Table 3.
Impact of financing and legal obstacles on sales and employment growth.
| Sales growth |
Employment growth |
|||||
|---|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | |
| Financing Obstacles | -0.033∗ | -0.035∗ | -0.409∗∗ | -0.407∗∗ | ||
| (-1.706) | (-1.814) | (-2.593) | (-2.595) | |||
| Legal obstacles | -0.052 | -0.055∗ | 0.080 | 0.053 | ||
| (-1.607) | (-1.740) | (0.251) | (0.169) | |||
| Small | -0.046∗∗ | -0.044∗ | -0.055∗∗ | -0.724∗∗∗ | -0.727∗∗∗ | -0.853∗∗∗ |
| (-2.048) | (-1.944) | (-2.605) | (-3.391) | (-3.426) | (-4.039) | |
| Medium | -0.031 | -0.029 | -0.039∗∗ | -0.233 | -0.235 | -0.328∗ |
| (-1.574) | (-1.461) | (-2.033) | (-1.304) | (-1.321) | (-1.859) | |
| Government | -0.052∗ | -0.054∗ | -0.052∗ | -0.778∗∗ | -0.776∗∗ | -0.782∗∗ |
| (-1.819) | (-1.892) | (-1.827) | (-2.894) | (-2.885) | (-2.915) | |
| Foreign | -0.030 | -0.030 | -0.028 | 0.187 | 0.187 | 0.199 |
| (-1.186) | (-1.183) | (-1.135) | (0.790) | (0.790) | (0.853) | |
| Exporter | 0.009 | 0.009 | 0.009 | -0.134 | -0.134 | -0.139 |
| (0.487) | (0.491) | (0.477) | (-0.822) | (-0.817) | (-0.850) | |
| Experience | -0.001 | -0.001 | -0.001 | -0.029∗∗ | -0.029∗∗ | -0.028∗∗ |
| (-0.811) | (-0.803) | (-0.805) | (-3.212) | (-3.208) | (-3.195) | |
| International | 0.017 | 0.015 | 0.017 | 0.081 | 0.084 | 0.079 |
| (0.811) | (0.700) | (0.806) | (0.427) | (0.440) | (0.416) | |
| Manufacturing | -0.015 | -0.011 | -0.015 | -0.387∗∗ | -0.392∗∗ | -0.379∗∗ |
| (-0.749) | (-0.576) | (-0.729) | (-2.188) | (-2.234) | (-2.134) | |
| Certified | -0.034∗∗ | -0.033∗∗ | -0.033∗∗ | 0.059 | 0.058 | 0.081 |
| (-2.034) | (-1.975) | (-1.985) | (0.371) | (0.366) | (0.511) | |
| Competition | 0.026 | 0.024 | 0.025 | 0.516∗∗ | 0.519∗∗ | 0.501∗∗ |
| (1.453) | (1.349) | (1.408) | (3.202) | (3.220) | (3.129) | |
| Year2015 | -0.159∗∗∗ | -0.176∗∗∗ | -0.151∗∗∗ | -0.035 | -0.010 | 0.046 |
| (-8.198) | (-10.653) | (-7.868) | (-0.192) | (-0.067) | (0.255) | |
| Mekong River | 0.005 | 0.005 | 0.009 | 0.422 | 0.419 | 0.486 |
| (0.130) | (0.126) | (0.216) | (1.293) | (1.284) | (1.494) | |
| N Central &Cent Coastal | 0.040 | 0.034 | 0.031 | 0.526 | 0.533 | 0.451 |
| (0.981) | (0.853) | (0.760) | (1.497) | (1.516) | (1.288) | |
| Red River Delta | 0.014 | 0.016 | 0.002 | 0.084 | 0.080 | -0.043 |
| (0.396) | (0.445) | (0.054) | (0.287) | (0.274) | (-0.148) | |
| South East | -0.026 | -0.031 | -0.024 | 0.278 | 0.284 | 0.310 |
| (-0.720) | (-0.861) | (-0.663) | (0.944) | (0.966) | (1.060) | |
| Southern Central Coastal | 0.028 | 0.024 | 0.016 | 0.335 | 0.338 | 0.198 |
| (0.553) | (0.491) | (0.324) | (0.844) | (0.851) | (0.502) | |
| cons | 0.337∗∗∗ | 0.332∗∗∗ | 0.312∗∗∗ | 1.984∗∗∗ | 1.992∗∗∗ | 1.640∗∗∗ |
| (7.815) | (7.713) | (7.844) | (5.516) | (5.534) | (4.950) | |
| N | 1439 | 1439 | 1439 | 1264 | 1264 | 1264 |
| F | 9.853 | 10.182 | 10.122 | |||
| r2 | 0.108 | 0.107 | 0.106 | |||
t statistics in parentheses.
∗∗∗p < 0.01, ∗∗p < 0.05, ∗p < 0.1.