Logit regression model – marginal effect (medium-sized enterprises)
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
| drop11 | drop12 | drop13 | drop14 | drop15 | drop16 | drop17 | |
| Variables | dy/dx | dy/dx | dy/dx | dy/dx | dy/dx | dy/dx | dy/dx |
| profit_R | −0.0386** (0.0157) | −0.0258* (0.0132) | −0.0129 (0.0136) | −0.0219 (0.0145) | −0.0273 (0.0206) | −0.0204 (0.0208) | −0.0339 (0.0484) |
| R_asset | −0.00131 (0.000896) | −0.00153* (0.000840) | −0.00142 (0.000940) | −0.00695*** (0.00145) | −0.000456 (0.00120) | −0.00328** (0.00162) | −0.0100*** (0.00352) |
| liab_asset | 0.0189*** (0.00488) | −0.00610 (0.00568) | 0.00537 (0.00546) | 0.00653 (0.00721) | −0.00603 (0.00899) | 0.00338 (0.00925) | 0.0171 (0.0109) |
| _Iinc_g_m_2 | 0.00397 (0.00718) | −0.00743* (0.00403) | −0.00740** (0.00356) | 0.00814 (0.00755) | −0.00324 (0.00700) | −0.0152** (0.00647) | 0.0431* (0.0227) |
| _Iinc_g_m_3 | −0.00245 (0.00657) | −0.00521 (0.00414) | −0.00338 (0.00376) | 0.00122 (0.00684) | −0.00337 (0.00698) | −0.0120* (0.00667) | 0.0138 (0.0216) |
| _Iinc_g_m_4 | 0.00943 (0.00774) | 0.00383 (0.00501) | −0.00613* (0.00362) | −0.00268 (0.00658) | −0.00688 (0.00680) | 0.00229 (0.00758) | 0.0450** (0.0226) |
| Observations | 3,163 | 3,124 | 3,064 | 3,077 | 2,899 | 2,461 | 2,350 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
| drop11 | drop12 | drop13 | drop14 | drop15 | drop16 | drop17 | |
| Variables | dy/dx | dy/dx | dy/dx | dy/dx | dy/dx | dy/dx | dy/dx |
| profit_ | −0.0386** (0.0157) | −0.0258* (0.0132) | −0.0129 (0.0136) | −0.0219 (0.0145) | −0.0273 (0.0206) | −0.0204 (0.0208) | −0.0339 (0.0484) |
| −0.00131 (0.000896) | −0.00153* (0.000840) | −0.00142 (0.000940) | −0.00695*** (0.00145) | −0.000456 (0.00120) | −0.00328** (0.00162) | −0.0100*** (0.00352) | |
| liab_asset | 0.0189*** (0.00488) | −0.00610 (0.00568) | 0.00537 (0.00546) | 0.00653 (0.00721) | −0.00603 (0.00899) | 0.00338 (0.00925) | 0.0171 (0.0109) |
| _Iinc_g_m_2 | 0.00397 (0.00718) | −0.00743* (0.00403) | −0.00740** (0.00356) | 0.00814 (0.00755) | −0.00324 (0.00700) | −0.0152** (0.00647) | 0.0431* (0.0227) |
| _Iinc_g_m_3 | −0.00245 (0.00657) | −0.00521 (0.00414) | −0.00338 (0.00376) | 0.00122 (0.00684) | −0.00337 (0.00698) | −0.0120* (0.00667) | 0.0138 (0.0216) |
| _Iinc_g_m_4 | 0.00943 (0.00774) | 0.00383 (0.00501) | −0.00613* (0.00362) | −0.00268 (0.00658) | −0.00688 (0.00680) | 0.00229 (0.00758) | 0.0450** (0.0226) |
| Observations | 3,163 | 3,124 | 3,064 | 3,077 | 2,899 | 2,461 | 2,350 |
Note(s): profit ratio = profit margin ratio, turn ratio = assets to turnover ratio, liab ratio = liabilities to asset ratio. drop11 = enterprises dropped out in 2011, dy/dx = marginal effect determinant factors on dropped out binary variable. Standard errors are in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1