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Table 4 Estimation results, probit model for the probability of being a high-growth firm, 2006-2008

From: Institutional barriers and job creation in Central and Eastern Europe

Variables

No regulations

Overall

Institutions

Finance

Crime

Corruption

Tax

Labor

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Firm characteristics

Initial size

−0.001**

−0.005***

−0.005***

−0.005***

−0.005***

−0.005***

−0.005***

−0.005***

(0.001)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

Age

−0.008***

−0.014***

−0.014***

−0.014***

−0.014***

−0.013***

−0.014***

−0.014***

(0.001)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

TFP

-

0.001***

0.001***

0.001***

0.001***

0.002***

0.001***

0.001***

-

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

Foreign owner

 

0.004***

0.005***

0.004***

0.004***

0.004***

0.005***

0.004***

 

(0.001)

(0.002)

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

Industry characteristics

Agriculture

0.001

0.021***

0.007***

0.014***

0.023***

0.031***

0.018***

0.020***

(0.002)

(0.001)

(0.002)

(0.002)

(0.001)

(0.001)

(0.001)

(0.001)

Mining

0.010*

-

-

-

-

-

-

-

(0.005)

-

-

-

-

-

-

-

Construction

0.020***

0.063***

0.043***

0.054***

0.065***

0.073***

0.059***

0.063***

(0.002)

(0.003)

(0.004)

(0.004)

(0.003)

(0.003)

(0.003)

(0.003)

Manufacturing

0.006**

0.038***

0.022***

0.034***

0.044***

0.055***

0.034***

0.035***

(0.003)

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

Wholesale

0.005

0.026***

0.018***

0.022***

0.025***

0.036***

0.023***

0.024***

(0.003)

(0.001)

(0.002)

(0.001)

(0.001)

(0.001)

(0.002)

(0.001)

Transport

0.012***

0.053***

0.036***

0.049***

0.060***

0.076***

0.049***

0.050***

(0.004)

(0.001)

(0.003)

(0.002)

(0.003)

(0.005)

(0.001)

(0.001)

Overall inst.a)

-

−0.023***

−0.029***

−0.016***

−0.032***

−0.052***

−0.017***

−0.014***

-

(0.001)

(0.002)

(0.002)

(0.002)

(0.002)

(0.001)

(0.001)

Inst. regulation

-

-

0.005***

-

-

-

-

-

-

-

(0.001)

-

-

-

-

-

Access to finance

-

-

-

−0.007***

-

-

-

-

-

-

-

(0.002)

-

-

-

-

Crime

-

-

-

-

0.009***

-

-

-

-

-

-

-

(0.003)

-

-

-

Corruption

-

-

-

-

-

0.024***

-

-

-

-

-

-

-

(0.002)

-

-

Taxation

-

-

-

-

-

-

−0.006***

-

-

-

-

-

-

-

(0.001)

 

Labor regulations

-

-

-

-

-

-

-

−0.010***

-

-

-

-

-

-

-

(0.001)

Pseudo R2

0.034

0.052

0.053

0.052

0.052

0.061

0.052

0.052

Observations

196,653

45,392

45,392

45,392

45,392

45,392

45,392

45,392

  1. Notes: Constant not reported. Clustered standard errors (at the 2-digit industry level) in parenthesis. Average marginal effects reported (see, e.g., Bartus 2005) *, ** and *** denote significance at 10 percent, 5 percent and 1 percent levels, respectively. Wald tests for country-fixed effects not reported. a) In columns (3)–(8) the overall institutional barriers are calculated without including the questions on the respective specific institutional barrier investigated.