VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

location

scale

10%

25%

50%

75%

90%

Depth of SM presence

41.99

52.25

13.57

−0.164

14.67

83.01

159.7

(64.93)

(75.04)

(29.59)

(22.80)

(31.34)

(121.3)

(229.3)

Growth

11.09

35.58*

−26.74***

−17.62***

−7.516

39.02

91.23

(16.57)

(19.15)

(7.124)

(5.560)

(7.775)

(29.87)

(55.53)

Working capital

140.3***

−6.144

146.9***

145.3***

143.5***

135.5***

126.5***

(11.96)

(13.82)

(5.476)

(4.216)

(5.785)

(22.40)

(42.43)

Expense

25.65

25.59

−1.554

5.009

12.27

45.74

83.29

(57.51)

(66.46)

(26.32)

(20.27)

(27.81)

(107.7)

(204.0)

Age

−5.226

−3.983

−0.992

−2.013

−3.144

−8.353

−14.20

(4.043)

(4.672)

(1.834)

(1.415)

(1.947)

(7.529)

(14.22)

Debt sustainability

334.5

562.9

−263.9

−119.6

40.25

776.3

1602

(455.1)

(526.0)

(204.3)

(158.0)

(218.0)

(842.1)

(1586)

leverage

−71.22

17.33

−89.64

−85.19

−80.27

−57.62

−32.19

(216.5)

(250.2)

(99.38)

(76.49)

(104.9)

(406.2)

(769.9)

war relocation

48.92

74.85*

−30.65*

−11.46

9.793

107.7

217.5*

(37.44)

(43.26)

(16.23)

(12.64)

(17.63)

(67.80)

(126.4)

Constant

−824.1

−532.5

−258.0

−394.5

−545.7

−1242

−2023

(732.7)

(846.7)

(333.2)

(256.9)

(353.2)

(1366)

(2584)

Observations

520

520

520

520

520

520

520