Table 9: SECTOR SWITCHING AND EXIT DETERMINANTS - FIRM SPECIFIC EXPLANATIONS
|
Sector Switching (SW2) |
_________Firm Exit (EXIT)_________ | |||||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
Firm specific variables | ||||||
|
Relative efficiency (weighted) |
-43.7414*** |
-15.1230** |
-9.7153 |
-45.7931*** |
-22.2958*** |
-17.5795*** |
|
(6.22) |
(2.34) |
(1.55) |
(6.08) |
(3.11) |
(2.55) | |
|
Firm size (log) |
-0.1257*** |
-0.0843*** |
-0.1592*** |
-0.1869*** | ||
|
(7.05) |
(4.46) |
(7.16) |
(7.91) | |||
|
Firm age (log) |
-0.1782*** |
-0.1182*** |
0.1367*** |
0.0218 | ||
|
(4.71) |
(2.98) |
(3.54) |
(0.61) | |||
|
State owned enterprise (SOE) |
-0.5335*** |
0.5090*** | ||||
|
(5.42) |
(6.62) | |||||
|
Foreign owned firm (Multinational) |
-0.2285*** |
-0.4127*** | ||||
|
(2.99) |
(4.70) | |||||
|
Provincial dummies |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Sector dummies_________________ |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Observations |
24,363 |
24,363 |
24,363 |
24,363 |
24,363 |
24,363 |
|
Groups |
10,570 |
10,570 |
10,570 |
10,570 |
10,570 |
10,570 |
|
Log Likelihood |
-3872.61 |
-3827.66 |
-3809.49 |
-6572.56 |
-6519.94 |
-6464.44 |
|
Wald (chi-sq) |
683.53 |
743.80 |
757.50 |
161.81 |
173.56 |
202.38 |
|
Likelihood ratio test (p-value)______ |
0.00 |
0.00 |
0.00 |
0.01 |
0.00 |
0.00 |
Note: Dependent variable: Sector switching (SW2) and exit (EXIT). Random effects probit estimation. All estimations included a constant
term and time dummies. t-values reported in parenthesis. *, **, *** indicate significance at a 10%, 5% and 1% level, respectively. Base: Food
processing and HCMC. The total number of sector switchers and exits are 1,076 and 1,937 in the unbalanced panel, respectively.
39
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