sons such as illness makes restart more unlikely, while OTHERREAS, i.e., unspecified
other reasons, is insignificant, thus having no impact. If an argument within the entre-
preneurial team was a reason for business closure, this seems - for logical reasons - to
encourage entrepreneurs to venture anew; the effect of QUARREL is significantly positive.
Table 3: Probit estimation results
|
Independent variable: Occurrence of restart (yes/no) |
Specification I |
Specification II | ||
|
Marginal effect a |
P-value | |||
|
Marginal effect a |
P-value | |||
|
Main covariates I: Closure reasons b c | ||||
|
DEBTS |
-0,082 ** |
0,041 |
-0,061 |
0,143 |
|
NOTWORTH |
0,007 |
0,859 |
-0,001 |
0,988 |
|
ILLIQUIDITY |
0,012 |
0,723 |
0,027 |
0,463 |
|
WAGEEMPL |
0,036 |
0,634 |
0,036 |
0,639 |
|
RETIRE |
-0,247 *** |
0,000 |
-0,254 *** |
0,000 |
|
PRIVATE |
-0,106 ** |
0,044 |
-0,107 ** |
0,040 |
|
OTHERREAS |
0,038 |
0,374 |
0,038 |
0,372 |
|
QUARREL____________________________ |
0,193 *** |
0,000 |
0,192 *** |
0,000 |
|
Main covariates II: Bearer of financial losses b | ||||
|
Sharehol |
- |
- |
-0,017 |
0,645 |
|
BANKS |
- |
- |
-0,112 ** |
0,013 |
|
Otherstake________________________ |
- |
- |
0,024_________ |
0,573 |
|
Control variables | ||||
|
CAPITAL |
0,000 |
0,482 |
0,000 |
0,412 |
|
CAPITALM |
-0,010 |
0,771 |
-0,008 |
0,830 |
|
TEAM |
0,134 *** |
0,000 |
0,135 *** |
0,000 |
|
TEAMM |
0,005 |
0,946 |
-0,005 |
0,941 |
|
LIMITED |
0,161 *** |
0,000 |
0,158 *** |
0,000 |
|
SIZE |
0,003 *** |
0,001 |
0,003 *** |
0,001 |
|
SIZEM |
0,043 |
0,443 |
0,043 |
0,433 |
|
AGE |
-0,023 *** |
0,001 |
-0,022 *** |
0,001 |
|
AGEM |
-0,144 |
0,129 |
-0,154 |
0,108 |
|
EAST |
-0,037 |
0,237 |
-0,035 |
0,264 |
|
HTIND |
-0,006 |
0,961 |
-0,008 |
0,943 |
|
OTHERIND |
0,020 |
0,749 |
0,025 |
0,681 |
|
TECHSERV |
0,230 *** |
0,001 |
0,232 *** |
0,001 |
|
OTHERSERV |
0,131 * |
0,054 |
0,132 * |
0,051 |
|
CONSTRUCT |
0,107 ** |
0,034 |
0,111 ** |
0,027 |
|
TRADE______________________________ |
0,080 *_______ |
0,074 |
0,083 *________ |
0,063 |
|
# of observations |
853 |
853 | ||
|
Wald χ2 (df) |
146.820 (20) |
159.330 (27) | ||
|
Pseudo R2 |
0.161_________ |
0.168_________ | ||
a Average marginal effect.
b No reference category because multiple statements were possible.
c Actually, there is another closure reason indicator available namely “change into a different self-employment
business”. Since this indicator would completely determine the outcome in the regression, 13 observations
which exclusively refer to this closure reason are not used.
* Significant at the 10 % level. ** Significant at the 5 % level. *** Significant at the 1 % level.
Note: Both indictors variance inflation factor and condition number do not indicate a multicollinearity problem.
Source: Own regression based on the ZEW Entrepreneurship Study and the ZEW Foundation Panel.
More intriguing information
1. The name is absent2. Credit Markets and the Propagation of Monetary Policy Shocks
3. Portuguese Women in Science and Technology (S&T): Some Gender Features Behind MSc. and PhD. Achievement
4. The name is absent
5. Needing to be ‘in the know’: strategies of subordination used by 10-11 year old school boys
6. The name is absent
7. ENVIRONMENTAL POLICY: THE LEGISLATIVE AND REGULATORY AGENDA
8. The name is absent
9. WP RR 17 - Industrial relations in the transport sector in the Netherlands
10. AN EMPIRICAL INVESTIGATION OF THE PRODUCTION EFFECTS OF ADOPTING GM SEED TECHNOLOGY: THE CASE OF FARMERS IN ARGENTINA