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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