Skip to main content

Table 5 Subgroup regression results of H2

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
Low ID/ID = 0 Median ID High ID ID = 1
VCrep 0.702** 0.051 −0.162*** − 0.566***
(0.316) (0.067) (0.050) (0.193)
NumVC −0.142 − 0.207*** − 0.060 − 0.236
(0.142) (0.065) (0.094) (0.385)
VCAge 0.064** 0.036 0.002 0.170*
(0.032) (0.029) (0.027) (0.093)
Age −0.160*** −0.148*** −0.080** − 0.188*
(0.043) (0.035) (0.031) (0.094)
ROA 2.903*** 1.796*** 2.181*** 2.297
(0.456) (0.578) (0.471) (1.510)
SOE −1.274* −0.071 0.976 1.274
(0.693) (0.636) (0.709) (2.005)
lnSize −2.092*** −2.120*** −1.806*** −1.945***
(0.267) (0.188) (0.173) (0.572)
lnm 1.108*** 1.832*** 1.348*** 1.522***
(0.177) (0.126) (0.128) (0.422)
IGrowth 3.022 1.389 3.497** −11.993
(2.040) (1.563) (1.433) (7.384)
lnGDP 0.002 0.732*** 0.410*** 0.697
(0.190) (0.165) (0.138) (0.473)
Industry dummies Included Included Included Included
Year dummies Included Included Included Included
Constant 78.759*** 73.450*** 73.364*** 75.557***
(3.076) (3.801) (2.573) (7.019)
N 450 542 561 65
F 8.84 17.45 19.34 3.74
R 2 0.292 0.388 0.405 0.594
  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