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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