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

Productivity

0.000621

0.0145

−0.0192

−0.00373

0.0293

0.0231

0.0566

−0.00223

−0.0358

(0.0345)

(0.0408)

(0.0378)

(0.0413)

(0.0426)

(0.0384)

(0.0363)

(0.0425)

(0.0397)

LnFirmge

0.156

0.0985

0.130

0.150

0.174

0.318**

0.183

0.490***

0.164

(0.125)

(0.132)

(0.127)

(0.130)

(0.136)

(0.138)

(0.128)

(0.156)

(0.142)

Exporter

−0.00362

0.0120

0.0124

0.0205

0.0254*

0.0253

0.00621

0.0235*

0.0243*

(0.0139)

(0.0139)

(0.0134)

(0.0135)

(0.0153)

(0.0161)

(0.0133)

(0.0141)

(0.0133)

Private Domestic

−0.00821**

−0.0137***

−0.00935***

0.000695

−0.00589*

−0.00962***

−0.00980***

−0.00654*

−0.00490

(0.00331)

(0.00335)

(0.00332)

(0.00377)

(0.00352)

(0.00331)

(0.00337)

(0.00342)

(0.00349)

Foreign private

−0.00723*

−0.0173***

−0.00744*

0.00422

−0.00309

−0.00575

−0.00775*

−0.00461

−0.00439

(0.00404)

(0.00442)

(0.00412)

(0.00466)

(0.00453)

(0.00425)

(0.00425)

(0.00451)

(0.00443)

Female ownership

−0.102

−0.165

−0.0370

−0.135

−0.173*

−0.205**

−0.291**

−0.316***

−0.183*

(0.105)

(0.112)

(0.123)

(0.123)

(0.105)

(0.102)

(0.132)

(0.119)

(0.0989)

Internal Funds

0.00963

0.0137

−0.00200

0.000210

0.0123

0.0102

0.000927

0.0205

0.0441**

(0.0118)

(0.0143)

(0.0119)

(0.0129)

(0.0147)

(0.0135)

(0.0114)

(0.0168)

(0.0208)

WC from Banks

0.0404**

0.0290

0.0180

0.0183

0.0336*

0.0446**

0.00774

0.0235

0.0630***

(0.0198)

(0.0186)

(0.0185)

(0.0183)

(0.0181)

(0.0189)

(0.0156)

(0.0227)

(0.0239)

WC from Non-Banks

0.0424**

0.0376**

0.0218

0.0315*

0.0312

0.0199

0.0121

0.0135

0.0309

(0.0192)

(0.0186)

(0.0171)

(0.0180)

(0.0195)

(0.0190)

(0.0176)

(0.0237)

(0.0247)

WC. Trade Credit

0.0130

0.0211

0.00256

−0.00483

0.0156

0.0111

−0.00597

0.0305

0.0453*

(0.0145)

(0.0167)

(0.0145)

(0.0152)

(0.0172)

(0.0166)

(0.0148)

(0.0198)

(0.0232)

Line of credit

0.109*

0.0989*

0.0775

0.0533

0.0546

0.0452

−0.00181

0.0479

−0.0207

(0.0555)

(0.0568)

(0.0593)

(0.0568)

(0.0534)

(0.0535)

(0.0448)

(0.0557)

(0.0459)

Top Manager Exp.

−0.00609

0.00488

−0.0156

−0.000163

−0.0115

−0.0141

−0.0312**

−0.0362**

−0.0127

(0.0111)

(0.0111)

(0.0120)

(0.0119)

(0.0124)

(0.0123)

(0.0134)

(0.0145)

(0.0131)

Firm size

0.323*

0.372**

0.424**

0.399**

0.436**

0.508***

0.684***

0.434**

0.489***

(0.175)

(0.184)

(0.175)

(0.184)

(0.196)

(0.191)

(0.190)

(0.196)

(0.183)

Industry

−0.00314

−0.00502

−0.00665

−0.000960

0.0166**

0.0117*

0.00484

−0.00240

−0.00644

(0.00584)

(0.00627)

(0.00601)

(0.00628)

(0.00677)

(0.00641)

(0.00600)

(0.00698)

(0.00645)

Constant

−1.171

−1.686

0.0844

−1.809

−3.542**

−2.719*

−1.078

−3.182*

−4.605**

(1.319)

(1.505)

(1.317)

(1.403)

(1.565)

(1.472)

(1.287)

(1.812)

(2.194)

Observations

529

529

529

529

529

529

529

529

529

McFadden’s R²:

0.042

0.055

0.042

0.039

0.052

0.072

0.058

0.060

0.050

Count R²:

0.624

0.730

0.665

0.726

0.735

0.690

0.658

0.758

0.733

P Prob > chi2

0.3292

0.3350

0.3003

0.3705

0.4144

0.3311

0.3046

0.3408

0.1743

Pseudo R²

0.0416

0.0552

0.0423

0.0390

0.0522

0.0724

0.0580

0.0596

0.0496