Table 3.

Determinants of new business density (emerging markets) using PCSE method

VariablesModel_overallModel_1Model_2Model_3Model_4Model_5Model_6
BCI−0.030 [0.029]−0.029 [0.028]−0.027 [0.027]−0.029 [0.029]−0.029 [0.029]−0.028 [0.029]−0.026 [0.027]
UA−4.990*** [1.261]−4.896*** [1.308]−4.792*** [1.393]−4.933*** [1.269]−5.180*** [1.415]−4.891*** [1.360]−4.748*** [1.312]
Institutional variables
IQI0.227 [0.446]      
(IQI)2−0.069 [0.093]      
CC 1.513*** [0.451]     
(CC)2 0.023 [0.474]     
GE  0.295 [0.432]    
(GE)2  −0.100 [0.398]    
PSAV   0.326 [0.313]   
(PSAV)2   −0.140 [0.175]   
RQ    1.342 [0.903]  
(RQ)2    −0.424 [0.726]  
RoL     0.837** [0.373] 
(RoL)2     −0.054 [0.552] 
VAA      1.100*** [0.412]
(VAA)2       0.531 [0.401]
Control variables
GTE0.006 [0.007]0.005 [0.007]0.005 [0.007]0.004 [0.007]0.007 [0.007]0.004 [0.007]0.005 [0.008]
Pat-GDP ratio0.025** [0.01]0.019* [0.011]0.020* [0.011]0.020* [0.010]0.023** [0.011]0.020* [0.011]0.027** [0.012]
MO0.067*** [0.023]0.055** [0.023]0.067*** [0.024]0.072*** [0.023]0.067*** [0.024]0.065*** [0.023]0.064*** [0.023]
LogGDP-PC1.034** [0.435]1.069** [0.424]1.321*** [0.442]1.350*** [0.431]1.124*** [0.426]1.217*** [0.455]1.176*** [0.434]
Constant−4.006 [3.861]−4.552 [3.626]−7.887** [3.323]−7.932** [3.459]−6.005 [3.653]−6.751* [3.669]−7.219** [3.421]
No. of obs.170170170170170170170
R-squared0.2820.280.230.2580.2540.2540.262
Wald-chi264.680***49.250***37.690***44.480***43.680***46.200***47.140***
Note(s):

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

Source(s): Authors’ own estimates
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