Table 4. Determinants of new business... | Emerald Publishing

Table 4.

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

Variables	Model_Overall	Model_1	Model_2	Model_3	Model_4	Model_5	Model_6
BCI	0.166*** [0.054]	0.175*** [0.059]	0.160*** [0.050]	0.166*** [0.052]	0.179*** [0.059]	0.162*** [0.053]	0.174*** [0.059]
UA	−5.876*** [0.774]	−5.381*** [0.701]	−5.905*** [0.858]	−5.333*** [0.817]	−4.741*** [0.709]	−5.352*** [0.870]	−5.755*** [0.815]
Institutional variables
IQI	−0.528 [0.322]
CC		−0.274 [0.598]
GE			−1.624*** [0.564]
PSAV				−0.805 [0.606]
RQ					0.986 [0.896]
RoL						−0.723 [0.717]
VAA							−2.280 [1.864]
Control variables
GTE	0.049** [0.019]	0.047** [0.020]	0.049*** [0.019]	0.049** [0.020]	0.045** [0.019]	0.049** [0.021]	0.046** [0.019]
Pat-GDP ratio	2.187 [2.374]	2.830 [2.491]	1.873 [2.279]	1.947 [2.293]	3.170 [2.447]	2.434 [2.296]	2.643 [2.448]
MO	−0.009 [0.039]	−0.009 [0.039]	−0.015 [0.039]	−0.021 [0.040]	−0.022 [0.039]	−0.007 [0.040]	−0.011 [0.038]
LogGDP-PC	−1.062 [0.953]	−1.583* [0.939]	−0.896 [0.867]	−1.003 [0.940]	−1.932** [0.963]	−1.084 [0.921]	−1.405 [0.971]
Constant	0.677 [10.21]	4.881 [9.941]	1.592 [9.357]	0.711 [9.858]	7.167 [10.66]	1.045 [10.01]	6.055 [10.01]
No. of obs.	173	173	173	173	173	173	173
R-squared	0.446	0.445	0.456	0.443	0.449	0.442	0.449
Wald-chi²	82.830***	85.450***	80.740***	76.830***	83.750***	69.810***	81.840***

Variables	Model_Overall	Model_1	Model_2	Model_3	Model_4	Model_5	Model_6
BCI	0.166*** [0.054]	0.175*** [0.059]	0.160*** [0.050]	0.166*** [0.052]	0.179*** [0.059]	0.162*** [0.053]	0.174*** [0.059]
UA	−5.876*** [0.774]	−5.381*** [0.701]	−5.905*** [0.858]	−5.333*** [0.817]	−4.741*** [0.709]	−5.352*** [0.870]	−5.755*** [0.815]
Institutional variables
IQI	−0.528 [0.322]
CC		−0.274 [0.598]
GE			−1.624*** [0.564]
PSAV				−0.805 [0.606]
RQ					0.986 [0.896]
RoL						−0.723 [0.717]
VAA							−2.280 [1.864]
Control variables
GTE	0.049** [0.019]	0.047** [0.020]	0.049*** [0.019]	0.049** [0.020]	0.045** [0.019]	0.049** [0.021]	0.046** [0.019]
Pat-GDP ratio	2.187 [2.374]	2.830 [2.491]	1.873 [2.279]	1.947 [2.293]	3.170 [2.447]	2.434 [2.296]	2.643 [2.448]
MO	−0.009 [0.039]	−0.009 [0.039]	−0.015 [0.039]	−0.021 [0.040]	−0.022 [0.039]	−0.007 [0.040]	−0.011 [0.038]
LogGDP-PC	−1.062 [0.953]	−1.583* [0.939]	−0.896 [0.867]	−1.003 [0.940]	−1.932** [0.963]	−1.084 [0.921]	−1.405 [0.971]
Constant	0.677 [10.21]	4.881 [9.941]	1.592 [9.357]	0.711 [9.858]	7.167 [10.66]	1.045 [10.01]	6.055 [10.01]
No. of obs.	173	173	173	173	173	173	173
R-squared	0.446	0.445	0.456	0.443	0.449	0.442	0.449
Wald-chi²	82.830***	85.450***	80.740***	76.830***	83.750***	69.810***	81.840***

Note(s):

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

Source(s): Authors’ own estimates