(1.97)*
(1.50)
(1.50)
(1.93)
(1.38)
(1.96)*
Lithuania
(0.65)
(0.64)
(0.64)
(0.79)
(0.56)
(0.68)
(1.29)
(1.19)
(1.19)
(1.55)
(1.07)
(1.28)
Estonia
(3.25)
(3.28)
(3.28)
(3.43)
(3.20)
(3.32)
(4.66)**
(4.45)** (4.45)** (4.78)** (4.38)** (4.54)**
Georgia
(4.39)
(4.38)
(4.38)
(4.53)
(4.31)
(4.54)
(6.02)**
(5.75)** (5.75)** (6.07)** (5.69)** (6.08)**
Armenia
(1.80)
(1.83)
(1.83)
(1.87)
(1.65)
(1.89)
(4.20)**
(3.83)** (3.83)** (4.35)** (3.67)** (4.38)**
Kazakhstan
(0.09)
(0.03)
(0.03)
(0.04)
(0.03)
(0.04)
(0.27)
(0.09)
(0.09)
(0.11)
(0.09)
(0.11)
Azerbaijan
1.29
1.50
1.50
1.36
1.32
1.34
(3.23)**
(3.48)** (3.48)** (3.38)** (3.30)** (3.35)**
Uzbekistan
(0.79)
(0.67)
(0.67)
(0.70)
(0.65)
(0.69)
(1.88)
(1.56)
(1.56)
(1.66)
(1.54)
(1.62)
Tajikistan
(0.46)
(0.44)
(0.44)
(0.45)
(0.44)
(0.44)
(0.98)
(0.93)
(0.94)
(0.95)
(0.93)
(0.94)
Kyrgyzstan
2.25
2.28
2.28
2.24
2.48
2.22
(4.96)**
(4.44)** (4.44)** (4.86)** (5.12)** (4.81)**
Slovenia
(4.70)
(4.67)
(4.67)
(4.83)
(4.59)
(4.71)
(7.69)**
(7.37)** (7.37)** (7.92)** (7.32)** (7.48)**
Serbia &
Montenegro
(2.10)
(2.22)
(2.22)
(2.26)
(2.34)
(2.29)
(4.38)**
(4.05)** (4.05)** (4.63)** (4.77)** (4.67)**
FYROM
(2.66)
(2.62)
(2.62)
(2.78)
(2.54)
(2.66)
(4.98)**
(4.65)** (4.65)** (5.21)** (4.56)** (4.75)**
Constant
(2.07)
(2.45)
(2.45)
(2.35)
(2.47)
(2.39)
(1.91)
(2.24)* (2.25)* (2.17)* (2.28)* (2.21)*
Observations
7457
7302
7302
7302
7302
7302
Absolute value of t statistics in parentheses
* significant at 5%; ** significant at 1%
*The variable indicating that employees were the largest shareholders in the firm was dropped due to collinearity.
45
Convention