Table 7 5-year revenue and employee...

Table 7

5-year revenue and employee growth

	Dependent variable: ${R e v G r o w t h 5}_{i}$						Dependent variable: ${E m p G r o w t h 5}_{i}$
	(1)	(3)	(2)	(4)	(5)	(6)	(1)	(2)	(3)	(4)	(5)	(6)
${S e c t o r S p e c L}_{i k t}$	−0.1745					−0.2034	0.0403					−0.1277
${S e c t o r S p e c L}_{i k t}$	(0.4409)					(0.5343)	(0.1147)					(0.1420)
${S e c t o r S p e c S}_{i k t}$		−0.0215				0.2361		0.2218*				0.2786**
${S e c t o r S p e c S}_{i k t}$		(0.4354)				(0.5442)		(0.1135)				(0.1324)
${F o u n d e r S p e c}_{i k t}$			−0.1454			−0.1062			0.1015			0.1178
${F o u n d e r S p e c}_{i k t}$			(0.4135)			(0.4166)			(0.1757)			(0.1827)
${B a c k g r o u n d s}_{i k t}$			0.1192			0.1215			−0.0237			−0.0187
${B a c k g r o u n d s}_{i k t}$			(0.1071)			(0.1046)			(0.0213)			(0.0212)
${R e s e a r c h e r}_{i}$				0.2810		0.2707				0.1015		0.0957
${R e s e a r c h e r}_{i}$				(0.3172)		(0.3446)				(0.0946)		(0.0924)
${R e s E x p o s u r e}_{i k}$					0.1755	0.0873					0.3606	0.3144
${R e s E x p o s u r e}_{i k}$					(0.7398)	(0.7790)					(0.2508)	(0.2588)
${S e l e c t i v i t y}_{i k t}$	0.0023	0.0026	0.0022	0.0023	0.0025	0.0018	0.0062***	0.0062***	0.0063***	0.0060***	0.0058**	0.0059***
${S e l e c t i v i t y}_{i k t}$	(0.0048)	(0.0048)	(0.0049)	(0.0048)	(0.0050)	(0.0051)	(0.0022)	(0.0022)	(0.0022)	(0.0022)	(0.0022)	(0.0021)
${l n I n c T i m e}_{i}$	−0.1113	−0.1096	−0.0912	−0.1250	−0.1104	−0.1107	−0.0695*	−0.0728*	−0.0734*	−0.0747*	−0.0708*	−0.0828**
${l n I n c T i m e}_{i}$	(0.1227)	(0.1222)	(0.1091)	(0.1285)	(0.1203)	(0.1190)	(0.0369)	(0.0360)	(0.0380)	(0.0389)	(0.0358)	(0.0379)
${l n I n c A g e}_{k}$	0.4055**	0.4041**	0.3701*	0.3987**	0.4002**	0.3671*	0.0323	0.0358	0.0404	0.0308	0.0246	0.0354
${l n I n c A g e}_{k}$	(0.1871)	(0.1901)	(0.1985)	(0.1889)	(0.1902)	(0.1986)	(0.0662)	(0.0636)	(0.0635)	(0.0657)	(0.0657)	(0.0595)
${I n c E m p}_{k}$	−0.0410*	−0.0398	−0.0460	−0.0430*	−0.0425	−0.0515*	−0.0092	−0.0090	−0.0084	−0.0106	−0.0151	−0.0149
${I n c E m p}_{k}$	(0.0241)	(0.0242)	(0.0274)	(0.0254)	(0.0255)	(0.0285)	(0.0122)	(0.0117)	(0.0122)	(0.0116)	(0.0126)	(0.0118)
${U n i v e r s i t y}_{k}$	0.3973*	0.4100*	0.3750*	0.3813*	0.3968	0.3284	−0.0391	−0.0408	−0.0308	−0.0515	−0.0675	−0.0699
${U n i v e r s i t y}_{k}$	(0.2201)	(0.2190)	(0.2141)	(0.2146)	(0.2380)	(0.2315)	(0.0792)	(0.0778)	(0.0834)	(0.0814)	(0.0792)	(0.0762)
Constant	−0.1856	−0.2716	−0.4773	−0.2202	−0.2703	−0.3874	0.2843	0.2567	0.3169	0.3224*	0.3152*	0.3297
Constant	(0.7501)	(0.6550)	(0.6126)	(0.6649)	(0.6342)	(0.7381)	(0.1833)	(0.1787)	(0.2161)	(0.1797)	(0.1759)	(0.2210)
N	730						781

	Dependent variable: ${R e v G r o w t h 5}_{i}$						Dependent variable: ${E m p G r o w t h 5}_{i}$
	(1)	(3)	(2)	(4)	(5)	(6)	(1)	(2)	(3)	(4)	(5)	(6)
${S e c t o r S p e c L}_{i k t}$	−0.1745					−0.2034	0.0403					−0.1277
${S e c t o r S p e c L}_{i k t}$	(0.4409)					(0.5343)	(0.1147)					(0.1420)
${S e c t o r S p e c S}_{i k t}$		−0.0215				0.2361		0.2218*				0.2786**
${S e c t o r S p e c S}_{i k t}$		(0.4354)				(0.5442)		(0.1135)				(0.1324)
${F o u n d e r S p e c}_{i k t}$			−0.1454			−0.1062			0.1015			0.1178
${F o u n d e r S p e c}_{i k t}$			(0.4135)			(0.4166)			(0.1757)			(0.1827)
${B a c k g r o u n d s}_{i k t}$			0.1192			0.1215			−0.0237			−0.0187
${B a c k g r o u n d s}_{i k t}$			(0.1071)			(0.1046)			(0.0213)			(0.0212)
${R e s e a r c h e r}_{i}$				0.2810		0.2707				0.1015		0.0957
${R e s e a r c h e r}_{i}$				(0.3172)		(0.3446)				(0.0946)		(0.0924)
${R e s E x p o s u r e}_{i k}$					0.1755	0.0873					0.3606	0.3144
${R e s E x p o s u r e}_{i k}$					(0.7398)	(0.7790)					(0.2508)	(0.2588)
${S e l e c t i v i t y}_{i k t}$	0.0023	0.0026	0.0022	0.0023	0.0025	0.0018	0.0062***	0.0062***	0.0063***	0.0060***	0.0058**	0.0059***
${S e l e c t i v i t y}_{i k t}$	(0.0048)	(0.0048)	(0.0049)	(0.0048)	(0.0050)	(0.0051)	(0.0022)	(0.0022)	(0.0022)	(0.0022)	(0.0022)	(0.0021)
${l n I n c T i m e}_{i}$	−0.1113	−0.1096	−0.0912	−0.1250	−0.1104	−0.1107	−0.0695*	−0.0728*	−0.0734*	−0.0747*	−0.0708*	−0.0828**
${l n I n c T i m e}_{i}$	(0.1227)	(0.1222)	(0.1091)	(0.1285)	(0.1203)	(0.1190)	(0.0369)	(0.0360)	(0.0380)	(0.0389)	(0.0358)	(0.0379)
${l n I n c A g e}_{k}$	0.4055**	0.4041**	0.3701*	0.3987**	0.4002**	0.3671*	0.0323	0.0358	0.0404	0.0308	0.0246	0.0354
${l n I n c A g e}_{k}$	(0.1871)	(0.1901)	(0.1985)	(0.1889)	(0.1902)	(0.1986)	(0.0662)	(0.0636)	(0.0635)	(0.0657)	(0.0657)	(0.0595)
${I n c E m p}_{k}$	−0.0410*	−0.0398	−0.0460	−0.0430*	−0.0425	−0.0515*	−0.0092	−0.0090	−0.0084	−0.0106	−0.0151	−0.0149
${I n c E m p}_{k}$	(0.0241)	(0.0242)	(0.0274)	(0.0254)	(0.0255)	(0.0285)	(0.0122)	(0.0117)	(0.0122)	(0.0116)	(0.0126)	(0.0118)
${U n i v e r s i t y}_{k}$	0.3973*	0.4100*	0.3750*	0.3813*	0.3968	0.3284	−0.0391	−0.0408	−0.0308	−0.0515	−0.0675	−0.0699
${U n i v e r s i t y}_{k}$	(0.2201)	(0.2190)	(0.2141)	(0.2146)	(0.2380)	(0.2315)	(0.0792)	(0.0778)	(0.0834)	(0.0814)	(0.0792)	(0.0762)
Constant	−0.1856	−0.2716	−0.4773	−0.2202	−0.2703	−0.3874	0.2843	0.2567	0.3169	0.3224*	0.3152*	0.3297
Constant	(0.7501)	(0.6550)	(0.6126)	(0.6649)	(0.6342)	(0.7381)	(0.1833)	(0.1787)	(0.2161)	(0.1797)	(0.1759)	(0.2210)
N	730						781

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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