Log Profit+

Coefficient

Boot. Std. Dev.

Z

Higher education

−0.4838

0.3690

−1.31

Manager’s experience (squared)

−0.0004

0.0003

−1.23

Log sales

0.7777

0.1526

5.09^***

Small firm

0.3140

0.2437

1.29

Large firm

−0.5312

0.7996

−0.66

Operated after 2004

0.58901

0.3321

1.77^*

Located in export area

−0.4540

0.4180

−1.09

Crime severe obstacle

−0.8519

0.4895

−2.14^**

Crime major obstacle

−1.0453

0.3789

−2.25^**

Crime minor obstacle

0.1816

0.1306

1.39

Inverse Mill’s ratio

−2.8291

1.1565

−2.45^***

Constant

6.0163

1.1062

5.44

R-squared

0.7939

Adjusted R-squared

0.7885

Wald chi2 (11)

1863.69

Number of observations

435