Table 4 Determinants of optimum firm... | Emerald Publishing

Table 4

Determinants of optimum firm size – 2021

	Marginal effects (dy/dx)	z-stat
Subcontracting with domestic firms	0.058***	5.63
Subcontracting with foreign firms	0.217***	22.87
Sex	0.041***	5.21
Age	0.027***	11.72
Age squared	−0.000***	−8.55
Manager education level^†
Bachelor’s degree	−0.173***	−11.54
College degree or less	−0.381***	−23.18
Short-term education	−0.454***	−25.28
No certificates	−0.443***	−24.41
Other	−0.197***	−12.06
Judiciary system	0.045***	7.07
Ln(district population)	0.012**	2.42
No. of obs	24,155
Pseudo R²	0.091
LR	2899.10
Prob > χ²	0.000

	Marginal effects (dy/dx)	z-stat
Subcontracting with domestic firms	0.058***	5.63
Subcontracting with foreign firms	0.217***	22.87
Sex	0.041***	5.21
Age	0.027***	11.72
Age squared	−0.000***	−8.55
Manager education level^†
Bachelor’s degree	−0.173***	−11.54
College degree or less	−0.381***	−23.18
Short-term education	−0.454***	−25.28
No certificates	−0.443***	−24.41
Other	−0.197***	−12.06
Judiciary system	0.045***	7.07
Ln(district population)	0.012**	2.42
No. of obs	24,155
Pseudo R²	0.091
LR	2899.10
Prob > χ²	0.000

Note(s): ^†Obtaining master’s degree or higher is the reference group

t statistics in parentheses

*p < 0.10, **p < 0.05 and ***p < 0.010

Source(s): Authors’ estimation using EC 2021