Variables

(Product Inn)

(New rod)

(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

0.0435

(0.0620)

1.h1#c.k8

0.0763

(0.0963)

LnFirmge

−0.0349

−0.0287

−0.0362

−0.0273

−0.0312

−0.0451

−0.0386

−0.0173

−0.0261

(0.177)

(0.177)

(0.178)

(0.178)

(0.179)

(0.178)

(0.178)

(0.181)

(0.177)

Exporter

0.0715***

0.0710***

0.0713***

0.0710***

0.0711***

0.0719***

0.0717***

0.0714***

0.0706***

(0.0257)

(0.0254)

(0.0257)

(0.0254)

(0.0256)

(0.0260)

(0.0258)

(0.0255)

(0.0252)

Private domestic

−0.00157

−0.00169

−0.00138

−0.00164

−0.00158

−0.00131

−0.00133

−0.00173

−0.00170

(0.00344)

(0.00350)

(0.00353)

(0.00343)

(0.00347)

(0.00344)

(0.00347)

(0.00345)

(0.00345)

Private foreign

0.0144***

0.0143***

0.0146***

0.0145***

0.0144***

0.0145***

0.0147***

0.0145***

0.0144***

(0.00514)

(0.00519)

(0.00520)

(0.00511)

(0.00515)

(0.00513)

(0.00515)

(0.00510)

(0.00512)

Female ownership

0.697***

0.689***

0.698***

0.688***

0.689***

0.677***

0.682***

0.710***

0.702***

(0.0891)

(0.0886)

(0.0897)

(0.0903)

(0.0928)

(0.0961)

(0.0937)

(0.0942)

(0.0918)

Internal Funds

0.0154

0.0158

0.0156

0.0157

0.0156

0.0155

0.0154

0.0154

0.0160

(0.0166)

(0.0165)

(0.0165)

(0.0165)

(0.0164)

(0.0166)

(0.0167)

(0.0164)

(0.0164)

WC from Banks

0.0438**

0.0441**

0.0442**

0.0440**

0.0440**

0.0437**

0.0439**

0.0443**

0.0444**

(0.0210)

(0.0208)

(0.0208)

(0.0208)

(0.0208)

(0.0211)

(0.0211)

(0.0208)

(0.0207)

WC from Non-Banks

0.00979

0.0108

0.00994

0.0108

0.0102

0.00988

0.00976

0.0101

0.0107

(0.0200)

(0.0199)

(0.0198)

(0.0198)

(0.0197)

(0.0198)

(0.0198)

(0.0197)

(0.0196)

WC. Trade Credit

0.0345*

0.0351*

0.0346*

0.0348*

0.0347*

0.0346*

0.0346*

0.0346*

0.0352*

(0.0208)

(0.0207)

(0.0207)

(0.0206)

(0.0206)

(0.0208)

(0.0208)

(0.0206)

(0.0205)

Top Manager Exp.

0.0171

0.0164

0.0174

0.0162

0.0166

0.0174

0.0174

0.0161

0.0163

(0.0161)

(0.0164)

(0.0161)

(0.0163)

(0.0165)

(0.0161)

(0.0162)

(0.0164)

(0.0165)

Firm Size

0.499

0.508

0.498

0.511

0.503

0.490

0.494

0.510

0.516

(0.316)

(0.314)

(0.315)

(0.314)

(0.316)

(0.315)

(0.315)

(0.315)

(0.313)

Industry

0.00142

0.00111

0.00159

0.00107

0.00119

0.00108

0.00125

0.00133

0.00104

(0.00773)

(0.00778)

(0.00774)

(0.00776)

(0.00771)

(0.00770)

(0.00770)

(0.00770)

(0.00771)

0b.h2#c.k8

0.0555

(0.0622)

1.h2#c.k8

0.0359

(0.104)