309	−1.84***		0.49	−0.143
Business age	0.01	0.02	0.002	−0.03		0.02	−0.002
Sole proprietorship	−0.49	0.50	−0.053	0.42		0.39	0.045
Ln business income	−0.08	0.10	−0.024	0.01		0.11	0.002
Employees	−0.02	0.03	−0.004	−0.04*		0.02	−0.003
Wholesale	−0.08	0.62	−0.057	−0.62		0.43	−0.034
Production	−0.35	0.81	−0.153	−1.50***		0.55	−0.086
Constant	4.79***	1.65		5.92***		1.47
Model fit statistics
Wald Chi²/Sig	73.36/0.00			145.57/0.00
Psuedo R²	0.20			0.20
AIC	295.92			775.04
Hosmer–Lemeshow	14.08/0.72			23.34/0.18

	55 and over cohort (n = 123)				54 and under cohort (n = 348)
Exit intention	Coeff	Std. err	Marginal effects		Coeff	Std. err	Marginal effects
Sell to family
SEW	−0.19	0.42	0.006	−0.49***		0.19	−0.024
Rural	−0.90	1.08	−0.026	0.84***		0.35	0.132
Family ownership	1.35	1.01	0.051	0.76		0.49	0.118
Female owner	−0.08	0.97	0.001	−1.21***		0.38	−0.133
BIPOC owner	−0.74	1.16	0.007	0.39		0.33	0.080
Business age	0.02	0.03	0.000	0.00		0.02	0.000
Sole proprietorship	−1.69**	0.85	−0.050	−0.96***		0.34	−0.121
Ln business income	0.04	0.12	0.003	−0.10		0.06	−0.011
Employees	0.00	0.02	0.001	0.01		0.01	0.001
Wholesale	1.20	0.91	0.045	−0.06		0.41	0.023
Production	0.35	0.84	0.016	−0.58		0.46	−0.010
Constant	−1.63	3.92		2.80**		1.30
Sell to outsider
SEW	−0.27	0.21	0.006	−0.74***		0.16	−0.098
Rural	−2.85*	1.69	−0.170	−0.64*		0.38	−0.129
Family ownership	0.91	0.77	0.058	−0.41		0.35	−0.079
Female owner	−0.93	0.73	−0.055	−0.30		0.35	−0.010
BIPOC owner	−1.43	0.90	−0.033	−0.30		0.33	−0.030
Business age	0.00	0.02	0.000	0.02		0.02	0.003
Sole proprietorship	−0.93	0.77	−0.035	0.00		0.33	0.023
Ln business income	0.09	0.17	0.008	−0.03		0.07	−0.003
Employees	−0.06**	0.03	−0.003	0.00		0.01	0.001
Wholesale	0.34	0.96	0.020	−0.70*		0.38	−0.111
Production	1.66	1.12	0.112	−1.26***		0.43	−0.177
Constant	0.34	2.47		4.60***		1.16
Liquidate
SEW	−0.62***	0.19	−0.140	−0.92***		0.18	−0.051
Rural	−0.03	0.48	0.111	−0.73*		0.39	−0.054
Family ownership	−0.16	0.52	−0.101	−1.01**		0.43	−0.080
Female owner	−0.06	0.50	0.019	−0.25		0.41	0.001
BIPOC owner	−1.51**	0.77	−0.309	−1.84***		0.49	−0.143
Business age	0.01	0.02	0.002	−0.03		0.02	−0.002
Sole proprietorship	−0.49	0.50	−0.053	0.42		0.39	0.045
Ln business income	−0.08	0.10	−0.024	0.01		0.11	0.002
Employees	−0.02	0.03	−0.004	−0.04*		0.02	−0.003
Wholesale	−0.08	0.62	−0.057	−0.62		0.43	−0.034
Production	−0.35	0.81	−0.153	−1.50***		0.55	−0.086
Constant	4.79***	1.65		5.92***		1.47
Model fit statistics
Wald Chi²/Sig	73.36/0.00			145.57/0.00
Psuedo R²	0.20			0.20
AIC	295.92			775.04
Hosmer–Lemeshow	14.08/0.72			23.34/0.18

Note(s): *p < 0.10; **p < 0.05; ***p < 0.01. Robust standard errors. Production includes agriculture, mining, construction, manufacturing; Wholesale includes wholesale trade and food services; Services (reference) includes trade professions such as finance, education, healthcare, and entertainment. Rural: remote area and/or town less than 10,000 people

Source(s): Authors’ data

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