Industries;"Dependent variable: total liabilities"
;"Average fixed effect";"Wald test p-value"
2012
Agriculture;–0.11;–
Construction;0.15;–
"Manufacturing; mining";0.06;0.53
"Retail trade";–0.10;–
"Transport; electric, gas, and sanitary";0.01;"– 0.97"
"Vehicle trade";0.04;–
"Wholesale trade";0.10;–
2013
"Agriculture; retail trade";–0.11;0.22
Construction;0.15;–
"Manufacturing; mining";0.06;1.00
"Transport; electric, gas, and sanitary";0.01;0.38
"Vehicle trade";0.03;–
"Wholesale trade";0.09;–
2014
Agriculture;–0.13;–
Construction;0.14;–
Manufacturing;0.06;–
"Mining; wholesale trade";0.09;0.27
"Retail trade";–0.11;–
"Transport; vehicle trade; electric, gas, and sanitary";0.02;"– 0.31"
2015
Agriculture;–0.16;–
Construction;0.14;–
Manufacturing;0.06;–
"Mining; wholesale trade";0.08;0.56
"Retail trade";–0.11;–
"Transport; vehicle trade; electric, gas, and sanitary";0.02;"– 0.20"