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 |