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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