(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