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

Frontiers of Business Research in China

Table 12 Robustness tests 1 and 2: Regression results of temporal effect

	Tfp	Tfp _t + 1	Tfp _t + 2	Tfp _t + 3	Tfp _t + 4
VCInv	−0.017***	−0.024***	−0.035***	−0.050***	− 0.056*
VCInv	(0.006)	(0.007)	(0.009)	(0.013)	(0.032)
IntraInv	0.111**	0.085*	0.146**	0.143	0.449**
IntraInv	(0.045)	(0.051)	(0.067)	(0.089)	(0.188)
IntraRep_c	0.024	0.312*	0.588**	0.635*	0.650
IntraRep_c	(0.125)	(0.178)	(0.289)	(0.342)	(0.469)
ExtraInv	−0.049***	−0.052***	−0.081***	−0.098***	−0.196***
ExtraInv	(0.013)	(0.015)	(0.019)	(0.025)	(0.060)
ExtraRep_c	−0.030**	−0.125***	− 0.431**	−0.545**	1.487**
ExtraRep_c	(0.014)	(0.042)	(0.185)	(0.260)	(0.724)

Notes. (1) Dependent variables are Tfp_t, Tfp_t + 1, Tfp_t + 2, Tfp_t + 3, Tfp_t + 4, respectively. (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