||**Table 8:**<br>[1]<br>|**Probit esti**<br>[2]<br>|**mation res**<br>[3]<br>|**ults using**<br>[4]<br>|_weak_exit_**a**<br>[5]<br>|**s the depe**<br>[6]<br>|**ndent vari**<br>[7]<br>|**able (inst**<br>[8]<br>|**rumenting**<br>[9]<br>|**age by its**<br>[10]<br>|**mean)**<br>[11]<br>|[12]<br>|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Size (log)|-0.087***|-0.069***|-0.050***|-0.044**|-0.044**|-0.038*|-0.039*|-0.039*|-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**|-0.119***|-0.105**|-0.105**|-0.105**|-0.106**|-0.091|-0.121**|-0.069|-0.095*|-0.096*|-0.087*|
||0.044|0.044|0.047|0.048|0.048|0.049|0.055|0.06|0.05|0.05|0.058|0.05|
|Services|-0.078|-0.085*|-0.084|-0.089|-0.085|-0.087|-0.077|-0.110*|0.002|-0.003|-0.0540|-0.016|
||0.05|0.05|0.054|0.055|0.056|0.056|0.058|0.066|0.053|0.053|0.06|0.053|
|Limited liability|-0.202***|-0.212***|-0.197***|-0.200***|-0.202***|-0.193***|-0.194***|-0.197***|-0.222***|-0.267***|-0.117**|-0.211***|
||0.05|0.05|0.053|0.053|0.054|0.054|0.054|0.054|0.045|0.046|0.055|0.046|
|n_years|-0.032|-0.051|-0.093*|-0.082|-0.093|-0.088|-0.093|-0.054|-0.026|-0.071**|-0.171***|0.029|
||0.052|0.053|0.055|0.057|0.058|0.058|0.058|0.068|0.027|0.029|0.037|0.03|
|Age instrument (years)(log)||-0.171***|-0.196***|-0.207***|-0.184***|-0.188***|-0.189***|-0.189***|-0.199***|-0.185***|-0.210***|-0.203***|
|||0.039|0.042|0.042|0.045|0.045|0.045|0.045|0.043|0.043|0.05|0.043|
|Labor productivity (05 USD)(log)|||-0.058***|-0.051***|-0.052***|-0.050***|-0.049***|-0.052***|-0.036**|-0.034**|-0.038**|-0.038**|
||||0.015|0.015|0.015|0.016|0.016|0.016|0.015|0.015|0.019|0.015|
|Female ownership||||0.011|0.013|0.01|0.011|0.012|-0.014|-0.021|0.037|-0.007|
|||||0.041|0.042|0.042|0.042|0.042|0.041|0.042|0.048|0.042|
|Bank financing||||-0.067|-0.072|-0.077|-0.078|-0.079|-0.175***|-0.175***|-0.166***|-0.166***|
|||||0.053|0.053|0.053|0.053|0.053|0.049|0.049|0.056|0.048|
|Yrs. of manager's experience (log)|||||-0.035|-0.036|-0.035|-0.036|0.001|0.001|-0.024|-0.003|
||||||0.03|0.03|0.03|0.03|0.03|0.03|0.032|0.029|
|Exporter||||||-0.004|-0.006|-0.005|-0.093|-0.087|-0.081|-0.089|
|||||||0.068<br>|0.068<br>|0.068<br>|0.064<br>|0.064<br>|0.074<br>|0.064<br>|
|Foreign||||||-0.133*|-0.133*|-0.134*|-0.183**|-0.190**|-0.148*|-0.177**|
|||||||0.073|0.073|0.073|0.075|0.074|0.088|0.075|
|No. of competitors (log)|||||||-0.014|-0.012|-0.057***|-0.047***|-0.018|-0.040***|
||||||||0.019|0.019|0.013|0.014|0.016|0.013|
|Labor productivity (log) of competitors||||||||0.09|0.114***|0.116***|0.157***|0.102***|
|||||||||0.079|0.019|0.019|0.024|0.019|
|GDP per capita (05 USD)(log)|||||||||0.02|-0.027|-0.128***|0.115***|
||||||||||0.028|0.029|0.036|0.033|
|GDP growth [t,t+n] (05 USD)(log)|||||||||0.006|0.002|-0.046***|0.002|
||||||||||0.008|0.008|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)||||||||||0.606***|||
|||||||||||0.097|||
|New-firm density (log)|||||||||||0.038***||
||||||||||||0.004||
|Resolving insolvency (DB, DTF)||||||||||||-0.605***|
|||||||||||||0.109|
|Cons|-0.897***|-0.304|0.53|0.409|0.508|0.461|0.559|-0.548|-0.324|0.007|1.024**|-0.915***|
||0.316|0.347|0.409|0.421|0.43|0.431|0.44|1.072|0.31|0.318|0.417|0.342|
|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|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|
||* sig. at 10%|level; ** sig a|t 5% level; **|* sig at 1% lev|el.||||||||
||Survey-weig|hted estimates|with linearize|d, Taylor S.E.|s. For year fix|ed effects, 200|6 is omitted (|not shown). T|he base case i|s defined as a|privately||
||<br>held compa|<br>ny, which is do|<br>mestically ow|<br>ned and expor|<br>ts less than 1|<br>0% of its annu|<br>al sales.||||||

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