Regression results
| 1 | 2 | 3 | |
|---|---|---|---|
| Firm Age | −0.097*** (0.034) | −0.339*** (0.138) | −0.305*** (0.127) |
| Employment Level | 1.008*** (0.470) | 0.369 (2.352) | −2.040 (2.287) |
| FemaleOwner | 1.663*** (1.331) | 17.709*** (8.777) | 14.356*** (8.197) |
| Website | 3.526 (1.600) | – | – |
| SocialMedia1 | – | −2.852 (6.739) | – |
| SocialMedia2 | – | – | 24.841*** (6.792) |
| Constant | 0.817 (1.592) | 31.627*** (8.915) | 20.951*** (8.232) |
| Adjusted R2 | 0.019 | 0.079 | 0.202 |
| Number of Observations | 694 | 90 | 90 |
| 1 | 2 | 3 | |
|---|---|---|---|
| Firm Age | −0.097*** (0.034) | −0.339*** (0.138) | −0.305*** (0.127) |
| Employment Level | 1.008*** (0.470) | 0.369 (2.352) | −2.040 (2.287) |
| FemaleOwner | 1.663*** (1.331) | 17.709*** (8.777) | 14.356*** (8.197) |
| Website | 3.526 (1.600) | – | – |
| SocialMedia1 | – | −2.852 (6.739) | – |
| SocialMedia2 | – | – | 24.841*** (6.792) |
| Constant | 0.817 (1.592) | 31.627*** (8.915) | 20.951*** (8.232) |
| Adjusted R2 | 0.019 | 0.079 | 0.202 |
| Number of Observations | 694 | 90 | 90 |
Note(s): The variables are as defined in Table 3
***, ** and * indicate significance at the 1%, 5% and 10%, respectively
Source(s): Author's own calculations
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