Table 2.

NBR estimations

VariablesModel 1Model 2Model 3Model 4
Openness−2.442*** (0.476)−2.901*** (0.445)−3.535*** (0.365)−3.574*** (0.359)
Breadth0.394*** (0.078)0.511*** (0.073)0.701*** (0.077)0.677*** (0.074)
Depth0.436*** (0.081)0.441*** (0.070)0.549*** (0.061)0.577*** (0.064)
Breadt2−0.153*** (0.023)−0.127*** (0.027)
Depth2−0.079*** (0.015)−0.087*** (0.016)
Betweenness−0.010*** (0.003) −0.003 (0.002)
Tuscany−0.116 (0.232)−0.127 (0.231)−0.082 (0.234)−0.088 (0.235)
Italy−0.008 (0.178)−0.009 (0.177)−0.037 (0.187)−0.034 (0.187)
Europe−0.327* (0.140)−0.352* (0.138)−0.208 (0.141)−0.225 (0.143)
University0.075 (0.731)0.237 (0.298)0.239 (0.260)0.270 (0.269)
Limited liability firms0.025 (0.269)0.058 (0.258)0.043 (0.269)0.053 (0.269)
Partnership−0.175 (0.267)−0.151 (0.252)−0.120 (0.268)−0.107 (0.267)
Constant1.452*** (0.271)1.417*** (0.261)1.415*** (0.288)1.404*** (0.285)
Lnalpha−0.892*** (0.222)−0.999*** (0.245)−1.231** (0.384)−1.238** (0.387)
Log Likelihood−709.5−701.3−684.4−684.1
Mc Fadden’s R20.1650.1740.1940.195
LR test on overdispersion1322.3***695.8***363.3***347.12***
AIC1441.01426.71394.91396.3
BIC1480.61469.81441.61446.6
VIF Mean2.252.824.515.21
VIF Max3.154.176.397.11
Obs.269269269269

Notes:

Legend: standard errors in parenthesis. Significance:

***0.001;

**0.01;

*0.05

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