Table 3 OLS and 2SLS regressions for...

Table 3

OLS and 2SLS regressions for business and investment climate in Egypt

Panel A: OLS	DV: Logarithm of value added	DV: Labour productivity	DV: Logarithm of TFP	Panel B: IV	DV: Logarithm of value added	DV: Labour productivity	DV: Logarithm of TFP
Business climate	−0.1452*** (0.0665)	−0.1511** (0.0229)	−0.1072** (0.0491)	Business climate	−0.3260** (0.1351)	−0.3730** (0.1571)	−0.1953* (0.0995)
Logarithm of firm size	0.9626*** (0.0292)	0.0191 (0.0312)	0.0975*** (0.0309)	Logarithm of firm size	0.9491*** (0.0400)	0.0221 (0.0347)	0.1013*** (0.0359)
Young firms	0.0501 (0.0796)	0.2875** (0.1325)	0.0335 (0.0478)	Young firms	0.0441 (0.0834)	0.2602** (0.1266)	0.0429 (0.0375)
Is one of the owners female? (Yes)	0.0448 (0.0780)	0.1369 (0.1042)	0.0207 (0.0959)	Is one of the owners female? (Yes)	0.0489 (0.0634)	0.1127 (0.1158)	0.0199 (0.0825)
Manager's years of experience	0.0024 (0.0021)	0.0011 (0.0033)	0.0023 (0.0030)	Manager's years of experience	0.0017 (0.0032)	0.0020 (0.0036)	0.0017 (0.0033)
International quality assurance qualification (Yes)	0.3822*** (0.0934)	0.4906*** (0.0994)	0.0676 (0.0989)	International quality assurance qualification (Yes)	0.4231*** (0.1136)	0.5214*** (0.1093)	0.1757 (0.1153)
Is the firm part of another establishment? (Yes)	0.2095** (0.0880)	0.2156*** (0.0914)	0.0524 (0.0872)	Is the firm part of another establishment? (Yes)	0.1921** (0.0811)	0.2142** (0.0972)	0.1853 (0.1149)
Firm status (public owned)	−0.0021 (0.0045)	−0.0005 (0.0042)	−0.0010 (0.0050)	Firm status (public owned)	−0.0034 (0.0060)	−0.0005 (0.0040)	−0.0008 (0.0047)
No. observations	3,142	3,082	2,222	No. observations	2,833	2,814	1,951
R-square	0.6704	0.3212	0.6490	Centered R-Square	0.6217	0.1837	0.4105
				Weak identification test	12.605 [0.0002]	15.302 [0.000]	14.738 [0.000]
				Hansen J statistic	5.303 [0.2910]	3.695 [0.4823]	9.286 [0.1976]

Panel A: OLS	DV: Logarithm of value added	DV: Labour productivity	DV: Logarithm of TFP	Panel B: IV	DV: Logarithm of value added	DV: Labour productivity	DV: Logarithm of TFP
Business climate	−0.1452*** (0.0665)	−0.1511** (0.0229)	−0.1072** (0.0491)	Business climate	−0.3260** (0.1351)	−0.3730** (0.1571)	−0.1953* (0.0995)
Logarithm of firm size	0.9626*** (0.0292)	0.0191 (0.0312)	0.0975*** (0.0309)	Logarithm of firm size	0.9491*** (0.0400)	0.0221 (0.0347)	0.1013*** (0.0359)
Young firms	0.0501 (0.0796)	0.2875** (0.1325)	0.0335 (0.0478)	Young firms	0.0441 (0.0834)	0.2602** (0.1266)	0.0429 (0.0375)
Is one of the owners female? (Yes)	0.0448 (0.0780)	0.1369 (0.1042)	0.0207 (0.0959)	Is one of the owners female? (Yes)	0.0489 (0.0634)	0.1127 (0.1158)	0.0199 (0.0825)
Manager's years of experience	0.0024 (0.0021)	0.0011 (0.0033)	0.0023 (0.0030)	Manager's years of experience	0.0017 (0.0032)	0.0020 (0.0036)	0.0017 (0.0033)
International quality assurance qualification (Yes)	0.3822*** (0.0934)	0.4906*** (0.0994)	0.0676 (0.0989)	International quality assurance qualification (Yes)	0.4231*** (0.1136)	0.5214*** (0.1093)	0.1757 (0.1153)
Is the firm part of another establishment? (Yes)	0.2095** (0.0880)	0.2156*** (0.0914)	0.0524 (0.0872)	Is the firm part of another establishment? (Yes)	0.1921** (0.0811)	0.2142** (0.0972)	0.1853 (0.1149)
Firm status (public owned)	−0.0021 (0.0045)	−0.0005 (0.0042)	−0.0010 (0.0050)	Firm status (public owned)	−0.0034 (0.0060)	−0.0005 (0.0040)	−0.0008 (0.0047)
No. observations	3,142	3,082	2,222	No. observations	2,833	2,814	1,951
R-square	0.6704	0.3212	0.6490	Centered R-Square	0.6217	0.1837	0.4105
				Weak identification test	12.605 [0.0002]	15.302 [0.000]	14.738 [0.000]
				Hansen J statistic	5.303 [0.2910]	3.695 [0.4823]	9.286 [0.1976]

Note(s): Standard errors within brackets, p-values within the square brackets, ***, ** and * indicate significance respectively at the 1, 5 and 10% level. The period of analysis is 2008–2016

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