Table III. Comparison of variables...

Table III.

Comparison of variables related to institutional aspects

Variables	Categories	Firms	CC	(t/F)	INT	(t/F)	CCxINT	(t/F)	PER	(t/F)
REG^a	West	77	0.143	0.01**	0.630	0.00***	0.089	0.00***	0.147	0.00***
REG^a	East	42	0.1380	0.01**	0.289	0.00***	0.038	0.00***	0.041	0.00***
LEG^b	Common	15	0.138	0.05**	0.243	0.00***	0.119	0.00***	0.277	0.00***
	Civil	66	0.144		0.228		0.082		0.113
	Mixed	38	0.140		0.089		0.032		0.040
ECO^a	Emerging	67	0.141	0.07*	0.315	0.00***	0.044	0.00***	0.083	0.02**
ECO^a	Advanced	52	0.143	0.07*	0.767	0.00***	0.106	0.00***	0.145	0.02**
EFCR^a	Yes	34	0.140	0.41	0.547	0.53	0.075	0.59	0.018	0.00***
EFCR^a	No	85	0.142	0.41	0.503	0.53	0.070	0.59	0.147	0.00***
INP^a	Yes	45	0.138	0.00***	0.703	0.00***	0.097	0.00***	0.119	0.65
INP^a	No	72	0.143	0.00***	0.398	0.00***	0.056	0.00***	0.107	0.65

Variables	Categories	Firms	CC	(t/F)	INT	(t/F)	CCxINT	(t/F)	PER	(t/F)
REG^a	West	77	0.143	0.01**	0.630	0.00***	0.089	0.00***	0.147	0.00***
REG^a	East	42	0.1380	0.01**	0.289	0.00***	0.038	0.00***	0.041	0.00***
LEG^b	Common	15	0.138	0.05**	0.243	0.00***	0.119	0.00***	0.277	0.00***
	Civil	66	0.144		0.228		0.082		0.113
	Mixed	38	0.140		0.089		0.032		0.040
ECO^a	Emerging	67	0.141	0.07*	0.315	0.00***	0.044	0.00***	0.083	0.02**
ECO^a	Advanced	52	0.143	0.07*	0.767	0.00***	0.106	0.00***	0.145	0.02**
EFCR^a	Yes	34	0.140	0.41	0.547	0.53	0.075	0.59	0.018	0.00***
EFCR^a	No	85	0.142	0.41	0.503	0.53	0.070	0.59	0.147	0.00***
INP^a	Yes	45	0.138	0.00***	0.703	0.00***	0.097	0.00***	0.119	0.65
INP^a	No	72	0.143	0.00***	0.398	0.00***	0.056	0.00***	0.107	0.65

Notes:

REG = regional location; LEG = legal system; ECO = economic development; EFCR = effect of firm crisis; INP = innovative potential; (a) variables submitted to Student’s t test for comparison of means; (b) variable submitted to analysis of variance. *, ** and *** correspond to the 10%, 5% and 1% level of significance, respectively

Source: The authors

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