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A Systems View Across Time and Space

Table 3 Investment climate by firm’s characteristics

From: Financial inclusion and micro, small, and medium enterprises (MSMEs) growth in Uganda

 

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

sh_invest_fin (%)

sh_work_cap_fin (%)

sh_sales_cr(%)

mng_time (%)

days_inspections (log)

bribe_yn Yes/No

bribe_percent (% of sales)

days_no_power

loss_transit (%)

Micro

− 28.01** (13.89)

− 8.891 (7.375)

− 6.830 (8.156)

4.425 (3.569)

− 0.102 (0.570)

0.101 (0.110)

0.0187 (0.0359)

120.5 (133.3)

6.634 (6.060)

Small

− 3.122 (11.26)

− 2.424 (6.164)

− 5.884 (6.746)

2.032 (2.228)

0.339 (0.332)

0.0869 (0.0733)

0.0101 (0.0211)

32.61 (58.28)

2.192 (2.805)

Medium

− 10.29 (10.20)

− 1.256 (6.260)

− 4.601 (6.665)

4.596* (2.478)

1.013** (0.438)

0.118 (0.0744)

0.0277 (0.0225)

47.49 (69.29)

4.392* (2.651)

Mature

− 9.002 (8.639)

1.704 (3.376)

3.384 (3.063)

− 4.058** (1.931)

− 0.177 (0.503)

− 0.126** (0.0603)

− 0.0338* (0.0181)

49.36 (41.90)

4.131** (1.987)

Older

− 12.00 (8.429)

3.256 (3.803)

8.196** (3.275)

− 2.848 (2.107)

− 0.751 (0.496)

− 0.176*** (0.0628)

− 0.0404** (0.0195)

15.61 (26.32)

3.523* (2.095)

Exporter

4.392 (6.748)

22.63*** (4.384)

11.46*** (3.127)

2.045 (1.841)

0.0987 (0.445)

0.0333 (0.0571)

0.0174 (0.0187)

57.63 (52.36)

3.711* (2.040)

Foreign

3.899 (9.113)

1.786 (4.239)

4.204 (3.586)

1.252 (2.247)

− 0.146 (0.535)

0.00843 (0.0597)

0.00315 (0.0174)

47.95 (52.95)

0.0546 (2.292)

Smallcity

0.171 (6.276)

11.04*** (2.502)

4.893** (2.192)

0.508 (1.245)

− 0.755*** (0.283)

0.0842* (0.0438)

0.0316** (0.0128)

30.02 (30.32)

1.700 (1.791)

Government

32.07** (13.63)

− 1.022 (18.92)

− 27.50** (12.89)

− 3.031 (3.669)

1.166 (0.739)

0.205 (0.196)

0.0526 (0.0602)

115.0 (255.4)

− 0.924 (4.467)

expand

0.00108 (0.0348)

− 0.0243 (0.0206)

0.0220 (0.0356)

0.00747 (0.00868)

− 0.00331 (0.00257)

− 0.000323 (0.000320)

−  0.000103 (0.000100)

− 0.0621 (0.414)

− 4.41e-05 (0.00867)

contract

− 0.373* (0.218)

− 0.176** (0.0872)

− 0.117 (0.0742)

− 0.0733 (0.0456)

− 0.0373** (0.0176)

− 0.000437 (0.00122)

− 0.000553 (0.000498)

0.431 (1.021)

− 0.00761 (0.0652)

Constant

39.02*** (14.20)

16.65** (7.364)

19.29** (7.777)

5.942** (2.807)

3.515*** (0.510)

0.238** (0.109)

0.0548* (0.0317)

− 2.686 (79.47)

− 4.974 (3.180)

Observations

184

582

526

467

503

483

483

303

370

R-squared

0.216

0.196

0.190

0.084

0.110

0.098

0.102

0.092

0.117

Sector FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

  1. Robust standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1
  2. Col (6) is a dprobit, so coefficients are marginal effects and R-squared is Pseudo R-squared