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Table 4 Regression results of H1, H2 and H3

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

 

Tfp t + 1

Model 1

Model 2

Model 3

Model 4

VCrep

 

− 0.084**

0.450**

 
 

(0.038)

(0.179)

 

VCrep × ID

  

−0.684***

 
  

(0.228)

 

ID

  

0.135

 
  

(0.316)

 

IntraRep

   

0.203*

   

(0.116)

ExtraRep

   

−0.171***

   

(0.051)

NumVC

−0.143***

−0.145***

− 0.143***

−0.147***

(0.049)

(0.049)

(0.050)

(0.049)

VCAge

0.007

0.013

0.022

0.014

(0.016)

(0.016)

(0.018)

(0.016)

Age

−0.114***

− 0.112***

− 0.127***

− 0.114***

(0.020)

(0.020)

(0.022)

(0.020)

ROA

2.372***

2.367***

2.348***

2.363***

(0.282)

(0.282)

(0.320)

(0.282)

SOE

−0.081

−0.111

−0.189

−0.137

(0.387)

(0.387)

(0.390)

(0.386)

lnSize

−2.061***

−2.037***

−2.127***

−2.030***

(0.115)

(0.115)

(0.124)

(0.115)

lnm

1.494***

1.489***

1.497***

1.485***

(0.080)

(0.080)

(0.083)

(0.080)

IGrowth

3.031***

2.873***

2.661***

2.930***

(0.933)

(0.934)

(1.028)

(0.933)

lnGDP

0.418***

0.417***

0.327***

0.409***

(0.091)

(0.091)

(0.097)

(0.091)

Industry dummies

Included

Included

Included

Included

Year dummies

Included

Included

Included

Included

Constant

71.830***

71.700***

73.089***

71.587***

(1.862)

(1.860)

(1.890)

(1.857)

N

1553

1553

1328

1553

F

40.20

38.52

30.37

37.16

R 2

0.333

0.335

0.339

0.338

  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