**Table 6: Probit estimation results using** _strict_exit_ **as the dependent variable (instrumenting age by its mean)**

||[1]|[2]|[3]|[4]|[5]|[6]|[7]|[8]|[9]|[10]|[11]|[12]|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Size (log)|-0.068***|-0.050***|-0.026|-0.018|-0.019|-0.009|-0.012|-0.011|-0.015|-0.01|-0.003|-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***|-0.163***|-0.152***|-0.153***|-0.161***|-0.167***|-0.128**|-0.159**|-0.112**|-0.156***|-0.105*|-0.118**|
||0.047|0.048|0.051|0.052|0.052|0.053|0.059|0.065|0.055|0.055|0.062|0.054|
|Services|-0.095*|-0.103**|-0.096*|-0.096*|-0.091|-0.097*|-0.073|-0.104|-0.05|-0.06|-0.072|-0.055|
||0.052|0.052|0.057|0.058|0.058|0.059|0.061|0.071|0.058|0.059|0.063|0.058|
|Limited liability|-0.193***|-0.202***|-0.204***|-0.206***|-0.206***|-0.196***|-0.199***|-0.201***|-0.167***|-0.236***|-0.112*|-0.165***|
||0.053|0.053|0.055|0.056|0.056|0.056|0.057|0.056|0.049|0.051|0.058|0.05|
|n_years|-0.128**|-0.147**|-0.179***|-0.165**|-0.177***|-0.172**|-0.184***|-0.146*|-0.092***|-0.184***|-0.124***|-0.076**|
||0.061|0.062|0.065|0.067|0.068|0.068|0.068|0.077|0.029|0.036|0.038|0.032|
|Age instrument (years)(log)||-0.152***|-0.182***|-0.196***|-0.175***|-0.180***|-0.183***|-0.183***|-0.194***|-0.176***|-0.222***|-0.195***|
|||0.042|0.045|0.046|0.048|0.048|0.049|0.049|0.047|0.047|0.053|0.047|
|Labor productivity (05 USD)(log)|||-0.055***|-0.047***|-0.046***|-0.042**|-0.042**|-0.044**|-0.037**|-0.035**|-0.040**|-0.038**|
||||0.017|0.017|0.017|0.017|0.017|0.017|0.016|0.016|0.02|0.016|
|Female ownership||||0.04|0.039|0.035|0.037|0.038|0.043|0.029|0.096*|0.046|
|||||0.045|0.045|0.045|0.045|0.045|0.045|0.045|0.051|0.045|
|Bank financing||||-0.125**|-0.136**|-0.139**|-0.143**|-0.144**|-0.206***|-0.203***|-0.166***|-0.203***|
|||||0.057|0.057|0.057|0.057|0.057|0.052|0.053|0.059|0.052|
|Yrs. of manager's experience (log)|||||-0.038|-0.038|-0.037|-0.037|-0.027|-0.028|-0.048|-0.028|
|<br>|||||0.033|0.033<br>|0.033<br>|0.033<br>|0.032<br>|0.033<br>|0.034<br>|0.032<br>|
|Exporter||||||-0.046|-0.051|-0.051|-0.105|-0.096|-0.126|-0.104|
|||||||0.074|0.074|0.074|0.073|0.073|0.08|0.072|
|Foreign||||||-0.162**|-0.163**|-0.162**|-0.160**|-0.175**|-0.13|-0.159**|
|||||||0.074|0.075|0.075|0.08|0.078|0.092|0.08|
|No. of competitors (log)|||||||-0.035*|-0.034*|-0.059***|-0.042***|-0.046***|-0.054***|
||||||||0.02|0.02|0.015|0.016|0.018|0.015|
|Labor productivity (log) of competitors||||||||0.087|0.166***|0.171***|0.163***|0.163***|
|||||||||0.085|0.02|0.02|0.024|0.02|
|GDP per capita (05 USD)(log)|||||||||-0.042|-0.119***|-0.076**|-0.014|
||||||||||0.032|0.033|0.038|0.036|
|GDP growth [t,t+n] (05 USD)(log)|||||||||-0.036***|-0.043***|-0.030**|-0.037***|
||||||||||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)||||||||||1.008***|||
|||||||||||0.114|||
|New-firm density (log)|||||||||||0.011***||
||||||||||||0.003||
|Resolving insolvency (DB, DTF)||||||||||||-0.173|
|||||||||||||0.122|
|Cons|-0.587*|-0.06|0.707|0.557|0.656|0.601|0.853*|-0.225|-0.26|0.348|0.157|-0.434|
||0.347|0.382|0.449|0.462|0.472|0.472|0.482|1.165|0.337|0.36|0.424|0.358|
|N|22,716|22,437|19,869|19,546|19,296|19,295|19,295|19,295|19,295|19,295|15,182|19,295|
|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>Survey-weig<br>held compa|<br>level; ** sig a<br>hted estimates<br>ny, which is d|<br>t 5% level; **<br>with linearize<br>omestically ow|<br>* sig at 1% leve<br>d, Taylor S.E.s<br>ned and expor|<br>l.<br>. For year fix<br>ts less than 1|<br>ed effects, 20<br>0% of its ann|<br>06 is omitted (<br>ual sales.|<br>not shown). T|<br>he base case i|<br>s defined as a|<br>privately||

31