Table 4.

Multinomial logistic regression results for business selling

Do you intend to sell your business to an investor in the near future ?
	Maybe	Yes, to a Greek investor	Yes, to a foreign investor	No (base category)
‘First-nature’ geography
Sea access	0.993	2.026***	0.864
Natural resources	1.012	1.096	0.926
Natural environment	0.996	2.000**	0.972
‘Second-nature’ geography
Proximity to competitors	0.947	0.309***	0.960
Proximity to the capital	1.022	0.368***	0.680***
Country location	0.919*	1.378**	1.119
Institutions
Corruption	1.089	0.586	0.913
Local governance	0.970	4.155*	1.021
Controls
Tax policy	1.134	0.709	1.289
Infrastructure	1.093	2.446**	1.328
Domestic	base	base	base
Foreign	0.730	0.001***	2.809
Manufacturing	base	base	base
Services	1.416*	0.025*	1.307
Very small firm	base	base	base
Small firm	0.831	0.890	0.806
Medium firm	0.679	41.856***	0.287
Large firm	0.836	0.001***	0.457
Number of Establishments = 1	base	base	base
Number of Establishments > 1	1.093	0.356	1.224
Constant	0.496	0.001**	0.027
Observations			742
Wald chi2			701.75
Prob > chi2			0.0000
Pseudo R2			0.0644
Log likelihood			− 548.204

^*p < 0.10; **p < 0.05; ***p < 0.01