Table 7 Estimation results – reduced...

Table 7

Estimation results – reduced sample

	Variable	RE		Tobit		Panel Tobit		HE
Domestic market variables	Population	0.003	−0.161**	−0.391**	−0.447***	−0.258***	−0.344***	−0.282	−0.354*
	Gdp_Growth	−0.001***	−0.002***	−0.001	−0.002	−0.001***	−0.002***	−0.001	−0.002
	Ease_Trade	0.426***	−0.038	0.537**	0.170	0.362***	0.128	0.660**	0.064
Firm variables	Age	0.009**	−0.016***	−0.006***	−0.007***	0.013***	0.001	−0.025***	−0.026***
	Size	0.023***	0.023***	0.049***	0.049***	0.045***	0.045***	0.053***	0.053***
	Firm_prod	0.017***	0.017***	0.102***	0.102***	0.056***	0.056***	0.083***	0.083***
Sector dummies	Manufacturing	0.043*	0.045**	0.197***	0.197***	0.199***	0.200***	0.176***	0.176***
	Mining	−0.051	−0.048	−0.124***	−0.124***	−0.153***	−0.152***	−0.130***	−0.130***
	Services	−0.087***	−0.088***	−0.172***	−0.172***	−0.206***	−0.207***	−0.199***	−0.199***
Country dummies	FR	−0.069	0.409*	0.924**	1.081**	0.593***	0.843***	0.630	0.829
	GR	−0.013	0.200**	0.233	0.316*	0.065	0.175***	0.145	0.259
	HR	0.023	0.181**	0.364**	0.415**	0.226***	0.309***	0.277	0.340
Year dummies		No	Yes	No	Yes	No	Yes	No	Yes
Observations		55,848	55,848	130,018	130,018	130,018	130,018	130,018	130,018
Censored obs.				74,170	74,170	74,170	74,170	74,170	74,170
Uncensored obs.				55,848	55,848	55,848	55,848	55,848	55,848
Wald-χ²		839.26	941.96			6250.14	6271	2133.87	2144.20
Sigma				0.376	0.376			0.410	0.410
Log likelihood				−61705	−61702	7,618	7,635
Pseudo R²				0.170	0.170

	Variable	RE		Tobit		Panel Tobit		HE
Domestic market variables	Population	0.003	−0.161**	−0.391**	−0.447***	−0.258***	−0.344***	−0.282	−0.354*
	Gdp_Growth	−0.001***	−0.002***	−0.001	−0.002	−0.001***	−0.002***	−0.001	−0.002
	Ease_Trade	0.426***	−0.038	0.537**	0.170	0.362***	0.128	0.660**	0.064
Firm variables	Age	0.009**	−0.016***	−0.006***	−0.007***	0.013***	0.001	−0.025***	−0.026***
	Size	0.023***	0.023***	0.049***	0.049***	0.045***	0.045***	0.053***	0.053***
	Firm_prod	0.017***	0.017***	0.102***	0.102***	0.056***	0.056***	0.083***	0.083***
Sector dummies	Manufacturing	0.043*	0.045**	0.197***	0.197***	0.199***	0.200***	0.176***	0.176***
	Mining	−0.051	−0.048	−0.124***	−0.124***	−0.153***	−0.152***	−0.130***	−0.130***
	Services	−0.087***	−0.088***	−0.172***	−0.172***	−0.206***	−0.207***	−0.199***	−0.199***
Country dummies	FR	−0.069	0.409*	0.924**	1.081**	0.593***	0.843***	0.630	0.829
	GR	−0.013	0.200**	0.233	0.316*	0.065	0.175***	0.145	0.259
	HR	0.023	0.181**	0.364**	0.415**	0.226***	0.309***	0.277	0.340
Year dummies		No	Yes	No	Yes	No	Yes	No	Yes
Observations		55,848	55,848	130,018	130,018	130,018	130,018	130,018	130,018
Censored obs.				74,170	74,170	74,170	74,170	74,170	74,170
Uncensored obs.				55,848	55,848	55,848	55,848	55,848	55,848
Wald-χ²		839.26	941.96			6250.14	6271	2133.87	2144.20
Sigma				0.376	0.376			0.410	0.410
Log likelihood				−61705	−61702	7,618	7,635
Pseudo R²				0.170	0.170

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

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