With round 2 as the baseline, we observe horizons of 1.5 and two years to round 3 and 4, respectively. And with round 3 as baseline, we observe a horizon of six months to round 4. In the analysis, we pool the data for the same horizons with different baselines together to increase the sample size for a given horizon. We also use different baselines when horizons differ to increase the sample with information on different observation periods.

In order to be able to assess owner characteristics in our study, for jointly owned businesses, and businesses for which ownership changed over the observation horizon, we determined one owner as the owner for all waves in which we observed the firm. In the case of jointly owned businesses, we decided to include the owner, who was reported as the owner in all of the waves in which we observed the firm. If this was the case for both owners, we included the owner,

- who had the lowest household roster number (this chose the household head as the owner if he or she was among the owners), if no other business was reported for at least one of the owners over the whole observation period; or

- who had already been identified as the owner of a different business, observed during one or more different waves over the whole observation period;

and in the remaining cases we chose the owner who was reported as the owner in most of the waves in which we observed the firm, or, if this was the case for both owners, who had the lowest household roster number.

# _Townsend Thai Survey (TTHAI)_

The Townsend Thai Project is a data collection project consisting of ongoing annual and monthly multi-purpose household, institutional, and key informant (village leader) panel surveys, in addition to collecting environmental data in Thailand. The baseline was conducted in 1997, collecting data from rural areas in four Thai provinces, two in the Northeast and two in the Central region. In the early and mid-2000s the sample was extended to include data from urban areas as well as from the Southern and Northern region of Thailand. Further details on study design can be obtained in Townsend et al. (2016). We use data from the annual household surveys conducted between 1997 and 2014, resulting in the inclusion of 18 survey waves in our sample.

We identified non-farm household businesses using the household business modules of the different survey waves and coded a household as operating a business if anyone in this household owned a business, which was entirely owned by the household or this person. Since our interest was in non-farm enterprises, we did not consider entrepreneurial activities if they were classified as rice mills, shrimp farms, fish farms, shrimp and fish farms, or any other agricultural activity, as provided by the description of the type of business operated. The household business module did not ask who was the owner or manager of the business reported. We therefore identified business owners using the occupation module, as those household members whose occupation was reported to be _“owner of a business”_ in case the household was operating a non-farm household business.

Households in the panel were asked in each survey round if anyone in the household owns a business. Each round provides us hence with a sample of firms operating at a given point in time. Taking advantage of this, we pool together data for the same observation period to increase our sample for a given horizon. For instance, we include baseline information from 17 survey waves (with baselines from 1997 to 2013) to assess survival over a horizon of one year, from 16 survey waves (with baselines from 1997 to 2012) for an observation period of two years, and so forth. For the longest observation horizon, 17 years, we can only use information on baseline firms from one survey round, i.e. from 1997.

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