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Frontiers of Business Research in China

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
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