**Table 7: Probit estimation results using** _weak_exit_ **as the dependent variable**

||[1]|[2]|[3]|[4]|[5]|[6]|[7]|[8]|[9]|[10]|[11]|[12]|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Size (log)|-0.087***|-0.068***|-0.049***|-0.044**|-0.044**|-0.037*|-0.038*|-0.038*|-0.036*|-0.033*|-0.017|-0.041**|
||0.018|0.018|0.018|0.019|0.019|0.02|0.02|0.02|0.019|0.019|0.022|0.019|
|Retail|-0.106**|-0.113**|-0.102**|-0.102**|-0.101**|-0.102**|-0.086|-0.116*|-0.064|-0.090*|-0.09|-0.083*|
||0.044|0.044|0.047|0.048|0.048|0.049|0.055|0.06|0.05|0.051|0.058|0.05|
|Services|-0.078|-0.08|-0.08|-0.086|-0.082|-0.084|-0.074|-0.106|0.007|0.001|-0.049|-0.012|
||0.05|0.05|0.055|0.055|0.056|0.056|0.058|0.066|0.053|0.053|0.06|0.053|
|Limited liability|-0.202***|-0.211***|-0.194***|-0.198***|-0.199***|-0.191***|-0.192***|-0.194***|-0.220***|-0.265***|-0.114**<br>|-0.209***<br>|
||0.05|0.05|0.053|0.054|0.054|0.055|0.055|0.054|0.045|0.047|0.056|0.046|
|n_years|-0.032|-0.05|-0.09|-0.079|-0.089|-0.083|-0.088|-0.05|-0.025|-0.070**|-0.169***|0.029|
||0.052|0.053|0.056|0.057|0.058|0.058|0.058|0.068|0.027|0.029|0.037|0.03|
|Age (years)(log)||-0.114***|-0.127***|-0.134***|-0.120***|-0.124***|-0.124***|-0.125***|-0.124***|-0.115***|-0.134***|-0.127***|
|||0.026|0.027|0.028|0.03|0.03|0.03|0.03|0.029|0.029|0.033|0.029|
|Labor productivity (05 USD)(log)|||-0.058***|-0.051***|-0.052***|-0.049***|-0.049***|-0.052***|-0.036**|-0.034**|-0.038**|-0.037**|
||||0.015|0.016|0.015|0.016|0.016|0.016|0.015|0.015|0.019|0.015|
|Female ownership||||0.01|0.013|0.009|0.01|0.011|-0.016|-0.023|0.035|-0.008|
|||||0.042|0.042|0.042|0.042|0.042|0.042|0.042|0.048|0.042|
|Bank financing||||-0.068|-0.074|-0.078|-0.079|-0.081|-0.176***|-0.176***|-0.167***|-0.167***|
|||||0.053|0.053|0.053|0.053|0.053|0.049|0.049|0.056|0.049|
|Yrs. of manager's experience (log)|||||-0.029|-0.029|-0.028|-0.029|0.005|0.005|-0.018|0.002|
||||||0.03|0.03|0.03|0.03|0.03|0.03|0.032|0.03|
|Exporter||||||-0.002|-0.003|-0.002|-0.091|-0.085|-0.078|-0.088|
|||||||0.069|0.068|0.068|0.065|0.064|0.074|0.064|
|Foreign||||||-0.135*|-0.135*|-0.136*|-0.183**|-0.191**|-0.150*|-0.178**|
|||||||0.073|0.073|0.073|0.075|0.075|0.088|0.075|
|No. of competitors (log)|||||||-0.014|-0.013|-0.058***|-0.048***|-0.019|-0.040***|
||||||||0.019|0.019|0.014|0.014|0.016|0.013|
|Labor productivity (log) of competitors||||||||0.088|0.114***|0.117***|0.157***|0.103***|
|||||||||0.079|0.019|0.019|0.024|0.019|
|GDP per capita (05 USD)(log)|||||||||0.019|-0.028|-0.128***|0.113***|
||||||||||0.028|0.029|0.036|0.034|
|GDP growth [t,t+n] (05 USD)(log)|||||||||0.006|0.003|-0.045***|0.002|
||||||||||0.008|0.009|0.012|0.008|
|Trade openness (% of GDP)|||||||||-0.003***|-0.004***|-0.003***|-0.003***|
||||||||||0.001|0.001|0.001|0.001|
|Ease of entry (DB, DTF)||||||||||0.608***<br>|||
|||||||||||0.097|||
|New-firm density (log)|||||||||||0.038***||
||||||||||||0.004||
|Resolving insolvency (DB DTF)||||||||||||-0600***|
|,||||||||||||.<br>0.11|
|Cons|-0.897***|-0.549*|0.229|0.088|0.2|0.145|0.247|-0.842|-0.636**|-0.284|0.679*|-1.226***|
||0.316|0.329|0.391|0.403|0.417|0.418|0.428|1.068|0.302|0.31|0.407|0.334|
|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|Yes|Yes|Yes|Yes|Yes|Yes|Yes|No|No|No|No|No|
|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 do|<br>t 5% level; ***<br>with linearize<br>mestically 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 annu|<br>06 is omitted (<br>al sales.|<br>not shown). T|<br>he base case i|<br>s defined as a|<br>privately||

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