Table 6 OLS and 2SLS regressions for...

Table 6

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

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	−0.2252** (0.1032)	−0.1426 (0.2416)	−0.1215** (0.0538)	Business climate	−0.3944** (0.1755)	−0.3029 (0.2830)	−0.2318** (0.0082)
Logarithm of firm size	0.6919*** (0.1193)	−0.0407 (0.1007)	−0.1472* (0.0777)	Logarithm of firm size	0.6945*** (0.1090)	−0.0746 (0.1309)	−0.1679** (0.0710)
Young firms	0.1414 (0.1971)	0.6027 (0.7735)	0.1855 (0.2916)	Young firms	0.1391 (0.2035)	0.4329 (0.7310)	0.2428 (0.3130)
Is one of the owners female? (Yes)	1.1250*** (0.3509)	1.0245** (0.4219)	0.6741*** (0.2459)	Is one of the owners female? (Yes)	1.1135*** (0.3246)	0.9519** (0.3927)	0.5806** (0.2722)
Manager's years of experience	0.0068 (0.0120)	0.0023 (0.0137)	0.0015 (0.0081)	Manager's years of experience	0.0069 (0.0109)	0.0036 (0.0124)	0.0018 (0.0097)
International quality assurance qualification (Yes)	0.7022** (0.3268)	0.6230* (0.3717)	0.4128* (0.2130)	International quality assurance qualification (Yes)	0.7043** (0.2955)	0.6225* (0.3555)	0.3881* (0.2064)
Is the firm part of another establishment? (Yes)	0.2010 (0.3655)	−0.2783 (0.4295)	0.1451 (0.2666)	Is the firm part of another establishment? (Yes)	0.1774 (0.3403)	−0.3210 (0.4022)	0.1029 (0.2912)
Firm status (public owned)	0.0255 (0.0713)	0.0306 (0.0822)	0.0118 (0.0849)		0.0234 (0.0655)	0.0234 (0.0655)	0.0129 (0.0733)
No. observations	541	528	302	No. observations	532	523	282
R-square	0.5030	0.2355	0.1999	Centered R-Square	0.5028	0.2241	0.1982
				Weak identification test	13.139 [0.0004]	16.103 [0.000]	13.560 [0.0003]
				Hansen J statistic	10.315 [0.1579]	16.128 [0.0085]	0.380 [0.9990]

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	−0.2252** (0.1032)	−0.1426 (0.2416)	−0.1215** (0.0538)	Business climate	−0.3944** (0.1755)	−0.3029 (0.2830)	−0.2318** (0.0082)
Logarithm of firm size	0.6919*** (0.1193)	−0.0407 (0.1007)	−0.1472* (0.0777)	Logarithm of firm size	0.6945*** (0.1090)	−0.0746 (0.1309)	−0.1679** (0.0710)
Young firms	0.1414 (0.1971)	0.6027 (0.7735)	0.1855 (0.2916)	Young firms	0.1391 (0.2035)	0.4329 (0.7310)	0.2428 (0.3130)
Is one of the owners female? (Yes)	1.1250*** (0.3509)	1.0245** (0.4219)	0.6741*** (0.2459)	Is one of the owners female? (Yes)	1.1135*** (0.3246)	0.9519** (0.3927)	0.5806** (0.2722)
Manager's years of experience	0.0068 (0.0120)	0.0023 (0.0137)	0.0015 (0.0081)	Manager's years of experience	0.0069 (0.0109)	0.0036 (0.0124)	0.0018 (0.0097)
International quality assurance qualification (Yes)	0.7022** (0.3268)	0.6230* (0.3717)	0.4128* (0.2130)	International quality assurance qualification (Yes)	0.7043** (0.2955)	0.6225* (0.3555)	0.3881* (0.2064)
Is the firm part of another establishment? (Yes)	0.2010 (0.3655)	−0.2783 (0.4295)	0.1451 (0.2666)	Is the firm part of another establishment? (Yes)	0.1774 (0.3403)	−0.3210 (0.4022)	0.1029 (0.2912)
Firm status (public owned)	0.0255 (0.0713)	0.0306 (0.0822)	0.0118 (0.0849)		0.0234 (0.0655)	0.0234 (0.0655)	0.0129 (0.0733)
No. observations	541	528	302	No. observations	532	523	282
R-square	0.5030	0.2355	0.1999	Centered R-Square	0.5028	0.2241	0.1982
				Weak identification test	13.139 [0.0004]	16.103 [0.000]	13.560 [0.0003]
				Hansen J statistic	10.315 [0.1579]	16.128 [0.0085]	0.380 [0.9990]

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 2007–2013

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