Table 2.

Determinants of new business density (PCSE method)

VariablesModel_overallModel_1Model_2Model_3Model_4Model_5Model_6
BCI0.060** [0.025]0.059** [0.027]0.062** [0.026]0.059** [0.026]0.060** [0.028]0.059** [0.026]0.059** [0.028]
UA −4.697*** [0.827]−4.107*** [0.826]−4.568*** [0.693]−4.006*** [0.692]−3.821*** [0.723]−4.170*** [0.848]−3.996*** [0.691]
Institutional variables
IQI0.009 [0.205]      
(IQI)2−0.146*** [0.049]      
CC 1.485*** [0.452]     
(CC)2 −0.556** [0.278]     
GE  1.003* [0.528]    
(GE)2  −0.784*** [0.287]    
PSAV   0.163 [0.272]   
(PSAV)2   −0.211 [0.169]   
RQ    1.231 [0.826]  
(RQ)2    −0.209 [0.454]  
RoL     1.047** [0.464] 
(RoL)2     −0.490 [0.394] 
VAA      0.792* [0.412]
(VAA)2       −0.376 [0.345]
Control variables
GTE0.025*** [0.009]0.022*** [0.008]0.023*** [0.009]0.0212** [0.009]0.022** [0.009]0.021** [0.009]0.023** [0.009]
Pat-GDP ratio0.021** [0.001]0.017 [0.010]0.014 [0.010]0.018* [0.011]0.022** [0.010]0.017* [0.010]0.038*** [0.012]
MO0.031 [0.023]0.034 [0.024]0.042* [0.025]0.042* [0.025]0.038 [0.024]0.036 [0.025]0.042 [0.026]
LogGDP-PC0.384 [0.421]0.240 [0.403]0.749** [0.355]0.570 [0.358]0.199 [0.386]0.476 [0.390]0.559 [0.378]
Constant −5.860 [4.272]−5.713 [4.059]−10.950*** [3.647]−9.260** [3.825]−6.501 [4.065]−8.081** [4.004]−9.618** [3.875]
No. of obs.343343343343343343343
R-squared0.3610.3650.3690.3570.3660.3550.361
Wald-chi274.88***67.080***80.430***68.380***75.440***61.750***73.230***
Note(s):

Standard errors in brackets. *p < 0.1; **p < 0.05; ***p < 0.01

Source(s): Authors’ own estimates
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