Table 6 Estimation results – all sample...

Table 6

Estimation results – all sample

	Variable	RE		Pooled Tobit		Panel Tobit		HE
Domestic market variables	Population	−0.059*	−0.126***	−0.165**	−0.243***	−0.134***	−0.182***	0.026	−0.047
	Gdp_growth	−0.000**	−0.001***	0.000	−0.000	−0.000*	−0.001**	−0.000	−0.001
	Ease_trade	0.169***	−0.025	0.200***	−0.098	0.096***	−0.059**	0.377***	0.112
Firm variables	Age	0.001	−0.016***	−0.026***	−0.027***	0.006***	−0.008***	−0.041***	−0.042***
	Size	0.021***	0.021***	0.039***	0.039***	0.032***	0.032***	0.024***	0.024***
	Firm_prod	0.010***	0.010***	0.058***	0.058***	0.031***	0.031***	−0.000	−0.000
Sector dummies	Manufacturing	0.101***	0.101***	0.163***	0.163***	0.160***	0.161***	0.103***	0.103***
	Mining	0.066**	0.066**	0.012	0.012	−0.011	−0.011	0.080***	0.080***
	Services	−0.031*	−0.033**	−0.092***	−0.092***	−0.117***	−0.119***	−0.037***	−0.037***
Country dummies	DE	0.300***	0.540***	0.719***	0.986***	0.699***	0.870***	0.033	0.284
	EE	0.116***	0.072*	0.178**	0.138*	0.262***	0.233***	0.153**	0.113
	FR	0.116	0.317***	0.328	0.548**	0.255***	0.396***	−0.112	0.096
	GB	0.252***	0.467***	0.675***	0.916***	0.653***	0.806***	−0.000	0.227
	GR	0.081**	0.173***	0.070	0.172**	−0.023	0.043	−0.038	0.058
	HR	0.082**	0.147***	0.142*	0.215***	0.100***	0.145***	0.002	0.071
	HU	0.113***	0.142***	0.275***	0.310***	0.326***	0.348***	0.069***	0.101***
	IE	0.373***	0.406***	0.507***	0.540***	0.583***	0.606***	0.349***	0.380***
Year dummies		No	Yes	No	Yes	No	Yes	No	Yes
Observations		130,689	130,689	204,862	204,862	204,862	204,862	204,862	204,862
Censored obs.				74,173	74,173	74,173	74,173	74,173	74,173
Uncensored obs.				130,689	130,689	130,689	130,689	130,689	130,689
Wald-χ²		3332.92	3539.53			24616.17	24707.08	8095.75	8122.03
Sigma				0.342	0.342			0.304	0.304
Log likelihood				−85558	−85541	58,317	58,379
Pseudo R²				0.3378	0.3379

	Variable	RE		Pooled Tobit		Panel Tobit		HE
Domestic market variables	Population	−0.059*	−0.126***	−0.165**	−0.243***	−0.134***	−0.182***	0.026	−0.047
	Gdp_growth	−0.000**	−0.001***	0.000	−0.000	−0.000*	−0.001**	−0.000	−0.001
	Ease_trade	0.169***	−0.025	0.200***	−0.098	0.096***	−0.059**	0.377***	0.112
Firm variables	Age	0.001	−0.016***	−0.026***	−0.027***	0.006***	−0.008***	−0.041***	−0.042***
	Size	0.021***	0.021***	0.039***	0.039***	0.032***	0.032***	0.024***	0.024***
	Firm_prod	0.010***	0.010***	0.058***	0.058***	0.031***	0.031***	−0.000	−0.000
Sector dummies	Manufacturing	0.101***	0.101***	0.163***	0.163***	0.160***	0.161***	0.103***	0.103***
	Mining	0.066**	0.066**	0.012	0.012	−0.011	−0.011	0.080***	0.080***
	Services	−0.031*	−0.033**	−0.092***	−0.092***	−0.117***	−0.119***	−0.037***	−0.037***
Country dummies	DE	0.300***	0.540***	0.719***	0.986***	0.699***	0.870***	0.033	0.284
	EE	0.116***	0.072*	0.178**	0.138*	0.262***	0.233***	0.153**	0.113
	FR	0.116	0.317***	0.328	0.548**	0.255***	0.396***	−0.112	0.096
	GB	0.252***	0.467***	0.675***	0.916***	0.653***	0.806***	−0.000	0.227
	GR	0.081**	0.173***	0.070	0.172**	−0.023	0.043	−0.038	0.058
	HR	0.082**	0.147***	0.142*	0.215***	0.100***	0.145***	0.002	0.071
	HU	0.113***	0.142***	0.275***	0.310***	0.326***	0.348***	0.069***	0.101***
	IE	0.373***	0.406***	0.507***	0.540***	0.583***	0.606***	0.349***	0.380***
Year dummies		No	Yes	No	Yes	No	Yes	No	Yes
Observations		130,689	130,689	204,862	204,862	204,862	204,862	204,862	204,862
Censored obs.				74,173	74,173	74,173	74,173	74,173	74,173
Uncensored obs.				130,689	130,689	130,689	130,689	130,689	130,689
Wald-χ²		3332.92	3539.53			24616.17	24707.08	8095.75	8122.03
Sigma				0.342	0.342			0.304	0.304
Log likelihood				−85558	−85541	58,317	58,379
Pseudo R²				0.3378	0.3379

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1

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