H2

1 if the firm introduced new/significantly improved product also new to the establishment main market, otherwise zero

H4a

1 if the firm introduced new/significantly improved logistic, delivery or distribution method, otherwise zero (0)

H4b

1 if the firm introduced new/significantly improved organisational structures/management practices, otherwise zero (0)

H5

1 if the firm introduced new/significantly improved organisational structure in the last three (3) years, otherwise zero (0)

H6

1 if the firm introduced new/significantly improved marketing method in the last three (3) years, otherwise zero (0)

H7

1 if the firm spent on R&D in the last three (3) years, otherwise zero (0)

H8

1 if the firm gave employees time to develop new ideas in the last three (3) years, otherwise zero (0)

New Product (H1)

1 if the firm introduced a significantly new product to the market in the last three (3) years, otherwise zero (0)

New Technology (H3)

1 if the firm introduced a significantly new production method in the last three (3) years, otherwise zero (0)

Sales

Total annual sales of the firm in the last year

Productivity

Natural logarithm of annual sales divided by the number of permanent employees

Ln(Firm Age)

Year in which the firm commenced operations minus the year in which the survey is conducted

Int. Certification

1 if the firm has international quality certification, otherwise zero (0)

Exporter (%)

Percentage of the firm’s output exported (firms with more than 40% exports are considered an exporter)

Private-domestic

Percentage of ownership by private and domestic citizens in the firm

Foreign Private

Percentage of foreign ownership in the firm

Female ownership

1 if the firm has female ownership, otherwise zero (0)

Internal funds

Is the percentage of working capital that is internal generated

Borrowed-Bank

Is the percentage of working capital that is borrowed from banks

Borrowed non-Bank

Is the percentage of working capital that is borrowed from non-banking institutions

Line of Credit (k8)

1 if the firm has an active line of credit, otherwise zero (0)

Capacity Utilization

The number of active working hours per week

Obstacle to Finance

Is an ordered variable ranging from 0 (no obstacles), 1 (minor obstacle) 2 (moderate obstacle) 3 (severe obstacle), and 4 (very severe obstacle) describing the level of financing constraints faced by the firm