(1)

VARIABLES

OLS coefficients

ACCESS TO CREDIT

0.590*

(0.313)

COLLATERAL

−0.916

(0.828)

CORRUPTION

0.117

(0.314)

POLITICAL INSTABILITY

−0.733***

(0.237)

TAX RATES

0.127

(0.0920)

EXPERIENCE

0.00828

(0.0417)

EXPERIENCE SQUARE

0.000468

(0.000958)

AMOUNT OF LOAN

0.166

(0.153)

LOAN BEFORE

−0.829**

(0.362)

AGE

0.0716**

(0.0278)

SAVING ACCOUNT

0.784***

(0.250)

DURATION OF LOAN

0.259**

(0.118)

AGE SQUARE

−0.001000***

(0.000301)

CONSTANT

14.44***

(2.857)

OBSERVATIONS

361

R-SQUARED

0.289