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Table 9 Robustness test 1: 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

Sample Tfp t + 1
Model 1 Model 2 Model 3 Model 4 Model 5 Model 6 Model 7
All sample All sample All sample Low ID/ID = 0 Median ID High ID ID = 1
VCInv −0.024*** 0.115**   0.568** 0.019 − 0.039*** −2.568***
(0.007) (0.053)   (0.260) (0.014) (0.009) (0.080)
VCInv × ID   −0.180***      
  (0.067)      
ID   0.415      
  (0.334)      
IntraInv    0.085*     
   (0.051)     
ExtraInv    −0.052***     
   (0.015)     
Controls Included Included Included Included Included Included Included
Constant 71.752*** 73.335*** 71.780*** 77.656*** 73.433*** 73.755*** 76.894***
(1.855) (1.885) (1.853) (3.104) (3.796) (2.549) (11.18)
N 1553 1328 1553 450 542 561 65
F 39.04 30.81 37.49 8.83 17.56 19.99 3.94
R 2 0.338 0.342 0.340 0.291 0.390 0.412 0.606
  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