VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

location

scale

10%

25%

50%

75%

90%

Depth of SM presence

0.295***

0.129**

0.532***

0.389***

0.276***

0.178**

0.0952

(0.0928)

(0.0585)

(0.165)

(0.117)

(0.0900)

(0.0886)

(0.104)

Growth

0.773***

0.0725***

0.640***

0.721***

0.784***

0.839***

0.886***

(0.0222)

(0.0140)

(0.0388)

(0.0292)

(0.0215)

(0.0214)

(0.0253)

Working capital

0.372***

−0.0626***

0.488***

0.418***

0.363***

0.316***

0.275***

(0.0197)

(0.0124)

(0.0344)

(0.0258)

(0.0191)

(0.0189)

(0.0224)

Expense

0.0632

−0.145***

0.331**

0.169

0.0418

−0.0681

−0.162*

(0.0823)

(0.0519)

(0.146)

(0.104)

(0.0798)

(0.0786)

(0.0922)

Age

0.00293

0.00317

−0.00291

0.000617

0.00340

0.00580

0.00784

(0.00570)

(0.00359)

(0.0102)

(0.00710)

(0.00552)

(0.00542)

(0.00633)

Debt sustainability

−0.264

−0.630*

0.897

0.196

−0.357

−0.833

−1.239**

(0.560)

(0.353)

(1.000)

(0.702)

(0.543)

(0.534)

(0.625)

Leverage

−0.0323

−0.183

0.305

0.101

−0.0594

−0.198

−0.316

(0.297)

(0.187)

(0.530)

(0.370)

(0.288)

(0.282)

(0.330)

Depth of SM presence

0.295***

0.129**

0.532***

0.389***

0.276***

0.178**

0.0952

(0.0928)

(0.0585)

(0.165)

(0.117)

(0.0900)

(0.0886)

(0.104)

War relocation

−0.213***

−0.00202

−0.210**

−0.212***

−0.214***

−0.215***

−0.217***

(0.0490)

(0.0309)

(0.0876)

(0.0610)

(0.0475)

(0.0466)

(0.0545)

Constant

−3.305***

2.316***

−7.572***

−4.996***

−2.963***

−1.211

0.283

(1.024)

(0.645)

(1.815)

(1.307)

(0.993)

(0.980)

(1.152)

Observations

520

520

520

520

520

520

520