Kwansei Gakuin University Repository

Table 5: Estimation results
Forms of exit
Variable (i) Pooled exit (ii) Bankruptcy (iii) Voluntary (iv) Merger
CAP 0.290 −1.999 ∗∗∗ 0.660 ∗∗∗ 0.776 ∗∗
(0.214) (0.563) (0.215) (0.342)
RD −1.862 −6.909 ∗∗∗ 0.045 −0.146
(1.201) (2.352) (1.607) (2.566)
P CM −0.882 ∗∗∗ −0.093 −0.900 ∗∗ −1.269 ∗∗
(0.301) (0.540) (0.391) (0.599)
IG −0.298 −0.327 −0.165 −0.360
(0.253) (0.466) (0.341) (0.568)
ENT RY 7.805 ∗∗∗ 7.993 ∗ 5.849 ∗ 9.357 ∗
(2.453) (4.330) (3.192) (5.079)
AGGLOM −0.015 0.056 ∗∗∗ −0.058 ∗∗∗ −0.051
(0.013) (0.019) (0.019) (0.034)
UNEMP −1.452 6.737 ∗ −7.536 ∗∗ 2.844
(2.283) (3.970) (3.100) (5.167)
SIZE_5-9 −0.335 ∗∗∗ 0.185 ∗ −0.627 ∗∗∗ 0.096
(0.057) (0.100) (0.076) (0.204)
SIZE_10-19 −0.224 ∗∗∗ 0.415 ∗∗∗ −0.832 ∗∗∗ 0.790 ∗∗∗
(0.064) (0.110) (0.098) (0.191)
SIZE_20 0.012 0.072 −0.665 ∗∗∗ 1.554 ∗∗∗
(0.059) (0.125) (0.089) (0.173)
JST OCK 0.230 ∗∗∗ 0.081 0.104 1.202 ∗∗∗
(0.049) (0.091) (0.067) (0.168)
EDU_UNIV 0.161 ∗∗∗ −0.237 ∗∗ 0.321 ∗∗∗ 0.485 ∗∗∗
(0.057) (0.099) (0.081) (0.148)
EDU_X 0.104 ∗ −0.305 ∗∗∗ 0.201 ∗∗ 0.643 ∗∗∗
(0.058) (0.101) (0.080) (0.155)
AGE_30-39 −0.034 −0.025 0.020 −0.249
(0.144) (0.217) (0.214) (0.405)
AGE_40-49 0.188 0.073 0.232 0.382
(0.137) (0.210) (0.204) (0.372)
AGE_50-59 0.463 ∗∗∗ 0.037 0.642 ∗∗∗ 0.696 ∗
(0.135) (0.209) (0.199) (0.365)
AGE_60 0.785 ∗∗∗ 0.230 1.113 ∗∗∗ 0.579
(0.143) (0.231) (0.207) (0.397)
AGE_X 0.452 ∗∗∗ 0.054 0.655 ∗∗∗ 0.547
(0.139) (0.219) (0.206) (0.368)
Entry year cohorts Yes Yes Yes Yes
Number of observations 15841 15841 15841 15841
Number of exits 2439 717 1280 442
Number of competing risks – 1722 1159 1997
Log pseudolikelihood −22881.595 −6679.904 −12013.969 −3957.098
Notes:
1. Robust standard errors are in parentheses.
2. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively.
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