Table 3 Baseline results Variable Model...

Table 3

Baseline results

Variable	Model 1 (the LPM)	Model 2 (Logit)	Model 3 (Probit)
Manufacturing	0.041 (0.025)	0.034 (0.026)	0.034 (0.026)
Firm size	0.012* (0.006)	0.013* (0.007)	0.012* (0.007)
Experience of the owner	0.007* (0.003)	0.007* (0.004)	0.006* (0.004)
Firm age	−0.001 (0.004)	−0.001 (0.004)	−0.001 (0.004)
Education	0.056*** (0.015)	0.056*** (0.016)	0.054*** (0.004)
Gender of owner	0.023 (0.032)	0.027 (0.033)	0.056** (0.027)
Maximum time of registration	−0.001 (0.002)	−0.001 (0.002)	−0.001 (0.002)
Constant	0.527*** (0.058)	−0.375 (0.256)	−0.229 (0.157)
Observations	1,467	1,467	1,467
No of countries	13	13	13

Variable	Model 1 (the LPM)	Model 2 (Logit)	Model 3 (Probit)
Manufacturing	0.041 (0.025)	0.034 (0.026)	0.034 (0.026)
Firm size	0.012* (0.006)	0.013* (0.007)	0.012* (0.007)
Experience of the owner	0.007* (0.003)	0.007* (0.004)	0.006* (0.004)
Firm age	−0.001 (0.004)	−0.001 (0.004)	−0.001 (0.004)
Education	0.056*** (0.015)	0.056*** (0.016)	0.054*** (0.004)
Gender of owner	0.023 (0.032)	0.027 (0.033)	0.056** (0.027)
Maximum time of registration	−0.001 (0.002)	−0.001 (0.002)	−0.001 (0.002)
Constant	0.527*** (0.058)	−0.375 (0.256)	−0.229 (0.157)
Observations	1,467	1,467	1,467
No of countries	13	13	13

Note(s): The corresponding robust standard errors are in parentheses. ***p < 0.01; **p < 0.05, and *p < 0.1. The access to the finance variable is a dummy taking the value of one when the firm states that it has a loan and zero otherwise. Sector dummy takes the value of one if it is manufacturing and zero if it is services. We use marginal effects to estimate impact

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