Table 9 Further tests: the effect of...

Table 9

Further tests: the effect of female management on the probability of entry in the product market and on three-year moving-average firm growth

	(1)	(2)	(3)	(4)	(5)	(6)
	OLS model ASO and innov. Startups Lag of the explanatory variables	OLS model ASO and innov. Startups Industry-adjusted firm growth	IV model ASO and innov. Startups Industry-adjusted firm growth	OLS model academic spin-offs and innov. Startups – Three-years moving-average firm growth)	OLS model academic spin-offs and innov. Startups – Three-years firm growth	OLS model academic spin-offs and innov. Startups – Probability of entry into the product market
Female management	0.876^**	0.084^***	52.412^***	1.394^**	−0.325	0.235
Female management	(0.392)	(0.021)	(18.327)	(0.660)	(0.351)	(0.538)
Spin-off	−0.348	−0.091^***	−18.9^***	0.341	−0.454	−0.396
Spin-off	(0.361)	(0.019)	(2.754)	(0.416)	(0.338)	(0.385)
Female management × Spin-off	−1.742^*** (0.498)	−0.136^*** (0.033)	−87.661^** (39.811)	−2.063^** (0.851)	−1.346^** (0.575)	−1.590^** (0.702)
Age	−1.968^*	−0.015^**	−2.012^***	−5.612^***	−0.251^**	−2.854^***
Age	(1.034)	(0.006)	(0.507)	(0.244)	(0.110)	(0.188)
Size	−0.537^**	0.023^**	0.019^*	−0.008	−0.510^***	−0.673^***
Size	(0.229)	(0.009)	(0.010)	(0.122)	(0.088)	(0.110)
Tangibility	−0.081	−0.183	−0.817	0.711	−1.515^**	−0.174
Tangibility	(0.901)	(0.991)	(1.402)	(0.995)	(0.656)	(0.989)
Profitability	−3.218^***	0.067^***	0.059^***	−2.372^***	−0.710^***	−2.767^***
Profitability	(0.731)	(0.015)	(0.017)	(0.575)	(0.260)	(0.536)
Debt	0.119^**	−0.011	−0.009	0.030	0.040	0.186^***
Debt	(0.052)	(0.008)	(0.009)	(0.038)	(0.028)	(0.036)
Cash Holdings	3.021^***	0.041^***	0.038^***	6.043^***	−0.228	3.695^***
Cash Holdings	(0.902)	(0.012)	(0.014)	(1.084)	(0.639)	(0.935)
Foreign management	1.689^*	0.028^*	0.021	0.385	0.263	2.526^**
Foreign management	(0.957)	(0.015)	(0.017)	(0.485)	(0.247)	(1.028)
Venture capital	−0.295	0.072^***	0.065^***	−1.423^**	−0.207	−0.323
Venture capital	(0.561)	(0.020)	(0.022)	(0.678)	(0.295)	(0.569)
R²	0.053	0.078		0.065	0.010	0.040
Observations	26,678	29,658	29,658	22,129	18,153	29,658

	(1)	(2)	(3)	(4)	(5)	(6)
	OLS modelASO and innov. StartupsLag of the explanatory variables	OLS modelASO and innov. StartupsIndustry-adjusted firm growth	IV modelASO and innov. StartupsIndustry-adjusted firm growth	OLS model academic spin-offs and innov. Startups – Three-years moving-average firm growth)	OLS model academic spin-offs and innov. Startups – Three-years firm growth	OLS model academic spin-offs and innov. Startups – Probability of entry into the product market
Female management	0.876^**	0.084^***	52.412^***	1.394^**	−0.325	0.235
Female management	(0.392)	(0.021)	(18.327)	(0.660)	(0.351)	(0.538)
Spin-off	−0.348	−0.091^***	−18.9^***	0.341	−0.454	−0.396
Spin-off	(0.361)	(0.019)	(2.754)	(0.416)	(0.338)	(0.385)
Female management × Spin-off	−1.742^*** (0.498)	−0.136^*** (0.033)	−87.661^** (39.811)	−2.063^** (0.851)	−1.346^** (0.575)	−1.590^** (0.702)
Age	−1.968^*	−0.015^**	−2.012^***	−5.612^***	−0.251^**	−2.854^***
Age	(1.034)	(0.006)	(0.507)	(0.244)	(0.110)	(0.188)
Size	−0.537^**	0.023^**	0.019^*	−0.008	−0.510^***	−0.673^***
Size	(0.229)	(0.009)	(0.010)	(0.122)	(0.088)	(0.110)
Tangibility	−0.081	−0.183	−0.817	0.711	−1.515^**	−0.174
Tangibility	(0.901)	(0.991)	(1.402)	(0.995)	(0.656)	(0.989)
Profitability	−3.218^***	0.067^***	0.059^***	−2.372^***	−0.710^***	−2.767^***
Profitability	(0.731)	(0.015)	(0.017)	(0.575)	(0.260)	(0.536)
Debt	0.119^**	−0.011	−0.009	0.030	0.040	0.186^***
Debt	(0.052)	(0.008)	(0.009)	(0.038)	(0.028)	(0.036)
Cash Holdings	3.021^***	0.041^***	0.038^***	6.043^***	−0.228	3.695^***
Cash Holdings	(0.902)	(0.012)	(0.014)	(1.084)	(0.639)	(0.935)
Foreign management	1.689^*	0.028^*	0.021	0.385	0.263	2.526^**
Foreign management	(0.957)	(0.015)	(0.017)	(0.485)	(0.247)	(1.028)
Venture capital	−0.295	0.072^***	0.065^***	−1.423^**	−0.207	−0.323
Venture capital	(0.561)	(0.020)	(0.022)	(0.678)	(0.295)	(0.569)
R²	0.053	0.078		0.065	0.010	0.040
Observations	26,678	29,658	29,658	22,129	18,153	29,658

Note(s): Results in Columns (1), (2), (4), (5) and (6) are based on pooled OLS regressions. Year and industry fixed effects are included in Columns (1), (2), (4), (5) and (6). In Columns (2) and (3), the dependent variable is industry-adjusted firm growth. Column (3) reports IV estimates using the industry-level average of female managers as an instrument; the results are fully consistent with those in Column (2) and Table 7. Robust standard errors are reported in brackets. ***p < 0.01, **p < 0.05, *p < 0.10

[ViewLarge]

Sharing Unavailable