Table 6 3-year revenue and employee...

Table 6

3-year revenue and employee growth

	Dependent variable: ${R e v G r o w t h 3}_{i}$						Dependent variable: ${E m p G r o w t h 3}_{i}$
	(1)	(2)	(3)	(4)	(5)	(6)	(1)	(2)	(3)	(4)	(5)	(6)
${S e c t o r S p e c L}_{i k t}$	0.1467					−0.3896	−0.0061					−0.2360
${S e c t o r S p e c L}_{i k t}$	(0.4004)					(0.4885)	(0.1179)					(0.1506)
${S e c t o r S p e c S}_{i k t}$		0.7715*				1.0874*		0.2808***				0.4432***
${S e c t o r S p e c S}_{i k t}$		(0.4350)				(0.5427)		(0.1009)				(0.1226)
${F o u n d e r S p e c}_{i k t}$			0.0800			0.0281			0.1446			0.1520
${F o u n d e r S p e c}_{i k t}$			(0.2983)			(0.3197)			(0.1289)			(0.1381)
${B a c k g r o u n d s}_{i k t}$			0.0490			0.0594			0.0249			0.0285
${B a c k g r o u n d s}_{i k t}$			(0.0817)			(0.0799)			(0.0246)			(0.0238)
${R e s e a r c h e r}_{i}$				0.2635		0.2782				0.1867**		0.1964**
${R e s e a r c h e r}_{i}$				(0.3991)		(0.4022)				(0.0748)		(0.0745)
${R e s E x p o s u r e}_{i k}$					0.4229	0.2910					0.2196	0.1462
${R e s E x p o s u r e}_{i k}$					(0.6984)	(0.7571)					(0.1990)	(0.2002)
${S e l e c t i v i t y}_{i k t}$	−0.0034	−0.0034	−0.0036	−0.0039	−0.0039	−0.0044	0.0033**	0.0034**	0.0035**	0.0031**	0.0032**	0.0030**
${S e l e c t i v i t y}_{i k t}$	(0.0040)	(0.0037)	(0.0040)	(0.0042)	(0.0042)	(0.0043)	(0.0013)	(0.0013)	(0.0013)	(0.0013)	(0.0013)	(0.0012)
${l n I n c T i m e}_{i}$	0.0193	0.0047	0.0251	0.0031	0.0173	−0.0118	−0.0278	−0.0321	−0.0235	−0.0371	−0.0285	−0.0406
${l n I n c T i m e}_{i}$	(0.1255)	(0.1325)	(0.1198)	(0.1301)	(0.1228)	(0.1291)	(0.0408)	(0.0400)	(0.0405)	(0.0422)	(0.0403)	(0.0406)
${l n I n c A g e}_{k}$	0.2393	0.2533	0.2279	0.2362	0.2313	0.2352	−0.0198	−0.0155	−0.0251	−0.0222	−0.0245	−0.0237
${l n I n c A g e}_{k}$	(0.1518)	(0.1559)	(0.1566)	(0.1517)	(0.1523)	(0.1580)	(0.0584)	(0.0542)	(0.0633)	(0.0578)	(0.0580)	(0.0585)
${I n c E m p}_{k}$	−0.0523**	−0.0513**	−0.0562**	−0.0562**	−0.0600**	−0.0642*	−0.0057	−0.0052	−0.0072	−0.0076	−0.0091	−0.0125
${I n c E m p}_{k}$	(0.0234)	(0.0239)	(0.0253)	(0.0241)	(0.0267)	(0.0322)	(0.0101)	(0.0096)	(0.0101)	(0.0098)	(0.0110)	(0.0093)
${U n i v e r s i t y}_{k}$	0.4478*	0.4394*	0.4316*	0.4137*	0.4066	0.3557	−0.0405	−0.0381	−0.0379	−0.0566	−0.0553	−0.0804
${U n i v e r s i t y}_{k}$	(0.2257)	(0.2300)	(0.2224)	(0.2286)	(0.2499)	(0.2618)	(0.0698)	(0.0683)	(0.0761)	(0.0697)	(0.0683)	(0.0646)
Constant	−0.2043	−0.2924	−0.2631	−0.0790	−0.1188	−0.2367	0.2632	0.2014	0.1494	0.2895	0.2661	0.1986
Constant	(0.6106)	(0.5645)	(0.5260)	(0.5573)	(0.5346)	(0.5896)	(0.1854)	(0.1820)	(0.1970)	(0.1767)	(0.1748)	(0.1995)
N	759						797

	Dependent variable: ${R e v G r o w t h 3}_{i}$						Dependent variable: ${E m p G r o w t h 3}_{i}$
	(1)	(2)	(3)	(4)	(5)	(6)	(1)	(2)	(3)	(4)	(5)	(6)
${S e c t o r S p e c L}_{i k t}$	0.1467					−0.3896	−0.0061					−0.2360
${S e c t o r S p e c L}_{i k t}$	(0.4004)					(0.4885)	(0.1179)					(0.1506)
${S e c t o r S p e c S}_{i k t}$		0.7715*				1.0874*		0.2808***				0.4432***
${S e c t o r S p e c S}_{i k t}$		(0.4350)				(0.5427)		(0.1009)				(0.1226)
${F o u n d e r S p e c}_{i k t}$			0.0800			0.0281			0.1446			0.1520
${F o u n d e r S p e c}_{i k t}$			(0.2983)			(0.3197)			(0.1289)			(0.1381)
${B a c k g r o u n d s}_{i k t}$			0.0490			0.0594			0.0249			0.0285
${B a c k g r o u n d s}_{i k t}$			(0.0817)			(0.0799)			(0.0246)			(0.0238)
${R e s e a r c h e r}_{i}$				0.2635		0.2782				0.1867**		0.1964**
${R e s e a r c h e r}_{i}$				(0.3991)		(0.4022)				(0.0748)		(0.0745)
${R e s E x p o s u r e}_{i k}$					0.4229	0.2910					0.2196	0.1462
${R e s E x p o s u r e}_{i k}$					(0.6984)	(0.7571)					(0.1990)	(0.2002)
${S e l e c t i v i t y}_{i k t}$	−0.0034	−0.0034	−0.0036	−0.0039	−0.0039	−0.0044	0.0033**	0.0034**	0.0035**	0.0031**	0.0032**	0.0030**
${S e l e c t i v i t y}_{i k t}$	(0.0040)	(0.0037)	(0.0040)	(0.0042)	(0.0042)	(0.0043)	(0.0013)	(0.0013)	(0.0013)	(0.0013)	(0.0013)	(0.0012)
${l n I n c T i m e}_{i}$	0.0193	0.0047	0.0251	0.0031	0.0173	−0.0118	−0.0278	−0.0321	−0.0235	−0.0371	−0.0285	−0.0406
${l n I n c T i m e}_{i}$	(0.1255)	(0.1325)	(0.1198)	(0.1301)	(0.1228)	(0.1291)	(0.0408)	(0.0400)	(0.0405)	(0.0422)	(0.0403)	(0.0406)
${l n I n c A g e}_{k}$	0.2393	0.2533	0.2279	0.2362	0.2313	0.2352	−0.0198	−0.0155	−0.0251	−0.0222	−0.0245	−0.0237
${l n I n c A g e}_{k}$	(0.1518)	(0.1559)	(0.1566)	(0.1517)	(0.1523)	(0.1580)	(0.0584)	(0.0542)	(0.0633)	(0.0578)	(0.0580)	(0.0585)
${I n c E m p}_{k}$	−0.0523**	−0.0513**	−0.0562**	−0.0562**	−0.0600**	−0.0642*	−0.0057	−0.0052	−0.0072	−0.0076	−0.0091	−0.0125
${I n c E m p}_{k}$	(0.0234)	(0.0239)	(0.0253)	(0.0241)	(0.0267)	(0.0322)	(0.0101)	(0.0096)	(0.0101)	(0.0098)	(0.0110)	(0.0093)
${U n i v e r s i t y}_{k}$	0.4478*	0.4394*	0.4316*	0.4137*	0.4066	0.3557	−0.0405	−0.0381	−0.0379	−0.0566	−0.0553	−0.0804
${U n i v e r s i t y}_{k}$	(0.2257)	(0.2300)	(0.2224)	(0.2286)	(0.2499)	(0.2618)	(0.0698)	(0.0683)	(0.0761)	(0.0697)	(0.0683)	(0.0646)
Constant	−0.2043	−0.2924	−0.2631	−0.0790	−0.1188	−0.2367	0.2632	0.2014	0.1494	0.2895	0.2661	0.1986
Constant	(0.6106)	(0.5645)	(0.5260)	(0.5573)	(0.5346)	(0.5896)	(0.1854)	(0.1820)	(0.1970)	(0.1767)	(0.1748)	(0.1995)
N	759						797

Note(s): Clustered robust standard errors (clustered on incubators) in parentheses. ^*, ^** and ^*** denote statistical significance at the 10%, 5% and 1% levels respectively

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