**Table 11. Effect of Combined Objective Financial Access Variables on Employment Growth by Firm Characteristic and by Region**

||||**By **|**size**|||**By age**<br>Depen|dent variable|: employmen|**By sector**<br>tgrowth|||**By re**|**gion**||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**World**|**Micro**|**Small**|**Medium**|**Large**|**Young**|**Mature**|**Older**|**Manufactu**<br>**ring**|**Sales**|**Services**|**AFR**|**EAP**|**ECA**|**LAC**|
|**Variable**|**(1)**|**(2)**|**(3)**|**(4)**|**(5)**|**(6)**|**(7)**|**(8)**|**(9)**|**(10)**|**(11)**|**(12)**|**(13)**|**(14)**|**(15)**|
|Small|-0.052***|||||-0.082***|-0.051***|-0.044***|-0.060***|-0.037***|-0.056***|-0.046***|-0.058***|-0.042***|-0.061***|
||(0.002)|||||(0.006)|(0.002)|(0.002)|(0.002)|(0.003)|(0.004)|(0.002)|(0.005)|(0.003)|(0.003)|
|Medium|-0.067***|||||-0.113***|-0.071***|-0.054***|-0.080***|-0.041***|-0.065***|-0.056***|-0.080***|-0.065***|-0.067***|
||(0.002)|||||(0.010)|(0.003)|(0.003)|(0.003)|(0.005)|(0.005)|(0.004)|(0.006)|(0.004)|(0.004)|
|Large|-0.091***|||||-0.137***|-0.089***|-0.080***|-0.110***|-0.032***|-0.082***|-0.078***|-0.107***|-0.093***|-0.085***|
||(0.003)|||||(0.019)|(0.005)|(0.004)|(0.004)|(0.008)|(0.008)|(0.007)|(0.008)|(0.005)|(0.006)|
|Mature|-0.030***|-0.036***|-0.016***|-0.014|-0.017||||-0.038***|-0.025***|-0.019***|-0.024***|-0.021***|-0.041***|-0.037***|
||(0.003)|(0.003)|(0.005)|(0.009)|(0.018)||||(0.004)|(0.004)|(0.005)|(0.003)|(0.007)|(0.006)|(0.006)|
|Older|-0.053***|-0.064***|-0.038***|-0.032***|-0.043**||||-0.060***|-0.047***|-0.040***|-0.046***|-0.036***|-0.065***|-0.065***|
||(0.003)|(0.003)|(0.005)|(0.009)|(0.018)||||(0.004)|(0.005)|(0.006)|(0.004)|(0.007)|(0.006)|(0.006)|
|Multi|0.014***|0.013***|0.017***|0.012***|0.010*|0.009|0.015***|0.014***|0.015***|0.012***|0.014***|0.008***|0.009|0.018***|0.015***|
||(0.002)|(0.004)|(0.003)|(0.004)|(0.006)|(0.008)|(0.003)|(0.003)|(0.003)|(0.004)|(0.005)|(0.003)|(0.006)|(0.005)|(0.004)|
|Manuf|-0.001|0.011***|-0.002|-0.018***|-0.032***|0.022***|-0.001|-0.007***||||0.007***|0.009*|-0.011***|-0.001|
||(0.001)|(0.002)|(0.002)|(0.004)|(0.006)|(0.005)|(0.002)|(0.002)||||(0.002)|(0.005)|(0.003)|(0.003)|
|Exporter|0.014***|0.028***|0.024***|0.009**|-0.001|0.035***|0.011***|0.015***|0.020***|0.017**|0.007|0.011**|0.009|0.013***|0.022***|
||(0.002)|(0.006)|(0.004)|(0.004)|(0.005)|(0.011)|(0.003)|(0.003)|(0.002)|(0.007)|(0.006)|(0.004)|(0.006)|(0.004)|(0.004)|
|Foreign|0.009***|0.006|0.013***|0.008*|0.009|0.019**|0.014***|0.001|0.010***|0.008*|0.011**|0.002|0.012**|0.020***|0.010**|
||(0.002)|(0.005)|(0.004)|(0.004)|(0.006)|(0.008)|(0.003)|(0.003)|(0.003)|(0.005)|(0.005)|(0.003)|(0.006)|(0.005)|(0.005)|
|Govt|-0.023***|-0.031*|-0.007|-0.020***|-0.028***|-0.030*|-0.019**|-0.022***|-0.015**|-0.032***|-0.032***|-0.024**|0.002|-0.028***|-0.024|
||(0.005)|(0.018)|(0.010)|(0.007)|(0.009)|(0.017)|(0.008)|(0.006)|(0.006)|(0.012)|(0.008)|(0.010)|(0.010)|(0.006)|(0.022)|
|Loan|0.019***|0.014***|0.023***|0.017***|0.015**|0.027***|0.018***|0.017***|0.022***|0.015***|0.017***|0.011***|0.016***|0.023***|0.026***|
||(0.002)|(0.003)|(0.003)|(0.004)|(0.007)|(0.006)|(0.002)|(0.002)|(0.002)|(0.003)|(0.004)|(0.003)|(0.004)|(0.003)|(0.003)|
|Credit constraint|-0.009***|-0.003|-0.014***|-0.017***|-0.018**|-0.005|-0.010***|-0.008***|-0.009***|-0.010***|-0.007*|-0.002|0.003|-0.023***|-0.010***|
||(0.002)|(0.002)|(0.003)|(0.005)|(0.008)|(0.006)|(0.002)|(0.002)|(0.002)|(0.003)|(0.004)|(0.002)|(0.004)|(0.003)|(0.003)|
|Sales credit|-0.004|0.001|-0.008|-0.013**|0.004|0.011|-0.007|-0.006|-0.004|-0.007|-0.003|-0.002|0.006|-0.006|-0.003|
||(0.003)|(0.007)|(0.005)|(0.006)|(0.008)|(0.014)|(0.005)|(0.004)|(0.004)|(0.006)|(0.007)|(0.006)|(0.012)|(0.005)|(0.005)|
|External finance|0.036***|0.034***|0.042***|0.030***|0.025***|0.032***|0.035***|0.037***|0.036***|0.036***|0.036***|0.019***|0.036***|0.038***|0.041***|
||(0.002)|(0.004)|(0.003)|(0.004)|(0.006)|(0.008)|(0.003)|(0.003)|(0.002)|(0.004)|(0.004)|(0.004)|(0.006)|(0.003)|(0.003)|
|Constant|0.105***|0.106***|0.035***|0.036***|0.041**|0.102***|0.077***|0.048***|0.112***|0.087***|0.091***|0.107***|0.073***|0.109***|0.112***|
||(0.003)|(0.003)|(0.005)|(0.010)|(0.019)|(0.005)|(0.002)|(0.003)|(0.004)|(0.005)|(0.006)|(0.004)|(0.007)|(0.006)|(0.007)|
|Adjusted_R_-squared|0.135|0.107|0.100|0.097|0.105|0.130|0.115|0.100|0.151|0.116|0.130|0.119|0.122|0.143|0.135|
|<br>Number of observations|34,524|13,169|13,060|5,739|2,527|3,734|16,387|14,403|21,675|7,978|4,870|10,270|3,971|9,423|9,911|
|Number of countries|95|95|95|94|89|95|95|95|95|95|95|37|10|30|15|

_Note:_ Standard errors (in parentheses) are robust to heteroskedasticity and clustered on countries. Regressions for the Middle East and North Africa and South Asia are excluded because of insufficient data. Model: _EG_ = _b_ 0 + _b_ 1Small + _b_ 2Medium + _b_ 3Large + _b_ 4Mature + _b_ 5Older + _b_ 6Multi + _b_ 7Manuf + _b_ 8Exporter + _b_ 9Foreign + _b_ 10Govt + _b_ 11Loan + _b_ 12Credit Constraint + _b_ 13Sales Credit + _b_ 14 External Finance+ Country Fixed Effects + _e_ * Significant at the 10 percent level. ** Significant at the 5 percent level. *** Significant at the 1 percent level. _Source:_ Authors' estimations based on data from World Bank Enterprise Surveys (2006-10).

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