Table 3 Model B: analysis of the Italian manufacturing industry with judicial insolvency procedures at time t-1 (Italy, 2015–2016)

Liquidity

0.000212***

0.000211***

0.000171***

(1.74e−05)

(1.74e−05)

(1.81e−05)

Age ^ψ

0.228***

0.224***

0.208***

(0.00503)

(0.00503)

(0.00519)

Large company

− 0.778***

− 0.780***

− 0.796***

(0.0103)

(0.0103)

(0.0105)

Medium company

0.610***

0.611***

0.633***

(0.0206)

(0.0206)

(0.0205)

Mortgage foreclosure (real estate)_t-1 ^ψ

− 0.291***

(0.00957)

Mortgage foreclosure (movable)_t-1 ^ψ

− 0.170***

(0.00717)

Bankruptcy_t-1 ^ψ

− 0.111***

(0.00815)

Private limited company

0.203***

0.201***

0.123***

(0.0330)

(0.0329)

(0.0350)

Public limited company

1.291***

1.292***

1.154***

(0.0401)

(0.0400)

(0.0416)

Innovative start-up

− 0.0587

− 0.0624

0.0193

(0.0805)

(0.0804)

(0.0901)

Innovative SME

0.643***

0.640***

0.629***

(0.0952)

(0.0943)

(0.0933)

Constant

3.638***

2.455***

2.639***

(0.0820)

(0.0580)

(0.0793)

Macro-area (FE)

Yes

Yes

Yes

NACE code (FE)

Yes

Yes

Yes

Wald Chi-square (p-value)

0.0000

0.0000

0.0000

R-squared (between)

0.32

0.32

0.32

R-squared (overall)

0.31

0.31

0.31

Observations

135,366

135,366

125,016

Number of companies

79,789

79,789

74,340