|
Dependent variable Profitability = 1
|
Model
8
|
Odds ratio
|
Model
9
|
Odds ratio
|
Model
10
|
Odds ratio
|
|
monitored external funding invested, amount (logs)
|
0.146*
|
1.157*
|
0.370*
|
1.448*
|
0.237
|
1.267
|
|
(0.067)
|
|
(0.145)
|
|
(0.388)
|
|
| personal funding invested, amount (logs) |
0.295** |
1.343** |
0.387 |
1.473 |
2.117+ |
8.307+ |
|
(0.102) |
|
(0.292) |
|
(1.160) |
|
| unmonitored external funding invested, amount (logs) |
0.134 |
1.144 |
0.013 |
1.013 |
0.272 |
1.313 |
|
(0.093) |
|
(0.261) |
|
(0.427) |
|
| household net-worth, logs |
-0.119+ |
0.888+ |
0.019 |
1.020 |
0.916 |
2.499 |
|
(0.071) |
|
(0.199) |
|
(0.564) |
|
| educ. (1=community, or some college) |
0.279 |
1.322 |
0.298 |
1.347 |
2.092* |
8.098* |
|
(0.197) |
|
(0.411) |
|
(1.005) |
|
| educ. (2=college or some graduate training) |
0.281 |
1.324 |
0.608 |
1.836 |
1.685 |
5.390 |
|
(0.216) |
|
(0.504) |
|
(1.060) |
|
| educ. (3=postgraduate studies) |
0.095 |
1.100 |
0.692 |
1.998 |
2.642+ |
14.042 |
|
(0.262) |
|
(0.600) |
|
(1.591) |
|
| industry exp. (years) |
0.157* |
1.170* |
0.011 |
1.011 |
0.695 |
2.003 |
|
(0.080) |
|
(0.181) |
|
(0.460) |
|
| start-up exp. (years) |
0.034 |
1.035 |
0.225 |
1.253 |
-0.019 |
0.981 |
|
(0.106) |
|
(0.229) |
|
(0.390) |
|
| managerial exp. (years) |
-0.108 |
0.898 |
-0.113 |
0.893 |
-0.117 |
0.890 |
|
(0.097) |
|
(0.215) |
|
(0.541) |
|
| bonding – social capital |
0.083 |
1.086 |
0.131 |
1.140 |
-0.156 |
0.855 |
|
(0.067) |
|
(0.138) |
|
(0.306) |
|
| bridging – social capital |
0.082 |
1.085 |
0.328+ |
1.389 |
0.730* |
2.075* |
|
(0.070) |
|
(0.189) |
|
(0.363) |
|
| team size |
0.185* |
1.204* |
0.343+ |
1.408+ |
0.646 |
1.909 |
|
(0.079) |
|
(0.202) |
|
(0.732) |
|
| growth asp. (“as large as possible” =1) |
-0.213 |
0.808 |
0.549 |
1.731 |
0.009 |
1.009 |
|
(0.176) |
|
(0.476) |
|
(1.122) |
|
| type of business (=1, extractive sector) |
-0.609 |
0.544 |
-0.160 |
0.852 |
-1.801 |
0.165 |
|
(0.383) |
|
(0.595) |
|
(1.694) |
|
| type of business (=2, transforming sector) |
0.516** |
1.676** |
0.578 |
1.783 |
1.116 |
3.053 |
|
(0.193) |
|
(0.417) |
|
(1.043) |
|
| type of business (=3, consum. oriented sector) |
-0.137 |
0.872 |
-0.216 |
0.806 |
1.342 |
3.825 |
|
(0.164) |
|
(0.397) |
|
(0.964) |
|
| type of business (=4, other sectors/na) |
-1.061 |
0.346 |
-13.965 |
0.000 |
-15.147 |
0.000 |
|
(0.861) |
|
(991.1) |
|
(1,634.1) |
|
| Constant |
-0.448* |
0.639* |
-0.977* |
0.377 |
-3.062* |
0.047* |
|
(0.199) |
|
(0.427) |
|
(1.218) |
|
|
Observations
|
938
|
|
217
|
|
68
|
|
|
Log Likelihood
|
-610.481
|
|
-126.246
|
|
-32.663
|
|
|
chi-square
|
76.4 (df=18,
|
p-value
<0.001)
|
30.1 (df=18,
|
p-value
<0.05)
|
23.4 (df=18,
|
p-value>
0.1)
|