Table 7.
Hierarchies and their ranking according to their likelihood
| Hierarchy | Internal finance | Bank loans | Family | External | Ln(likelihood) | Pseudo-R2 | Rank at 1% | Rank at 5% |
|---|---|---|---|---|---|---|---|---|
| ha | 0 | 1 | 2 | 3 | − 1194.945 | 0.0593 | 1 | 1 |
| hb | 0 | 1 | 3 | 2 | − 1202.606 | 0.0533 | 2 | 2 |
| hc | 0 | 2 | 1 | 3 | − 1201.916 | 0.0538 | 2 | 2 |
| hd | 0 | 2 | 3 | 1 | − 1204.378 | 0.0519 | 2 | 2 |
| he | 0 | 3 | 1 | 2 | − 1214.874 | 0.0436 | 3 | 3 |
| hf | 0 | 3 | 2 | 1 | − 1206.212 | 0.0504 | 2 | 2 |
| hg | 1 | 0 | 2 | 3 | − 1232.909 | 0.0294 | 4 | 5 |
| hh | 1 | 0 | 3 | 2 | − 1235.615 | 0.0273 | 4 | 6 |
| hi | 1 | 2 | 0 | 3 | − 1224.751 | 0.0358 | 4 | 4 |
| hj | 1 | 3 | 0 | 2 | − 1235.269 | 0.0276 | 4 | 6 |
| hk | 2 | 0 | 1 | 3 | − 1241.973 | 0.0223 | 5 | 8 |
| hl | 2 | 1 | 0 | 3 | − 1238.649 | 0.0249 | 6 | 7 |