Regression results for firm size and firm age
| INEF | Panel A (FS) | Panel B (FA) | ||
|---|---|---|---|---|
| LM | UM | LM | UM | |
| Coef. | Coef. | Coef. | Coef. | |
| CONSTANT | −0.215 (0.065) | 0.253 (0.145) | −0.094 (0.084) | 0.072 (0.074) |
| CSD | 0.113 (0.042)** | 0.089 (0.039)** | 0.103 (0.039)** | 0.042 (0.037) |
| INOW | 0.199 (0.061)** | −0.054 (0.085) | 0.190 (0.080)** | 0.049 (0.053) |
| FSS | −0.001 (0.006) | −0.027 (0.012)** | −0.006 (0.005) | −0.012 (0.005)** |
| FA | 0.006 (0.006) | −0.001 (0.006) | 0.010 (0.008)** | −0.015 (0.013) |
| LEV | −0.067 (0.023)** | −0.056 (0.038) | −0.104 (0.039)** | −0.023 (0.020) |
| BFE | 0.073 (0.024)** | 0.067 (0.032)** | −0.025 (0.033) | 0.089 (0.026)** |
| BGD | 0.078 (0.037)** | 0.132 (0.046)** | 0.034 (0.053) | 0.102 (0.034)** |
| R-squared | 0.1429 | 0.1361 | 0.1653 | 0.2057 |
| F-value | 5.89 | 5.59 | 5.32 | 7.62 |
| Prob > F | 0.000 | 0.000 | 0.000 | 0.000 |
| INEF | Panel A (FS) | Panel B (FA) | ||
|---|---|---|---|---|
| LM | UM | LM | UM | |
| Coef. | Coef. | Coef. | Coef. | |
| CONSTANT | −0.215 (0.065) | 0.253 (0.145) | −0.094 (0.084) | 0.072 (0.074) |
| CSD | 0.113 (0.042)** | 0.089 (0.039)** | 0.103 (0.039)** | 0.042 (0.037) |
| INOW | 0.199 (0.061)** | −0.054 (0.085) | 0.190 (0.080)** | 0.049 (0.053) |
| FSS | −0.001 (0.006) | −0.027 (0.012)** | −0.006 (0.005) | −0.012 (0.005)** |
| FA | 0.006 (0.006) | −0.001 (0.006) | 0.010 (0.008)** | −0.015 (0.013) |
| LEV | −0.067 (0.023)** | −0.056 (0.038) | −0.104 (0.039)** | −0.023 (0.020) |
| BFE | 0.073 (0.024)** | 0.067 (0.032)** | −0.025 (0.033) | 0.089 (0.026)** |
| BGD | 0.078 (0.037)** | 0.132 (0.046)** | 0.034 (0.053) | 0.102 (0.034)** |
| 0.1429 | 0.1361 | 0.1653 | 0.2057 | |
| 5.89 | 5.59 | 5.32 | 7.62 | |
| Prob > | 0.000 | 0.000 | 0.000 | 0.000 |
Note(s): *p < 0.05; standard error (Std Err) in parentheses
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