Fig. 3: Characteristics of transitioning and non-transitioning firms.

Forest plots showing adjusted odds ratios (AORs) from multivariate logistic regression models estimating the association between firm transition status (transitioning firms: δ_i > 0 and λ_i > 0; non-transitioning firms: δ_i < 0 or λ_i < 0) and firm-level characteristics, separately for each NACE 1-digit industry sector. Points indicate the estimated AOR associated with a 10% increase in the corresponding log-transformed firm characteristic, computed as e^β⋅0.1, where β denotes the estimated logistic regression coefficient. Horizontal error bars indicate the corresponding 95% confidence intervals. Vertical dashed lines indicate odds ratios of 1 (no association). Logistic regressions were estimated by maximum likelihood; statistical significance was assessed using two-sided Wald tests. No adjustment was made for multiple comparisons. Superscript symbols denote significance levels (*** p < 0.001, ** p < 0.01, * p < 0.05,. p < 0.1). The corresponding numerical results for the AOR, 95% confidence intervals, and exact p-values are reported in Table 1. Firm characteristics include a average fossil cost share, \({\overline{fc}}_{i}\), b average electricity cost share, \({\overline{ec}}_{i}\), c average revenue, \({\overline{R}}_{i}\), d average employment, \({\overline{em}}_{i}\), and e average total energy consumption, \({\overline{T}}_{i}\). Sectors ’B - Mining and Quarrying’ and ’O - Public administration and defense; compulsory social security’ were excluded due to insufficient sample size for reliable estimation.