ables are provided in the final column of Table 2 .
In interpreting the results of the probit model, a
. positive (negative) sign for an explanatory variable indicates an increase (decrease) in the likelihood that time wage is used by the forest company to reward silvicultural workers. However, in
the ordered probit model, the signs of the coefficients must be interpreted with caution, bearing
in mind that the coding of the dependent variable
indicates only an order or ranking (see Maddala,
1983; Greene, 1993) . Based on the x statistics at
the given level of significance, the ordered probit
model provides a better explanation than does
the probit model. In general, however, the results
from both models conform to the transaction cost
economic theory.