Table 3 Panel Probit coefficients for...

Table 3

Panel Probit coefficients for R&D investment decision

Variables		Coefficients
$c r e d i t$ ⁠: Has access to a line of credit or loan		0.3830*** (0.1090)
$i n f o r m a l c o m p$ ⁠: Competes against informal enterprises		−0.2190** (0.1030)
$fsize_employ :$ Firm size by employment	Small enterprises	0.0617 (0.1660)
$fsize_employ :$ Firm size by employment	Medium and large enterprises	−0.0769 (0.1950)
$f s i z e_l n s a l e s :$ Natural log of annual sales		0.4870* (0.2530)
$f s i z e_l n s a l e s s q :$ Natural log of annual sales squared		−0.0116* (0.0067)
$l n e x p o r t$ ⁠: Natural log of % of the firm's exports it its total sales		0.1130*** (0.0317)
$l n f o r e i g n$ ⁠: Natural log of % of firm's foreign ownership		−0.0088 (0.0362)
$l n p r o d u c t d i v e r s$ ⁠: Natural log of % of firm's main product in its total sales (Product diversification)		−0.2580 (0.2050)
$j u d i c i a l$ ⁠: Agree courts are fair and impartial		−0.0044 (0.1010)
$lnfirmage$ ⁠: Natural log of firm age		−0.8250** (0.3660)
$lnfirmagesq$ ⁠: Natural log of firm age squared		0.1750*** (0.0655)
$l e g a l$ ⁠: Registration form of the firm	Partnership	−0.1120 (0.1510)
$l e g a l$ ⁠: Registration form of the firm	Company	0.0948 (0.1650)
$p o l i t i c a l$ ⁠: Political instability is an obstacle		0.1400 (0.1400)
$t a x$ ⁠: Taxation is an obstacle		−0.0509 (0.1330)
$s u b s e c t o r$ ⁠: Firms technological intensity based on UNIDO classification	Medium technology	−0.2560 (0.2080)
	Low technology	−0.3450** (0.1450)
Constant		−2.8150 (2.3340)
Observations		666

Variables		Coefficients
$c r e d i t$ : Has access to a line of credit or loan		0.3830*** (0.1090)
$i n f o r m a l c o m p$ : Competes against informal enterprises		−0.2190** (0.1030)
$fsize_employ :$ Firm size by employment	Small enterprises	0.0617 (0.1660)
$fsize_employ :$ Firm size by employment	Medium and large enterprises	−0.0769 (0.1950)
$f s i z e_l n s a l e s :$ Natural log of annual sales		0.4870* (0.2530)
$f s i z e_l n s a l e s s q :$ Natural log of annual sales squared		−0.0116* (0.0067)
$l n e x p o r t$ : Natural log of % of the firm's exports it its total sales		0.1130*** (0.0317)
$l n f o r e i g n$ : Natural log of % of firm's foreign ownership		−0.0088 (0.0362)
$l n p r o d u c t d i v e r s$ : Natural log of % of firm's main product in its total sales (Product diversification)		−0.2580 (0.2050)
$j u d i c i a l$ : Agree courts are fair and impartial		−0.0044 (0.1010)
$lnfirmage$ : Natural log of firm age		−0.8250** (0.3660)
$lnfirmagesq$ : Natural log of firm age squared		0.1750*** (0.0655)
$l e g a l$ : Registration form of the firm	Partnership	−0.1120 (0.1510)
$l e g a l$ : Registration form of the firm	Company	0.0948 (0.1650)
$p o l i t i c a l$ : Political instability is an obstacle		0.1400 (0.1400)
$t a x$ : Taxation is an obstacle		−0.0509 (0.1330)
$s u b s e c t o r$ : Firms technological intensity based on UNIDO classification	Medium technology	−0.2560 (0.2080)
	Low technology	−0.3450** (0.1450)
Constant		−2.8150 (2.3340)
Observations		666

Note(s): Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Author’s estimates based on the World Bank enterprise surveys

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