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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