Table 5.
Financing and legal obstacles on sales and employment growth: firm size and GFC differences.
| Sales growth |
Employment growth |
|||||
|---|---|---|---|---|---|---|
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | |
| Financing Obstacles ∗Small∗year2015 | 0.177∗ | 0.213∗∗ | 1.614∗∗ | 1.553∗∗ | ||
| (1.799) | (2.249) | (2.127) | (2.121) | |||
| Financing Obstacles∗Medium∗year2015 | 0.125 | 0.151 | 1.033 | 1.040 | ||
| (1.195) | (1.484) | (1.370) | (1.400) | |||
| Financing Obstacles∗Small | -0.147∗ | -0.156∗∗ | -1.153∗∗ | -1.072∗∗ | ||
| (-1.947) | (-2.189) | (-2.411) | (-2.271) | |||
| Financing Obstacles∗Medium | -0.091 | -0.108 | -0.536 | -0.571 | ||
| (-1.162) | (-1.421) | (-1.172) | (-1.280) | |||
| Financing Obstacles∗year2015 | -0.075 | -0.093 | -1.381∗∗ | -1.379∗∗ | ||
| (-0.974) | (-1.287) | (-2.566) | (-2.668) | |||
| Legal Obstacles∗Small∗year2015 | 0.216 | 0.223 | 1.523 | 1.316 | ||
| (0.903) | (0.975) | (1.013) | (0.912) | |||
| Legal Obstacles∗Medium∗year2015 | 0.044 | 0.075 | 0.952 | 0.978 | ||
| (0.241) | (0.432) | (0.635) | (0.657) | |||
| Legal Obstacles ∗ Small | -0.346 | -0.356∗ | -2.546∗∗ | -2.030∗ | ||
| (-1.572) | (-1.730) | (-2.133) | (-1.817) | |||
| Legal Obstacles ∗Medium | -0.175 | -0.203 | -1.329 | -1.204 | ||
| (-1.142) | (-1.404) | (-1.166) | (-1.101) | |||
| Legal Obstacles∗year2015 | -0.174 | -0.200∗ | -0.549 | -0.558 | ||
| (-1.347) | (-1.679) | (-0.539) | (-0.567) | |||
| Small∗year2015 | -0.134 | -0.199∗∗ | 0.043 | -2.018∗∗ | -2.107∗∗ | -0.680 |
| (-1.268) | (-2.035) | (0.644) | (-2.108) | (-2.600) | (-1.321) | |
| Medium∗year2015 | -0.103 | -0.156 | 0.008 | -1.216 | -1.228 | -0.518 |
| (-0.942) | (-1.519) | (0.129) | (-1.393) | (-1.604) | (-0.989) | |
| Financing Obstacles | 0.054 | 0.069 | 0.349 | 0.402 | ||
| (0.797) | (1.125) | (1.031) | (1.274) | |||
| Legal Obstacles | 0.128 | 0.152 | 1.174 | 1.055 | ||
| (1.092) | (1.447) | (1.430) | (1.412) | |||
| Small | 0.110 | 0.087 | -0.042 | 1.092∗ | 0.720 | -0.231 |
| (1.311) | (1.054) | (-0.994) | (1.840) | (1.221) | (-0.785) | |
| Medium | 0.086 | 0.077 | 0.000 | 0.563 | 0.435 | 0.049 |
| (1.048) | (0.943) | (0.006) | (1.112) | (0.860) | (0.202) | |
| Year2015 | -0.060 | -0.082 | -0.117∗∗ | 1.356∗∗ | 1.474∗∗ | 0.365 |
| (-0.866) | (-1.274) | (-2.860) | (2.475) | (3.125) | (0.981) | |
| Control Variables | Yes | Yes | Yes | Yes | Yes | Yes |
| _cons | 0.324∗∗∗ | 0.322∗∗∗ | 0.373∗∗∗ | 1.087∗∗ | 1.159∗∗ | 1.406∗∗∗ |
| (4.122) | (4.056) | (6.710) | (2.306) | (2.488) | (4.152) | |
| N | 1439 | 1439 | 1439 | 1264 | 1264 | 1264 |
| F | 5.230 | 5.593 | 6.390 | |||
| r2 | 0.087 | 0.081 | 0.084 | |||
t statistics in parentheses.
∗∗∗p < 0.01, ∗∗p < 0.05, ∗p < 0.1.