**Table 5: Probit estimation results using** _strict_exit_ **as the dependent variable**

||[1]|[2]|[3]|[4]|[5]|[6]|[7]|[8]|[9]|[10]|[11]|[12]|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Size (log)|-0.068***|-0.049**|-0.026|-0.017|-0.018|-0.008|-0.011|-0.01|-0.015|-0.009|-0.004|-0.017|
||0.018|0.019|0.019|0.019|0.02|0.021|0.021|0.021|0.02|0.02|0.023|0.02|
|Retail|-0.158***|-0.157***|-0.149***|-0.151***|-0.158***|-0.164***|-0.122**|-0.153**|-0.108**|-0.151***|-0.1|-0.113**|
||0.047|0.048|0.051|0.052|0.052|0.053|0.06|0.066|0.055|0.056|0.063|0.054|
|Services|-0.095*|-0.097*|-0.092|-0.093|-0.088|-0.094|-0.069|-0.099|-0.047|-0.056|-0.068|-0.052|
||0.052|0.052|0.057|0.058|0.058|0.059|0.061|0.071|0.059|0.059|0.063|0.058|
|Limited liability|-0.193***|-0.203***|-0.202***|-0.204***|-0.204***|-0.194***|-0.197***|-0.199***|-0.166***|-0.235***|-0.110*|-0.164***|
||0.053|0.053|0.055|0.056|0.056|0.057|0.057|0.057|0.05|0.051|0.058|0.05|
|n_years|-0.128**|-0.146**|-0.176***|-0.162**|-0.172**|-0.167**|-0.179***|-0.142*|-0.091***|-0.183***|-0.121***|-0.076**|
||0.061|0.062|0.065|0.067|0.068|0.068|0.068|0.078|0.03|0.036|0.038|0.032|
|Age (years)(log)||-0.103***|-0.118***|-0.127***|-0.115***|-0.119***|-0.121***|-0.121***|-0.125***|-0.113***|-0.144***|-0.126***|
|||0.028|0.03|0.03|0.032|0.032|0.032|0.032|0.031|0.031|0.035|0.031|
|Labor productivity (05 USD)(log)|||-0.055***|-0.046***|-0.045***|-0.042**|-0.041**|-0.044**|-0.037**|-0.035**|-0.040**|-0.037**|
||||0.017|0.017|0.017|0.017|0.017|0.017|0.016|0.016|0.02|0.016|
|Female ownership||||0.036|0.035|0.031|0.033|0.034|0.041|0.027|0.093*|0.044|
|||||0.045|0.045|0.045|0.045|0.045|0.045|0.045|0.052|0.045|
|Bank financing||||-0.126**|-0.138**|-0.141**|-0.145**|-0.146**|-0.207***|-0.205***|-0.168***|-0.205***|
|||||0.057|0.058|0.058|0.058|0.058|0.053|0.053|0.06|0.053|
|Yrs. of manager's experience (log)|||||-0.03|-0.03|-0.029|-0.029|-0.02|-0.022|-0.04|-0.021|
||||||0.033|0.033|0.033|0.033|0.033|0.033|0.034|0.033|
|Exporter||||||-0.043|-0.048|-0.048|-0.104|-0.094|-0.124|-0.103|
|||||||0.075|0.074|0.074|0.073|0.073|0.08|0.072|
|Foreign||||||-0.163**|-0.164**|-0.164**|-0.161**|-0.176**|-0.132|-0.159**|
|||||||0.075|0.075|0.075|0.08|0.078|0.092|0.08|
|No. of competitors (log)|||||||-0.036*|-0.035*|-0.060***|-0.043***|-0.047***|-0.055***|
||||||||0.02|0.02|0.015|0.016|0.018|0.015|
|Labor productivity (log) of competitors||||||||0.085|0.167***|0.171***|0.164***|0.163***|
|||||||||0.086|0.02|0.02|0.024|0.02|
|GDP per capita (05 USD)(log)|||||||||-0.042|-0.120***|-0.075**|-0.015|
||||||||||0.032|0.033|0.038|0.037|
|GDP growth [t,t+n] (05 USD)(log)|||||||||-0.036***|-0.043***|-0.029**|-0.036***|
||||||||||0.009|0.009|0.013|0.009|
|Trade openness (% of GDP)|||||||||-0.001|-0.003***|-0.001|-0.001|
||||||||||0.001|0.001|0.001|0.001|
|Ease of entry (DB, DTF)||||||||||1.013***|||
|||||||||||0.114|||
|New-firm density (log)|||||||||||0.011***||
||||||||||||0.003||
|Resolving insolvency (DB, DTF)||||||||||||-0.166|
|||||||||||||0.122|
|Cons|-0.587*|-0.272|0.428|0.254|0.358|0.295|0.551|-0.497|-0.570*|0.066|-0.22|-0.738**|
||0.347|0.362|0.431|0.443|0.458|0.458|0.47|1.161|0.328|0.353|0.412|0.35|
|N|22,716|22,338|19,791|19,473|19,224|19,223|19,223|19,223|19,223|19,223|15,124|19,223|
|Year FE|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|
|Country FE<br>|Yes<br>|Yes<br>|Yes<br>|Yes<br>|Yes<br>|Yes<br>|Yes<br>|No<br>|No<br>|No<br>|No<br>|No<br>|
|N economies|47|47|47|47|47|47|47|47|47|47|37|47|
||<br>* sig. at 10%|<br>level; ** sig a|<br>t 5% level; **|<br>* sig at 1% leve|<br>l.||||||||
||Survey-weig|hted estimates|with linearize|d, Taylor S.E.s|. For year fix|ed effects, 20|06 is omitted (|not shown). T|he base case i|s defined as a|privately||
||<br>held compa|<br>ny, which is d|<br>omestically ow|<br>ned and expor|<br>ts less than 1|<br>0% of its annu|<br>al sales.||||||

30