Table 4 Results of logistic multi-level...

Table 4

Results of logistic multi-level regression for early-stage entrepreneurship

	Model 1	Model 2	Model 3
	O.R.	O.R.	O.R.
Fixed part
Individual level (control)
Age	0.983***	0.983***	0.983***
Age	(0.001)	(0.001)	(0.001)
Income	1.219***	1.219***	1.218***
Income	(0.012)	(0.012)	(0.012)
Education	1.169***	1.169***	1.169***
Education	(0.010)	(0.010)	(0.010)
Gender	1.729***	1.729***	1.729***
Gender	(0.026)	(0.026)	(0.026)
Country level (control)
GDP PPP	0.671┼	0.662***	0.679***
GDP PPP	(0.069)	(0.064)	(0.059)
GDP growth rate	1.004	1.002	1.001
GDP growth rate	(0.004)	(0.004)	(0.004)
Population size	0.899*	0.918┼	0.949
Population size	(0.044)	(0.043)	(0.041)
Social costs of failure		0.968*	0.253***
Social costs of failure		(0.015)	(0.087)
Country level (independent)
Gender equality		6.727*	21.20***
Gender equality		(5.596)	(18.47)
Moderating effect
Gender equality*Social cost of failure			6.267***
Gender equality*Social cost of failure			(2.961)
Random part and model fit
Intercept	13.989┼	2.878	0.558┼
Intercept	(21.955)	(4.491)	(0.068)
Deviance	142041.37	142023.24	142013.49
Wald χ²	3662.34	3683.61	3695.13
Prob > χ²	0.00	0.00	0.00
LR Test Prob < χ²	0.00	0.00	0.00
# of Observation	286,988	286,988	286,988
# of Countries	35 countries	35 countries	35 countries
Obs. per group min.	1,480	1,480	1,480
Obs. per group avg.	8,199	8,119	8,119
Obs. per group max.	58,128	58,128	58,128

	Model 1	Model 2	Model 3
	O.R.	O.R.	O.R.
Fixed part
Individual level (control)
Age	0.983***	0.983***	0.983***
Age	(0.001)	(0.001)	(0.001)
Income	1.219***	1.219***	1.218***
Income	(0.012)	(0.012)	(0.012)
Education	1.169***	1.169***	1.169***
Education	(0.010)	(0.010)	(0.010)
Gender	1.729***	1.729***	1.729***
Gender	(0.026)	(0.026)	(0.026)
Country level (control)
GDP PPP	0.671┼	0.662***	0.679***
GDP PPP	(0.069)	(0.064)	(0.059)
GDP growth rate	1.004	1.002	1.001
GDP growth rate	(0.004)	(0.004)	(0.004)
Population size	0.899*	0.918┼	0.949
Population size	(0.044)	(0.043)	(0.041)
Social costs of failure		0.968*	0.253***
Social costs of failure		(0.015)	(0.087)
Country level (independent)
Gender equality		6.727*	21.20***
Gender equality		(5.596)	(18.47)
Moderating effect
Gender equality*Social cost of failure			6.267***
Gender equality*Social cost of failure			(2.961)
Random part and model fit
Intercept	13.989┼	2.878	0.558┼
Intercept	(21.955)	(4.491)	(0.068)
Deviance	142041.37	142023.24	142013.49
Wald χ²	3662.34	3683.61	3695.13
Prob > χ²	0.00	0.00	0.00
LR Test Prob < χ²	0.00	0.00	0.00
# of Observation	286,988	286,988	286,988
# of Countries	35 countries	35 countries	35 countries
Obs. per group min.	1,480	1,480	1,480
Obs. per group avg.	8,199	8,119	8,119
Obs. per group max.	58,128	58,128	58,128

Note(s): p-Value: ***p < 0.001, **p < 0.01, *p < 0.05 and ┼p < 0.1. SE Value: Indicated within the parenthesis

Source(s): Table by authors

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