| Controls | Experience | Interactions | Attrition | IV / 2SLS | Control for Confound | |
|---|---|---|---|---|---|---|
| + p < 0.1, * p < 0.05, ** p < 0.01, *** p < 0.001 | ||||||
| (Intercept) | -1.87* | -2.09* | -1.67+ | -1.50+ | -0.62 | -1.98* |
| (0.82) | (1.00) | (0.97) | (0.88) | (0.91) | (0.92) | |
| owners0 | 0.10 | 0.04 | 0.04 | 0.02 | -0.01 | 0.02 |
| (0.11) | (0.11) | (0.11) | (0.11) | (0.16) | (0.11) | |
| od04up | 0.19* | 0.21* | 0.19* | 0.19* | 0.19 | 0.22* |
| (0.09) | (0.09) | (0.09) | (0.08) | (0.14) | (0.09) | |
| od04down | -0.10 | -0.09 | -0.12 | -0.18 | 0.03 | -0.08 |
| (0.18) | (0.19) | (0.19) | (0.19) | (0.25) | (0.17) | |
| indexp4 | -0.02* | -0.03* | -0.03** | -0.03** | -0.03* | -0.03* |
| (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | |
| patent4 | -0.01 | -0.01 | -0.01 | -0.01 | -0.04 | -0.05+ |
| (0.03) | (0.03) | (0.03) | (0.03) | (0.07) | (0.03) | |
| edu4 | 0.09* | 0.10* | 0.10* | 0.08 | 0.13* | 0.09* |
| (0.04) | (0.05) | (0.05) | (0.05) | (0.05) | (0.05) | |
| age | -0.06 | -0.11* | -0.09+ | -0.06 | -0.13+ | -0.08 |
| (0.06) | (0.05) | (0.06) | (0.06) | (0.08) | (0.05) | |
| hours4 | 0.15* | 0.15** | 0.15** | 0.15** | 0.15* | 0.15** |
| (0.06) | (0.06) | (0.06) | (0.06) | (0.07) | (0.06) | |
| firmsize | 0.05** | 0.04+ | 0.03+ | 0.04+ | 0.04 | 0.02 |
| (0.02) | (0.02) | (0.02) | (0.02) | (0.03) | (0.02) | |
| assets | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.07 |
| (0.05) | (0.05) | (0.05) | (0.05) | (0.05) | (0.05) | |
| revenue | -0.07* | -0.07* | -0.06+ | -0.07* | -0.05 | -0.07* |
| (0.03) | (0.03) | (0.03) | (0.03) | (0.04) | (0.03) | |
| probsearch | 0.12 | 0.40 | 0.39 | 0.41 | 0.65 | 0.71 |
| (0.51) | (0.58) | (0.58) | (0.56) | (0.75) | (0.57) | |
| slacksearch | 0.60+ | 0.63+ | 0.59 | 0.58 | 0.52 | 0.44 |
| (0.36) | (0.36) | (0.37) | (0.36) | (0.37) | (0.36) | |
| outsideequity | -0.02 | -0.02 | 0.01 | 0.02 | -0.05 | -0.00 |
| (0.04) | (0.04) | (0.04) | (0.04) | (0.06) | (0.04) | |
| hightech | 0.21 | 0.18 | 0.16 | 0.20 | 0.30 | 0.13 |
| (0.17) | (0.18) | (0.18) | (0.18) | (0.27) | (0.18) | |
| kindustry23 | 0.74 | 1.02 | 0.55 | 0.47 | 0.62 | 0.84 |
| (0.74) | (0.92) | (0.92) | (0.81) | (0.76) | (0.87) | |
| kindustry31 | 2.34** | 2.41** | 1.83* | 1.77* | 2.54* | 2.00* |
| (0.76) | (0.93) | (0.93) | (0.81) | (1.16) | (0.87) | |
| kindustry32 | 1.49* | 1.54+ | 1.05 | 1.05 | 1.25 | 0.98 |
| (0.72) | (0.87) | (0.88) | (0.77) | (0.91) | (0.81) | |
| kindustry33 | 1.99** | 2.24* | 1.80* | 1.71* | 1.87* | 1.78* |
| (0.69) | (0.88) | (0.87) | (0.76) | (0.76) | (0.82) | |
| kindustry42 | 1.45* | 1.62+ | 1.14 | 1.07 | 1.14 | 1.37 |
| (0.74) | (0.93) | (0.92) | (0.81) | (0.84) | (0.88) | |
| kindustry44 | 0.89 | 1.07 | 0.60 | 0.24 | 0.52 | 0.81 |
| (0.74) | (0.92) | (0.93) | (0.80) | (0.78) | (0.86) | |
| kindustry45 | 1.06 | 1.24 | 0.78 | 0.75 | 0.62 | 0.98 |
| (0.79) | (0.95) | (0.96) | (0.85) | (0.80) | (0.91) | |
| kindustry48 | 1.35+ | 1.40 | 0.96 | 0.94 | 1.37 | 1.06 |
| (0.77) | (0.92) | (0.92) | (0.81) | (0.86) | (0.86) | |
| kindustry51 | 2.01** | 2.31* | 1.84* | 1.73* | 2.01* | 1.63+ |
| (0.73) | (0.91) | (0.91) | (0.79) | (0.89) | (0.86) | |
| kindustry52 | 0.38 | 0.77 | 0.29 | 0.25 | 0.53 | 0.49 |
| (0.90) | (1.09) | (1.09) | (1.00) | (0.79) | (1.04) | |
| kindustry53 | 0.80 | 1.09 | 0.65 | 0.59 | 0.81 | 0.79 |
| (0.82) | (0.97) | (0.96) | (0.88) | (0.78) | (0.91) | |
| kindustry54 | 1.29+ | 1.53+ | 1.08 | 1.04 | 0.87 | 1.04 |
| (0.69) | (0.87) | (0.87) | (0.74) | (0.74) | (0.82) | |
| kindustry56 | 0.91 | 1.07 | 0.58 | 0.50 | 0.63 | 0.58 |
| (0.75) | (0.91) | (0.90) | (0.81) | (0.80) | (0.85) | |
| kindustry61 | 0.97 | 1.07 | 0.65 | 0.72 | 0.16 | 0.19 |
| (1.23) | (1.41) | (1.43) | (1.31) | (1.25) | (1.34) | |
| kindustry62 | 1.30 | 1.66+ | 1.23 | 1.43 | 1.37 | 1.52 |
| (0.80) | (0.97) | (0.98) | (0.90) | (1.01) | (0.95) | |
| kindustry71 | 1.69* | 1.95+ | 1.50 | 1.37 | 1.02 | 1.20 |
| (0.84) | (1.04) | (1.07) | (0.93) | (1.02) | (0.96) | |
| kindustry72 | 1.38+ | 1.82* | 1.36 | 1.19 | 1.55 | 1.33 |
| (0.74) | (0.93) | (0.90) | (0.80) | (0.97) | (0.88) | |
| kindustry81 | 1.26+ | 1.54+ | 1.11 | 0.95 | 0.93 | 1.06 |
| (0.74) | (0.92) | (0.91) | (0.80) | (0.76) | (0.86) | |
| kindustry99 | 0.21 | 0.47 | 0.07 | 0.07 | 0.51 | -0.19 |
| (0.89) | (1.07) | (1.08) | (0.97) | (0.75) | (0.92) | |
| census_region_02 | -0.45+ | -0.31 | -0.32 | -0.32 | -0.26 | -0.28 |
| (0.25) | (0.24) | (0.24) | (0.25) | (0.29) | (0.24) | |
| census_region_03 | -0.29 | -0.31 | -0.35 | -0.34 | -0.39 | -0.30 |
| (0.24) | (0.24) | (0.25) | (0.25) | (0.29) | (0.24) | |
| census_region_04 | 0.00 | -0.06 | -0.05 | -0.09 | -0.21 | -0.12 |
| (0.23) | (0.24) | (0.24) | (0.24) | (0.29) | (0.23) | |
| pese0 | 0.16 | 0.30* | 0.31** | 0.26 | 0.23+ | |
| (0.11) | (0.12) | (0.12) | (0.17) | (0.12) | ||
| pege0 | 0.11*** | 0.11** | 0.10** | 0.14** | 0.10** | |
| (0.03) | (0.04) | (0.03) | (0.05) | (0.03) | ||
| odall | 0.03+ | 0.05* | 0.04* | 0.03+ | ||
| (0.02) | (0.02) | (0.02) | (0.02) | |||
| pese04up | 0.57+ | 0.74** | 0.77** | 0.56 | 0.57* | |
| (0.31) | (0.27) | (0.30) | (0.70) | (0.29) | ||
| pese04down | -0.35 | -0.36 | -0.34 | -0.57 | -0.53 | |
| (0.52) | (0.51) | (0.53) | (0.60) | (0.44) | ||
| pege04up | -0.32 | -0.26 | -0.24 | -0.74+ | -0.31 | |
| (0.28) | (0.28) | (0.27) | (0.38) | (0.28) | ||
| pege04down | -0.46+ | -0.38 | -0.36 | -0.57+ | -0.35 | |
| (0.26) | (0.27) | (0.26) | (0.34) | (0.27) | ||
| odall × pese0 | -0.09** | -0.11*** | -0.08* | |||
| (0.03) | (0.03) | (0.03) | ||||
| odall × pege0 | -0.00 | |||||
| (0.01) | ||||||
| fit_odall | 0.19+ | |||||
| (0.12) | ||||||
| d5a_founded_newprod_5 | 0.81*** | |||||
| (0.16) | ||||||
| Num.Obs. | 440 | 440 | 440 | 436 | 438 | 440 |
| R2 | 0.192 | |||||
| R2 Adj. | 0.101 | |||||
| AIC | 1350.9 | 1349.6 | 1347.9 | 1560.8 | 1704.4 | 1317.4 |
| BIC | 1510.3 | 1537.6 | 1544.1 | 1752.4 | 1888.1 | 1513.5 |
| Log.Lik. | -636.453 | -628.813 | -625.956 | -733.383 | -610.684 | |
| F | 4.049 | 3.956 | 4.003 | 4.122 | 5.492 | |
| RMSE | 1.59 | 1.54 | 1.52 | 1.51 | 1.53 | 1.45 |
| Std.Errors | HC1 | HC1 | HC1 | HC1 | HC1 | HC1 |