Table 4.
Model | (1) | (2) | (3) | (4) | (5) |
---|---|---|---|---|---|
Variables | Coeff. (SE) | Coeff. (SE) | Coeff. (SE) | Coeff. (SE) | Coeff. (SE) |
Controls: individual characteristics | |||||
Age | −0.173 (0.030)*** | −0.172 (0.029)*** | −0.197 (0.028)*** | −0.176 (0.028)*** | −0.192 (0.027)*** |
Female | 0.288 (0.057)*** | 0.289 (0.056)*** | 0.283 (0.054)*** | 0.290 (0.053)*** | 0.286 (0.050)*** |
Education | −0.089 (0.023)*** | −0.076 (0.023)*** | −0.036 (0.022) | −0.081 (0.021)*** | −0.034 (0.021)* |
Entrepreneurship experience | 0.050 (0.023)** | 0.054 (0.022)** | 0.068 (0.021)*** | 0.058 (0.021)*** | 0.072 (0.020)*** |
Workload | 0.034 (0.028) | 0.020 (0.028) | 0.082 (0.027)*** | 0.075 (0.026)*** | 0.090 (0.025)*** |
Ownership stake | 0.023 (0.021) | 0.017 (0.021) | 0.018 (0.020) | 0.036 (0.020)* | 0.024 (0.019) |
Loneliness | 0.396 (0.023)*** | 0.381 (0.023)*** | 0.312 (0.023)*** | 0.273 (0.023)*** | 0.231 (0.022)*** |
Life satisfaction (pre-COVID-19) | −0.179 (0.017)*** | −0.174 (0.016)*** | −0.316 (0.017)*** | −0.116 (0.016)*** | −0.229 (0.017)*** |
Controls: business characteristics | |||||
Employees | 0.033 (0.032) | 0.054 (0.031)* | 0.021 (0.030) | 0.105 (0.030)*** | 0.092 (0.028)*** |
Growth of turnover (pre-COVID-19) | −0.062 (0.034)* | −0.053 (0.033) | −0.071 (0.032)** | −0.011 (0.032) | −0.024 (0.030) |
Opportunity | 0.098 (0.064) | 0.104 (0.063) | 0.105 (0.061)* | 0.096 (0.060) | 0.105 (0.057)* |
Necessity | 0.239 (0.058)*** | 0.204 (0.057)*** | 0.228 (0.055)*** | 0.195 (0.054)*** | 0.172 (0.051)*** |
Independent variables | |||||
Risk of COVID-19 infection | 0.012 (0.001)*** | 0.009 (0.001)*** | |||
Effect of lockdown (change in life satisfaction) | 0.179 (0.010)*** | 0.132 (0.010)*** | |||
Risk of bankruptcy | 0.019 (0.001)*** | 0.014 (0.001)*** | |||
Observations | 2.297 | 2.297 | 2.297 | 2.297 | 2.297 |
R2 | 0.209 | 0.247 | 0.303 | 0.324 | 0.383 |
R2 (adj.) | 0.213 | 0.243 | 0.299 | 0.321 | 0.387 |
Note: * p < 0.10, ** p < 0.05, *** p < 0.01