VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

location

scale

10%

25%

50%

75%

90%

Depth of SM presence

0.241*

0.0715

0.118

0.184

0.244*

0.299**

0.359*

(0.124)

(0.0817)

(0.175)

(0.132)

(0.124)

(0.148)

(0.195)

Growth

0.721***

0.0753***

0.591***

0.661***

0.723***

0.781***

0.845***

(0.0274)

(0.0180)

(0.0401)

(0.0295)

(0.0273)

(0.0326)

(0.0441)

Working capital

0.354***

−0.102***

0.529***

0.435***

0.350***

0.271***

0.185***

(0.0274)

(0.0180)

(0.0415)

(0.0298)

(0.0270)

(0.0325)

(0.0451)

Expense

0.0560

−0.217***

0.429***

0.228*

0.0477

−0.119

−0.301*

(0.111)

(0.0733)

(0.160)

(0.119)

(0.111)

(0.133)

(0.177)

Age

0.00263

0.00169

−0.000271

0.00129

0.00270

0.00400

0.00541

(0.00756)

(0.00498)

(0.0107)

(0.00805)

(0.00758)

(0.00902)

(0.0119)

Debt sustainability

1.179

−0.265

1.636

1.391*

1.169

0.965

0.742

(0.722)

(0.476)

(1.019)

(0.770)

(0.725)

(0.862)

(1.135)

Leverage

0.343

−0.280

0.826

0.567

0.333

0.117

−0.119

(0.383)

(0.253)

(0.542)

(0.409)

(0.384)

(0.458)

(0.603)

War relocation

−0.171***

−0.0506

−0.0835

−0.130*

−0.173***

−0.211***

−0.254**

(0.0640)

(0.0422)

(0.0905)

(0.0683)

(0.0642)

(0.0764)

(0.101)

Constant

−3.322**

3.320***

−9.038***

−5.964***

−3.195**

−0.638

2.150

(1.399)

(0.922)

(2.032)

(1.504)

(1.396)

(1.668)

(2.240)

Observations

480

480

480

480

480

480

480