Table 8 OLS and 2SLS regressions for...

Table 8

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

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	−0.1704*** (0.0511)	−0.1673* (0.0854)	−0.1232* (0.0663)	Business climate	−0.2732** (0.1214)	−0.2566* (0.1353)	−0.1854* (0.1038)
Logarithm of firm size	0.8377*** (0.0880)	0.1275 (0.0859)	0.3910*** (0.0564)	Logarithm of firm size	0.6839** (0.2881)	0.1651 (0.2169)	0.3655*** (0.0829)
Young firms	0.1990 (0.3357)	0.0712* (0.0368)	0.5573** (0.2167)	Young firms	0.2373 (0.4445)	0.0692* (0.0363)	0.5843** (0.2736)
Is one of the owners female? (Yes)	0.3101* (0.1681)	0.1834 (0.2425)	0.1497 (0.1324)	Is one of the owners female? (Yes)	0.2859* (0.1528)	0.2149 (0.2263)	0.1129 (0.1502)
Manager's years of experience	0.0133 (0.0088)	0.0162 (0.0104)	0.0027 (0.0054)	Manager's years of experience	0.0187 (0.0133)	0.0165 (0.0212)	0.0036 (0.0068)
International quality assurance qualification (Yes)	0.1866* (0.1044)	0.1294 (0.2561)	0.2074 (0.1435)	International quality assurance qualification (Yes)	0.2225* (0.1276)	0.1569 (0.2244)	0.1872 (0.1312)
Is the firm part of another establishment? (Yes)	0.8496*** (0.2887)	0.6110* (0.3396)	0.1351 (0.1795)	Is the firm part of another establishment? (Yes)	0.8172** (0.3910)	0.6003* (0.3133)	0.1394 (0.1937)
Firm status (public owned)	−0.0020 (0.0025)	0.0211 (0.0286)	0.1081*** (0.0103)	Firm status (reference manufacturing)	−0.0039 (0.0045)	0.0228 (0.0315)	0.1044*** (0.0292)
No. observations	2,013	1,744	1,097	No. observations	1,871	1,615	946
R-square	0.3077	0.1840	0.2772	Centered R-Square	0.2202	0.1522	0.2514
				Weak identification test	21.654 [0.000]	15.678 [0.000]	12.232 [0.0002]
				Hansen J statistic	13.274 [0.1506]	18.034 [0.0889]	9.984 [0.3517]

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	−0.1704*** (0.0511)	−0.1673* (0.0854)	−0.1232* (0.0663)	Business climate	−0.2732** (0.1214)	−0.2566* (0.1353)	−0.1854* (0.1038)
Logarithm of firm size	0.8377*** (0.0880)	0.1275 (0.0859)	0.3910*** (0.0564)	Logarithm of firm size	0.6839** (0.2881)	0.1651 (0.2169)	0.3655*** (0.0829)
Young firms	0.1990 (0.3357)	0.0712* (0.0368)	0.5573** (0.2167)	Young firms	0.2373 (0.4445)	0.0692* (0.0363)	0.5843** (0.2736)
Is one of the owners female? (Yes)	0.3101* (0.1681)	0.1834 (0.2425)	0.1497 (0.1324)	Is one of the owners female? (Yes)	0.2859* (0.1528)	0.2149 (0.2263)	0.1129 (0.1502)
Manager's years of experience	0.0133 (0.0088)	0.0162 (0.0104)	0.0027 (0.0054)	Manager's years of experience	0.0187 (0.0133)	0.0165 (0.0212)	0.0036 (0.0068)
International quality assurance qualification (Yes)	0.1866* (0.1044)	0.1294 (0.2561)	0.2074 (0.1435)	International quality assurance qualification (Yes)	0.2225* (0.1276)	0.1569 (0.2244)	0.1872 (0.1312)
Is the firm part of another establishment? (Yes)	0.8496*** (0.2887)	0.6110* (0.3396)	0.1351 (0.1795)	Is the firm part of another establishment? (Yes)	0.8172** (0.3910)	0.6003* (0.3133)	0.1394 (0.1937)
Firm status (public owned)	−0.0020 (0.0025)	0.0211 (0.0286)	0.1081*** (0.0103)	Firm status (reference manufacturing)	−0.0039 (0.0045)	0.0228 (0.0315)	0.1044*** (0.0292)
No. observations	2,013	1,744	1,097	No. observations	1,871	1,615	946
R-square	0.3077	0.1840	0.2772	Centered R-Square	0.2202	0.1522	0.2514
				Weak identification test	21.654 [0.000]	15.678 [0.000]	12.232 [0.0002]
				Hansen J statistic	13.274 [0.1506]	18.034 [0.0889]	9.984 [0.3517]

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 2008–2013

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