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