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Frontiers of Business Research in China

Table 10 Robustness test 1: Subgroup with VC types

From: Venture capital reputation: a blessing or a curse for entrepreneurial firm innovation—a contingent effect of industrial distance

Subgroup

Tfp t + 1

Model 1

Model 2

Model 3

Model 4

Low IntraInv & Low ExtraInv

High IntraInv & High ExtraInv

High IntraInv & Low ExtraInv

Low IntraInv & High ExtraInv

VCInv

−0.832

− 0.017**

0.564**

− 0.134***

(0.995)

(0.008)

(0.247)

(0.049)

Controls

Included

Included

Included

Included

Constant

60.875***

73.312***

76.479***

77.157***

(5.174)

(2.766)

(2.938)

(3.433)

N

278

517

492

266

F

7.23

16.78

10.11

10.86

R 2

0.360

0.378

0.300

0.456

  1. Notes. (1) Dependent variable is Tfpt + 1. (2) The regression model is OLS. (3) t-statistics is reported in the parentheses. (4) **Denotes significance at the 5% level. ***Denotes significance at the 1% level
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