Table 4 Multinomial logit regression on the intensity of shocks (base outcome shock = 1: weak demand shock)
From: European firm adjustment during times of economic crisis
shock = 2: strong demand + weak credit | shock = 3: strong demand + strong credit | ||||
|---|---|---|---|---|---|
coeff | tstat | coeff | tstat | ||
Manufacturing | 0.5 | 4.5 | Manufacturing | 0.7 | 4.7 |
Trade | −0.1 | −0.7 | Trade | −0.2 | −1.1 |
Market Services | − | − | Market Services | − | − |
Size 5 − 19 | −0.1 | −0.7 | Size 5 − 19 | 0.4 | 2.4 |
Size 20 − 49 | −0.1 | −0.4 | Size 20 − 49 | 0.0 | 0.1 |
Size 50 − 199 | −0.2 | −2.1 | Size 50 − 199 | −0.3 | −2.1 |
Size > =200 | − | − | Size > =200 | − | − |
Austria | −0.4 | −1.7 | Austria | −1.4 | −3.6 |
Belgium | 0.1 | 0.8 | Belgium | −0.5 | −1.5 |
Czech_Rep | 0.1 | 0.4 | Czech_Rep | 0.1 | 0.3 |
Estonia | 1.4 | 4.4 | Estonia | 2.0 | 6.0 |
France | 0.1 | 0.6 | France | −0.7 | −3.1 |
Italy | 0.2 | 1.1 | Italy | −0.1 | −0.4 |
Netherlands | −0.2 | −1.0 | Netherlands | −0.9 | −3.5 |
Poland | − | − | Poland | − | − |
Spain | −0.3 | −1.8 | Spain | 0.1 | 0.3 |
Share of white-collar workers | −0.3 | −1.9 | Share of white collar workers | −0.5 | −2.1 |
Share of high-skill workers | −0.1 | −0.7 | Share of high-skill workers | −0.4 | −2.2 |
Share of permanent workers | −0.7 | −3.4 | Share of permanent workers | −1.1 | −4.6 |
Labour cost share | −0.7 | −2.9 | Labour cost share | −0.7 | −2.5 |
Price taker | 0.2 | 1.9 | Price taker | 0.1 | 1.2 |
Export share | 0.8 | 5.7 | Export share | 0.4 | 2.2 |