Modelling the Effects of Public Support to Small Firms in the UK - paradise Gained?
Table 3: Probit Models for the Probability of Receiving BL Assistance
Equation 1 Equation 2 Equation 3
|
Coeff. |
T-stat |
Coeff. |
T-stat |
Coeff. |
T-stat | |
|
Constant____________________ |
-1.0538** |
-2.52 |
-1.0795** |
-2.50 |
-1.0066** |
-3.49 |
|
Firm Characteristics________ | ||||||
|
Partnership___________________ |
0.2417 |
1.09 |
0.0545 |
0.22 | ||
|
Employment in 1996________ |
-0.0026 |
-1.05 |
-0.0030 |
-1.15 |
-0.0034 |
-1.26 |
|
Turnover Growth 94-96_____ |
-0.0087 |
-0.08 | ||||
|
Employment Growth 94-96 |
-0.0277 |
-0.25 | ||||
|
Business Age (yrs)___________ |
0.0076 |
0.57 |
0.0039 |
0.29 | ||
|
Informational Variables | ||||||
|
Other BL clients_____________ |
0.4126** |
2.12 |
0.3778* |
1.90 |
0.2998* |
1.68 |
|
Mailshots from BL__________ |
0.0580 |
0.30 |
0.0892 |
0.45 | ||
|
Direct Contact from BL______ |
0.8223** |
4.53 |
0.8550** |
4.52 |
0.7879** |
5.10 |
|
BL Advertising_____________ |
-0.1411 |
-0.73 |
-0.2281 |
-1.14 | ||
|
Media articles on BL________ |
-0.0299 |
-0.15 |
-0.0526 |
-0.26 | ||
|
Directed to BL______________ |
-0.1553 |
-0.77 |
-0.1320 |
-0.64 | ||
|
O-M Characteristics________ | ||||||
|
Founder in Firm____________ |
-0.1203 |
-0.61 |
-0.1158 |
-0.59 | ||
|
O-M has significant equity in |
0.0880 |
0.40 |
0.0708 |
0.32 |
0.1686 |
0.86 |
|
O-M shares power with |
0.4337** |
2.44 |
0.4642** |
2.53 |
0.4244** |
2.53 |
|
O-M Qualifications - |
0.3499* |
1.71 |
0.4363** |
2.03 |
0.3426* |
1.77 |
|
O-M Qualifications - |
0.1888 |
0.93 |
0.2913 |
1.41 |
0.2056 |
1.07 |
|
O-M Age 20-30___________ |
0.8389 |
1.00 | ||||
|
O-M Age 40-50___________ |
0.2193 |
1.28 |
0.2696 |
1.53 |
0.1904 |
1.19 |
|
Large/Small Firm Experience.__________________ |
-0.2152 |
-1.60 |
-0.1563 |
-1.13 |
-0.2300* |
-1.82 |
|
Number of observations______ |
290 |
274 |
310 | |||
|
Chi Square (9-18)____________ |
49.70 |
46.83 |
48.46 | |||
|
% Correct Predictions________ |
68.6 |
67.8 |
67.4 | |||
|
Log Likelihood_____________ |
-172.16 |
-162.95 |
-186.59 | |||
|
Restricted Log Likelihood |
-197.02 |
-186.37 |
-210.82 |
Notes: The dependent variable in each Probit model is a 0/1 variable. O indicates that the firm did not
receive BL assistance (i.e. controls); 1 indicates that the firm did receive BL assistance (i.e.
actions). Statistically significant variables are denoted as follows: ** denotes variables
significant at the 5 per cent level; * denotes significance at 10 per cent.
Stephen Roper and Mark Hart
15
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