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Table 11 Robustness test 2: Regression results of H2 and 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

Model 5

All sample

Low IntraRep_c & Low ExtraRep_c

High IntraRep_c & High ExtraRep_c

High IntraRep_c & Low ExtraRep_c

Low IntraRep_c & High ExtraRep_c

IntraRep_c

0.312*

    

(0.178)

    

ExtraRep_c

−0.125***

    

(0.042)

    

VCRep

 

−0.097

1.077*

− 0.151**

  

(0.085)

(0.653)

(0.065)

Controls

Included

Included

Included

Included

Included

Constant

71.020***

71.719***

82.827***

75.191***

74.936***

(1.838)

(2.936)

(6.279)

(4.701)

(3.323)

N

1553

939

119

195

300

F

39.07

25.77

5.69

3.65

15.79

R 2

0.349

0.348

0.472

0.295

0.348

  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 10% level. **denotes significance at the 5% level. ***denotes significance at the 1% level