Table 8 Model B: analysis of the Italian manufacturing industry with judicial insolvency procedures at time t-1 (Italy, 2015–2016)

Liquidity

7.90e−05***

7.62e−05***

5.21e−05***

(1.15e−05)

(1.16e−05)

(1.21e−05)

Age ^ψ

0.227***

0.224***

0.207***

(0.00497)

(0.00498)

(0.00514)

Large company

− 0.783***

− 0.786***

− 0.798***

(0.0101)

(0.0101)

(0.0104)

Medium company

0.589***

0.590***

0.613***

(0.0196)

(0.0196)

(0.0196)

Mortgage foreclosure (real estate)_t-1 ^ψ

− 0.288***

(0.00944)

Mortgage foreclosure (movable)_t-1 ^ψ

− 0.170***

(0.00704)

Bankruptcy_t-1 ^ψ

− 0.104***

(0.00812)

Private limited company

0.189***

0.188***

0.106***

(0.0327)

(0.0327)

(0.0347)

Public limited company

1.274***

1.276***

1.133***

(0.0394)

(0.0393)

(0.0408)

Innovative start-up

− 0.0492

− 0.0526

0.0361

(0.0790)

(0.0790)

(0.0880)

Innovative SME

0.616***

0.612***

0.597***

(0.0984)

(0.0977)

(0.0974)

Constant

3.627***

2.466***

2.603***

(0.0809)

(0.0571)

(0.0790)

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)

0.30

0.30

0.30

Observations

142,370

142,370

131,611

Number of companies

82,247

82,247

76,755