Table 1 Impact of training programs on business survival, profitability, and sales.

Data are from four rounds of surveys and show the average impacts over the 2.5 years after training. All regressions include randomization strata and survey wave dummies. Huber-White robust standard errors (in parentheses) are clustered at the firm level. Business survival is a binary indicator that takes the value 1 if the business survives. Sales are winsorized (capped) at the 99th percentile and profits at the 1st and 99th percentiles, reducing the influence of outliers. Sales and profits are expressed in terms of real CFA francs. The profits and sales index is the mean of the standardized z-scores of our various profits and sales measures. An F test was used to test equality of the impacts of the two training programs. *P < 0.1; **P < 0.05; ***P < 0.01.

Business
survival
Monthly
sales
Monthly
profits
Weekly
profits
Profits and
sales index
Traditional business training
–0.005
(0.008)
38,077
(57,812)
10,746
(6802)
3086
(2050)
0.029
(0.030)
Personal initiative training
–0.003
(0.008)
114,733*
(58,619)
28,709***
(7110)
6685***
(1979)
0.100***
(0.031)
Number of observations57925642564256335643
Number of firms14991492149214921492
P value from test of equality of treatments 0.8130.1710.0140.0910.025
Control group mean0.960680,80796,08930,4170.000