Variables

(Product Inn)

(New Prod)

(Process Inn)

(New logistics)

(New Struct)

(Organisation)

(Marketing)

(R&D spending)

(Employees)

H1

H2

H3

H4a

H4b

H5

H6

H7

H8

0b.h1#c.k8

−0.0384

(0.133)

1.h1#c.k8

0.262

(0.209)

LnFirmge

−0.154

−0.142

−0.147

−0.142

−0.144

−0.130

−0.0850

−0.133

−0.126

(0.241)

(0.240)

(0.241)

(0.238)

(0.238)

(0.237)

(0.241)

(0.241)

(0.240)

Capacity Utilisation

0.00415

0.00498

0.00521

0.00487

0.00169

0.00443

0.00241

0.00363

0.00464

(0.00761)

(0.00780)

(0.00783)

(0.00766)

(0.00723)

(0.00742)

(0.00755)

(0.00765)

(0.00773)

Educated labour force

−0.0331

−0.0329

−0.0299

−0.0350

−0.0410

−0.0329

−0.0370

−0.0303

−0.0291

(0.0637)

(0.0649)

(0.0645)

(0.0635)

(0.0630)

(0.0637)

(0.0636)

(0.0644)

(0.0648)

Ln(Capital per worker)

0.342***

0.338***

0.332***

0.325***

0.341***

0.326***

0.344***

0.344***

0.337***

(0.0700)

(0.0712)

(0.0706)

(0.0714)

(0.0691)

(0.0705)

(0.0708)

(0.0712)

(0.0716)

Exporter

0.153***

0.150***

0.149***

0.152***

0.147***

0.157***

0.158***

0.150***

0.149***

(0.0301)

(0.0299)

(0.0297)

(0.0303)

(0.0314)

(0.0303)

(0.0301)

(0.0292)

(0.0293)

Private domestic

−0.00311

−0.00300

−0.00310

−0.00350

−0.00409

−0.00454

−0.00311

−0.00339

−0.00331

(0.00486)

(0.00489)

(0.00491)

(0.00483)

(0.00511)

(0.00472)

(0.00474)

(0.00482)

(0.00473)

Private foreign

0.0153**

0.0160**

0.0152**

0.0145**

0.0131*

0.0135**

0.0150**

0.0148**

0.0151**

(0.00697)

(0.00698)

(0.00704)

(0.00710)

(0.00728)

(0.00681)

(0.00672)

(0.00692)

(0.00688)

Female ownership

0.570

0.569

0.579

0.586

0.537

0.534

0.568

0.550

0.573

(0.469)

(0.472)

(0.462)

(0.449)

(0.447)

(0.455)

(0.467)

(0.467)

(0.473)

Internal Funds

−0.0198

−0.0179

−0.0155

−0.0161

−0.0151

−0.0203

−0.0174

−0.0168

−0.0176

(0.0223)

(0.0216)

(0.0209)

(0.0192)

(0.0183)

(0.0215)

(0.0193)

(0.0212)

(0.0216)

WC from Banks

−0.000384

0.00164

0.00361

0.00480

0.00805

0.00205

−5.74e−05

0.00269

0.00169

(0.0333)

(0.0327)

(0.0320)

(0.0308)

(0.0303)

(0.0321)

(0.0307)

(0.0318)

(0.0319)

WC from Non-Banks

−0.0326

−0.0282

−0.0248

−0.0296

−0.0304

−0.0313

−0.0303

−0.0258

−0.0261

(0.0258)

(0.0259)

(0.0249)

(0.0244)

(0.0237)

(0.0257)

(0.0235)

(0.0249)

(0.0257)

WC. Trade Credit

−0.0182

−0.0153

−0.0130

−0.0131

−0.0119

−0.0169

−0.0132

−0.0133

−0.0142

(0.0246)

(0.0239)

(0.0237)

(0.0225)

(0.0220)

(0.0238)

(0.0222)

(0.0234)

(0.0238)

Top Manager Exp.

0.0119

0.00959

0.0122

0.00942

0.00973

0.00881

0.00911

0.00855

0.00867

(0.0198)

(0.0203)

(0.0202)

(0.0203)

(0.0204)

(0.0200)

(0.0202)

(0.0203)

(0.0206)

Firm Size

0.596

0.607

0.586

0.465

0.437

0.511

0.462

0.605

0.616

(0.443)

(0.440)

(0.444)

(0.449)

(0.444)

(0.446)

(0.434)

(0.452)

(0.452)

Industry

−0.0398*

−0.0388

−0.0390

−0.0365

−0.0337

−0.0355

−0.0403*

−0.0374

−0.0396*

(0.0238)

(0.0240)

(0.0239)

(0.0235)

(0.0234)

(0.0237)

(0.0235)

(0.0241)

(0.0238)

0b.h2#c.k8

−0.0212

(0.134)