Testing Gribat´s Law Across Regions. Evidence from Spain.



Table V.- Estimation Results.

PROV1

PROV2

PROV3

PROV4

ALL

Gibrat’s equation

Constant

0.3261

0.7832**

0.4407

0.9593*

0.6870*

(0.45)

(2.38)

(0.85)

(1.72)

(1.88)

Log Si90

0.7763***

0.8294***

1.0443***

0.8279***

0.8227***

(9.10)

(12.21)

(7.90)

(6.93)

(18.54)

Log Age

-0.2408

-0.1434

-0.0362

-0.2492

-0.2015***

(1.64)

(1.22)

(0.21)

(1.30)

(2.76)

Log Si90*LogAge

0.0314

0.0129

-0.0300

0.0280

0.0230

(1.13)

(0.55)

(0.73)

(0.73)

(1.58)

RESJUR

0.1290

0.1087

-0.0369

0.0153

0.0293

(1.12)

(1.23)

(0.29)

(0.11)

(0.51)

INNPRO

0.1059

0.0718

-0.1800

-0.1060

0.0282

(0.98)

(0.87)

(1.60)

(0.91)

(0.41)

INNPRC

0.6739**

0.1594

0.0396

0.1512

0.2913*

(2.25)

(1.38)

(0.27)

(0.95)

(1.82)

TECHIGH

0.1052

0.0095

0.2401*

0.2033

0.1216**

(0.94)

(0.10)

(1.73)

(1.54)

(2.23)

TECMED

0.0232

-0.0795

0.0897

0.0531

0.0332

(0.22)

(1.01)

(0.87)

(0.41)

(0.66)

Select equation

Constant

-2.6387***

0.5591

0.2452

-1.1065

-0.9764

(3.86)

(0.56)

(0.27)

(0.75)

(2.41)

Log Si90

0.1933

-0.3806*

-0.1001

0.4515

0.0642

(1.24)

(1.67)

(0.43)

(1.12)

(0.66)

Log Age

0.3290

-0.2314

-0.1675

0.2118

0.1468

(1.34)

(0.52)

(0.50)

(0.44)

(0.97)

Log Si90*LogAge

-0.0436

0.1310

0.0584

-0.0859

-0.0096

(0.84)

(1.37)

(0.74)

(0.73)

(0.29)

RESJUR

0.1742

0.2645

-0.6824***

-0.4030

-0.1717

(0.90)

(1.04)

(2.94)

(1.25)

(1.54)

INNPRO

0.3409**

0.7145***

0.6748***

0.4191

0.4817***

(1.99)

(2.96)

(3.53)

(1.47)

(4.92)

INNPRC

1.5431***

0.8334***

1.1887***

0.7157**

1.146***

(5.21)

(3.30)

(6.07)

(2.33)

(11.36)

TECHIGH

0.3311*

0.3620

-0.4392*

0.1086

0.0637

(1.68)

(1.09)

(1.70)

(0.33)

(0.52)

TECMED

0.2771

0.2172

-0.1262

0.7600**

0.1733

(1.55)

(0.86)

(0.61)

(2.07)

(1.65)

Rho

0.4813

-0.6357

-0.6175

-0.1693

0.0597

Sigma

0.6046

0.5192

0.6373

0.5460

0.5552

Lambda

0.2910

-0.3300

-0.3935

-0.0924

0.0332

Log likelihood

-350.577

-249.983

-296.455

-167.004

-1140.677

LR test(1)

0.25

1.20

1.33

0.14

0.02

Test for β1 = 1(2

6.88***

6.31**

0.11

2.08

15.96***

N° observations

369

271

276

157

1073

Censored

167

37

88

30

322

Uncensored

202

234

188

127

751

*** Significant at 99%; ** Significant atl 95%; * Significant at 90%..
t- values in parentheses.

11



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