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Table 6 Subgroup with VC types (divided by median)

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 IntraRep & Low ExtraRep High IntraRep & High ExtraRep High IntraRep & Low ExtraRep Low IntraRep & High ExtraRep
VCrep −0.056 1.711*** −0.382***
  (0.071) (0.503) (0.129)
NumVC −0.026 − 0.149 −0.157 − 0.402***
(0.092) (0.120) (0.116) (0.104)
VCAge 0.039* 0.007 −0.024 0.010
(0.023) (0.071) (0.037) (0.057)
Age −0.108*** −0.092 − 0.092* −0.173***
(0.027) (0.057) (0.048) (0.058)
ROA 2.443*** 1.844* 3.005** 2.712**
(0.326) (1.063) (1.408) (1.147)
SOE 0.016 0.908 −1.206* 3.067**
(0.557) (1.171) (0.722) (1.456)
lnSize −1.962*** −1.867*** −2.223*** −2.035***
(0.152) (0.317) (0.336) (0.309)
lnm 1.477*** 1.378*** 1.475*** 1.636***
(0.109) (0.175) (0.236) (0.242)
IGrowth 3.370*** 2.054 2.013 2.201
(1.264) (2.227) (2.142) (3.204)
lnGDP 0.414*** 0.252 0.648** 0.422
(0.119) (0.237) (0.296) (0.256)
Industry dummies Included Included Included Included
Year dummies Included Included Included Included
Constant 72.152*** 77.863*** 69.056*** 75.283***
(3.013) (3.868) (3.936) (4.176)
N 939 182 236 196
F 23.75 7.53 5.42 9.85
R 2 0.329 0.422 0.335 0.500
  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