Regression analysis results
| Model number | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Independent/dependent variables | Male-to-female entrepreneurs’ ratio | Number of entrepreneurs aged above 46 years | Percentage share of entrepreneurs aged above 46 years | Percentage share of entrepreneurs’ licences above 46 years |
| Trend | −0.000310 (0.000643) | −15,913.1+ (8,509.9) | −0.679 (0.579) | −0.650 (0.437) |
| Quarter Q2 | −0.000131 (0.00420) | 3,902.7 (31,679.1) | 0.0915 (2.179) | 0.0603 (1.630) |
| Quarter Q3 | −0.00136 (0.00403) | 13,466.0 (59,859.3) | 0.270 (2.106) | 0.199 (1.668) |
| Quarter Q4 | −0.00512 (0.00546) | −137,770.4* (67,261.0) | −7.515** (2.443) | −7.774+ (4.663) |
| Post-pandemic period (2020–2023) | −0.0175* (0.00858) | 239,526.4* (111135.8) | 9.234* (4.515) | 8.971* (4.387) |
| Constant | 1.773*** (0.00775) | 1,290,177.5*** (96,060.4) | 63.06*** (6.054) | 63.08*** (5.709) |
| Number of observations | 28 | 29 | 29 | 29 |
| Prob > chi-square | 0.00 | 0.00 | 0.00 | 0.00 |
| R-squared (R2) | 0.387 | 0.200 | 0.203 | 0.200 |
| Akaike information criterion | −152.5 | 797.0 | 219.6 | 220.0 |
| Bayesian information criterion | −147.2 | 802.5 | 225.0 | 225.5 |
| Model number | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Independent/dependent variables | Male-to-female entrepreneurs’ ratio | Number of entrepreneurs aged above 46 years | Percentage share of entrepreneurs aged above 46 years | Percentage share of entrepreneurs’ licences above 46 years |
| Trend | −0.000310 (0.000643) | −15,913.1+ (8,509.9) | −0.679 (0.579) | −0.650 (0.437) |
| Quarter Q2 | −0.000131 (0.00420) | 3,902.7 (31,679.1) | 0.0915 (2.179) | 0.0603 (1.630) |
| Quarter Q3 | −0.00136 (0.00403) | 13,466.0 (59,859.3) | 0.270 (2.106) | 0.199 (1.668) |
| Quarter Q4 | −0.00512 (0.00546) | −137,770.4 | −7.515 | −7.774+ (4.663) |
| Post-pandemic period (2020–2023) | −0.0175 | 239,526.4 | 9.234 | 8.971 |
| Constant | 1.773 | 1,290,177.5 | 63.06 | 63.08 |
| Number of observations | 28 | 29 | 29 | 29 |
| Prob > chi-square | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.387 | 0.200 | 0.203 | 0.200 | |
| Akaike information criterion | −152.5 | 797.0 | 219.6 | 220.0 |
| Bayesian information criterion | −147.2 | 802.5 | 225.0 | 225.5 |
Robust standard errors are in parentheses. Statistical significance is reported as follows: +p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001. The joint significance test for the quarterly dummy variables was found to be statistically significant (Prob > chi-square = 0.00). The reference group for quarterly dummy variables is Q1
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