Таҳририят: Бош муҳаррир – Т. Аҳмедов Масъул муҳаррир – А. Юлдашев

As can be seen from Table 2, 
the sectoral composition of firms 
in the sample is divided into six 
manufacturing industries and 
two service industries 
(Retail trade and other services), 
whose share is about 
45
% 
of the sample.

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109
№ 2 (18)
Апрель-июнь, 2022 йил
Table 2. 
The number of observations across economic activities and years
ISIC code
3
Sector
2008
2013
2019
Total
15
Manufacture of food products and beverages
29
25
162
216
17
Manufacture of textiles
8
8
121
137
18
Manufacture of wearing apparel; dressing and 
dyeing of fur
9
9
127
145
25
Manufacture of rubber and plastics products
4
4
126
134
26
Manufacture of other non-metallic mineral 
products
14
16
142
172
16, 19–24, 27–37
Other manufacturing
52
65
166
283
52
Retail trade
122
136
160
418
45, 50, 51, 55, 
60–64, 72
Other service activities
128
127
235
490
Total
366
390
1,239
1,995
Source: 
The authors’ estimates.
3 The International Standard Industrial Classification of All Economic Activities (ISIC), ISIC Rev. 3.1
Results.
White’s test for heteroskedasticity suggests 
the heteroskedasticity of residuals that are addressed using 
a robust/sandwich estimator of variance. The Breusch 
and Pagan Lagrangian Multiplier Test for Random effects 
and Hausman tests suggests the appropriateness of the 
random effects model over conventional pooled OLS 
models. The test for multicollinearity using Variance 
Inflation Factor (VIF) suggest that all variables have 
a VIF value of less than 1.66, which is far lower than 
‘standard’ 10, implying the degree of multicollinearity to 
be at an acceptable level for the current study.
As the correlation matrix presented in Figure 
1 shows most of the variables of interest are 
positively correlated with the log of sales except for 
competition, the presence of the female top manager 
and corruption which are negatively correlated with 
the sales. Meanwhile, the presence of the international 
certificate and exports are found to be relatively 
strongly correlated with sales in comparison to 
the magnitude of correlation coefficients of other 
independent covariates.