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Frontiers of Business Research in China

Table 14 Robustness test 4: Regression results between Tech and Non-Tech subgroup

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

Model 6

Tech

Tech

Tech

Non-Tech

Non-Tech

Non-Tech

VCRep

−0.030

 

0.708***

−0.097**

 

0.455**

(0.079)

 

(0.272)

(0.041)

 

(0.141)

VCRep × ID

  

−1.017***

  

−0.688***

  

(0.360)

  

(0.170)

ID

  

−0.164

  

0.249

  

(0.561)

  

(0.318)

IntraRep

 

0.739***

  

0.147**

 
 

(0.268)

  

(0.064)

 

ExtraRep

 

−0.235***

  

−0.172**

 
 

(0.082)

  

(0.057)

 

Controls

Included

Included

Included

Included

Included

Included

Constant

96.596***

97.461***

98.410***

71.133***

70.934***

72.125***

(5.614)

(5.860)

(5.975)

(2.501)

(2.494)

(3.077)

N

599

599

525

954

954

803

F

15.81

15.66

13.36

20.77

19.89

18.64

R 2

0.343

0.352

0.339

0.352

0.355

0.368

  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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