| (0.0908) | (0.0907) | (0.0909) |
| (0.0908) | |
Ownership | 0.4848** | 0.4869** | 0.4872** | −0.7090** | 0.4921** | |
| (0.1497) | (0.1504) | (0.1505) |
| (0.1521) | |
Location | 0.6530*** | 0.6813*** | 0.6807*** | −0.3696*** | 0.6910*** | |
| (0.0408) | (0.0457) | (0.0458) |
| (0.0465) | |
ES (Early-stage) | 0.2363*** | 0.2380*** | 0.2358*** | −1.3595*** | 0.2568*** | |
| (0.0262) | (0.0264) | (0.0276) |
| (0.0305) | |
MS (Medium-stage) | 0.4998*** | 0.5032*** | 0.5028*** | −0.5819*** | 0.5588*** | |
| (0.0365) | (0.0368) | (0.0368) |
| (0.0436) | |
S_L |
| 0.7524 | 0.7553 | −0.3000* | 0.7408* | |
|
| (0.1310) | (0.1320) |
| (0.1295) | |
S_ES |
|
| 1.0750 | −0.5846* | 0.5573* | |
|
|
| (0.3084) |
| (0.1933) | |
S_MS |
|
|
| −0.9523*** | 0.3858*** | |
|
|
|
|
| (0.0988) | |
Log-likelihood | −8172.0054 | −8170.6399 | −8170.6085 | −8162.7875 | ||
Observations | 6785 | 6785 | 6785 | 6785 | ||