Table 3.

Cox proportional hazards model for pioneer firms that started in 2005

	Dependent variable: Death probability
Independent variables	1	2	3	4	5
Industry	−0.${\mathrm{214}}^{**}$				−0.${\mathrm{181}}^{**}$
knowledge ($\mathrm{\Phi }$)	(0.089)				(0.092)
Occupation		−0.${\mathrm{107}}^{*}$			−0.038
knowledge ($\mathrm{\Psi }$)		(0.059)			(0.063)
Years of schooling			−0.${\mathrm{129}}^{**}$		−0.${\mathrm{105}}^{*}$
($edu$)			(0.057)		(0.058)
Local knowledge				−0.${\mathrm{145}}^{***}$	−0.${\mathrm{144}}^{***}$
($\rho$)				(0.047)	(0.048)
Region controls	$✓$	$✓$	$✓$	$✓$	$✓$
Firm controls	$✓$	$✓$	$✓$	$✓$	$✓$
Observations	462	462	462	462	462
$R^2$	0.026	0.019	0.023	0.032	0.054
Wald test	11.580	9.070	10.790	15.${\mathrm{660}}^{**}$	25.${\mathrm{840}}^{***}$
	(df = 8)	(df = 8)	(df = 8)	(df = 8)	(df = 11)

Firm controls include initial size and average wage, and region controls include population, GDP per capita, average schooling, available industryspecific knowledge, and the survival rate of nonpioneer firms as a control for how competitive the region is. As before, all knowledge variables are expressed in SD units. *P<0.1; **P<0.05; ***P<0.01. df, degrees of freedom.