Firm Size

−0.084***

0.920***

−0.021***

(0.029)

(0.026)

(0.007)

Obstacle to finance

0.017

1.017

0.004

(0.013)

(0.013)

(0.003)

MMs11

0.286***

1.331***

0.071***

(0.051)

(0.068)

(0.013)

% Foreign ownership

0.003***

1.003***

0.001***

(0.001)

(0.001)

(0.000)

% Government ownsh.

−0.007***

0.993***

−0.002***

(0.002)

(0.002)

(0.001)

Firms Location

0.003***

1.003***

0.001***

(0.000)

(0.000)

(0.000)

Firms Location Size

Firms Industry

0.002**

1.002**

0.000**

(0.001)

(0.001)

(0.000)

_cons

−2.020***

0.133***

(0.172)

(0.023)

Obs.

15525

15525

McFadden’s R²

0.105

Count R²

0.667

P-value chi ²

0.2843