Table 6 Results of the regression models...

Table 6

Results of the regression models

	Operating income			Number of employees			Investment
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9
	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β
Business name			−0.0634***			−0.1048***			−0.1019***
Business name			(0.0146)			(0.0101)			(0.0162)
Ownership concentration		−0.0155***	−0.0154***		−0.0076***	−0.0076***		−0.0200***	−0.0200***
Ownership concentration		(0.0005)	(0.0005)		(0.0004)	(0.0004)		(0.0005)	(0.005)
Age	0.2145***	0.2338***	0.2344***	0.0676***	0.0772***	0.0783***	0.6033***	0.6061***	0.6066***
Age	(0.0055)	(0.0055)	(0.0055)	(0.0040)	(0.0041)	(0.0040)	(0.0048)	(0.0049)	(0.0048)
Secondary sector	0.1736***	0.1600***	0.1584***	0.0414	0.0347	0.0321	−0.2813***	−0.2830***	−0.2856***
Secondary sector	(0.0423)	(0.0421)	(0.0421)	(0.0292)	(0.0292)	(0.0291)	(0.0471)	(0.0469)	(0.0469)
Tertiary sector	0.2238***	0.2133***	0.2107***	0.0225	0.0173	0.0130	−0.4056***	−0.4070***	−0.4111***
Tertiary sector	(0.0420)	(0.0418)	(0.0419)	(0.0290)	(0.0290)	(0.0289)	(0.0468)	(0.0467)	(0.0466)
Constant	7.2513***	7.2330***	7.2541***	3.0844***	3.0752***	3.1095***	6.3835***	6.3804***	6.4154***
Constant	(0.0439)	(0.0437)	(0.0440)	(0.0306)	(0.0305)	(0.0306)	(0.0477)	(0.0476)	(0.0478)
R²	0.024	0.036	0.037	0.005	0.010	0.012	0.198	0.198	0.199
Lagrange's multiplier	42509***	42712***	42670***	40595***	40691***	40551***	50777***	50429***	50388***
Number of businesses	21149	21149	21149	21149	21149	21149	21149	21149	21149
Number of observations	232639	232639	232639	232639	232639	232639	232639	232639	232639

	Operating income			Number of employees			Investment
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9
	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β	Coef. β
Business name			−0.0634***			−0.1048***			−0.1019***
Business name			(0.0146)			(0.0101)			(0.0162)
Ownership concentration		−0.0155***	−0.0154***		−0.0076***	−0.0076***		−0.0200***	−0.0200***
Ownership concentration		(0.0005)	(0.0005)		(0.0004)	(0.0004)		(0.0005)	(0.005)
Age	0.2145***	0.2338***	0.2344***	0.0676***	0.0772***	0.0783***	0.6033***	0.6061***	0.6066***
Age	(0.0055)	(0.0055)	(0.0055)	(0.0040)	(0.0041)	(0.0040)	(0.0048)	(0.0049)	(0.0048)
Secondary sector	0.1736***	0.1600***	0.1584***	0.0414	0.0347	0.0321	−0.2813***	−0.2830***	−0.2856***
Secondary sector	(0.0423)	(0.0421)	(0.0421)	(0.0292)	(0.0292)	(0.0291)	(0.0471)	(0.0469)	(0.0469)
Tertiarysector	0.2238***	0.2133***	0.2107***	0.0225	0.0173	0.0130	−0.4056***	−0.4070***	−0.4111***
Tertiarysector	(0.0420)	(0.0418)	(0.0419)	(0.0290)	(0.0290)	(0.0289)	(0.0468)	(0.0467)	(0.0466)
Constant	7.2513***	7.2330***	7.2541***	3.0844***	3.0752***	3.1095***	6.3835***	6.3804***	6.4154***
Constant	(0.0439)	(0.0437)	(0.0440)	(0.0306)	(0.0305)	(0.0306)	(0.0477)	(0.0476)	(0.0478)
R²	0.024	0.036	0.037	0.005	0.010	0.012	0.198	0.198	0.199
Lagrange's multiplier	42509***	42712***	42670***	40595***	40691***	40551***	50777***	50429***	50388***
Number of businesses	21149	21149	21149	21149	21149	21149	21149	21149	21149
Number of observations	232639	232639	232639	232639	232639	232639	232639	232639	232639

Note(s): The Lagrange's multiplier is distributed as a chi-square test with one degree of freedom exceeding the critical value and favouring the random effects of the GLS model on the OLS Greene (2012), Standard error values in brackets, *p < 0.10 **p < 0.05 ***p < 0.01

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