Variable definitions
| Continuous variables | |
| ln_profit/loss | Natural logarithm of profit/loss before taxation of a firm in a year after adjusting for inflation (base year 2015) |
| ln_sales | Natural logarithm of sales of a firm in a year after adjusting for inflation (base year 2015) |
| ln_employees | Natural logarithm of the number of employees of a firm in a year |
| In_age | Natural logarithm of the age of a firm in a year |
| ln_sales per employee | Natural logarithm of sales per employee of a firm in a year after adjustment for inflation (base year 2015) |
| ln_profit/loss per employee | Natural logarithm of profit/loss per employee of a firm in a year after adjustment for inflation (base year 2015) |
| Dummy variables | |
| Headquarters dummy | A dummy variable equal to 1 if a firm's headquarters are in Harju County in a year (and 0 otherwise) |
| ICT | A dummy variable equal to 1 if a firm's industry is ICT in a year (and 0 otherwise) |
| Professional | A dummy variable equal to 1 if a firm's industry is professional, scientific and technical activities in a year (and 0 otherwise) |
| Manufacturing | A dummy variable equal to 1 if a firm's industry is manufacturing in a year (and 0 otherwise) |
| Transportation | A dummy variable equal to 1 if a firm's industry is transportation in a year (and 0 otherwise) |
| ln_profit/loss | Natural logarithm of profit/loss before taxation of a firm in a year after adjusting for inflation (base year 2015) |
| ln_sales | Natural logarithm of sales of a firm in a year after adjusting for inflation (base year 2015) |
| ln_employees | Natural logarithm of the number of employees of a firm in a year |
| In_age | Natural logarithm of the age of a firm in a year |
| ln_sales per employee | Natural logarithm of sales per employee of a firm in a year after adjustment for inflation (base year 2015) |
| ln_profit/loss per employee | Natural logarithm of profit/loss per employee of a firm in a year after adjustment for inflation (base year 2015) |
| Headquarters dummy | A dummy variable equal to 1 if a firm's headquarters are in Harju County in a year (and 0 otherwise) |
| ICT | A dummy variable equal to 1 if a firm's industry is ICT in a year (and 0 otherwise) |
| Professional | A dummy variable equal to 1 if a firm's industry is professional, scientific and technical activities in a year (and 0 otherwise) |
| Manufacturing | A dummy variable equal to 1 if a firm's industry is manufacturing in a year (and 0 otherwise) |
| Transportation | A dummy variable equal to 1 if a firm's industry is transportation in a year (and 0 otherwise) |
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