Table 6 Regression results, baseline...

Table 6

Regression results, baseline models

Regressor	Model 1	Model 2	Model 3	Model 4
famDum	0.171**
famDum	(0.071)
cumulFamNbr		0.106**	0.091	0.084
cumulFamNbr		(0.043)	(0.072)	(0.073)
Complexity measures
inventorsNbr			−0.013	−0.015
inventorsNbr			(0.043)	(0.043)
techScope			−0.038	−0.034
techScope			(0.073)	(0.073)
bwdPatCitsNbr			0.001	−0.001
bwdPatCitsNbr			(0.003)	(0.004)
bwdPubCitsPerc			−0.262	−0.243
bwdPubCitsPerc			(0.397)	(0.399)
Quality measures
assigneesNbr			0.179**	0.181**
assigneesNbr			(0.083)	(0.082)
geoScope			0.039	0.034
geoScope			(0.024)	(0.024)
weiFwdCitsNbr				0.086*
weiFwdCitsNbr				(0.052)
Control variables
pastFinAmt	0.009***	0.009***	0.011***	0.011***
pastFinAmt	(0.003)	(0.003)	(0.002)	(0.002)
firmAgeAtDeal	0.011	0.009	−0.015	−0.015
firmAgeAtDeal	(0.012)	(0.012)	(0.017)	(0.017)
Time, sector, geo dummies	Yes	Yes	Yes	Yes
Round dummies	Yes	Yes	Yes	Yes
Constant	−1.283	−3.863	60.641*	52.262
Constant	(27.055)	(26.903)	(36.383)	(36.520)
Observations	1,988	1,988	726	726
R-squared	0.485	0.486	0.421	0.423
Adjusted R-squared	0.478	0.479	0.396	0.397

Regressor	Model 1	Model 2	Model 3	Model 4
famDum	0.171**
famDum	(0.071)
cumulFamNbr		0.106**	0.091	0.084
cumulFamNbr		(0.043)	(0.072)	(0.073)
Complexity measures
inventorsNbr			−0.013	−0.015
inventorsNbr			(0.043)	(0.043)
techScope			−0.038	−0.034
techScope			(0.073)	(0.073)
bwdPatCitsNbr			0.001	−0.001
bwdPatCitsNbr			(0.003)	(0.004)
bwdPubCitsPerc			−0.262	−0.243
bwdPubCitsPerc			(0.397)	(0.399)
Quality measures
assigneesNbr			0.179**	0.181**
assigneesNbr			(0.083)	(0.082)
geoScope			0.039	0.034
geoScope			(0.024)	(0.024)
weiFwdCitsNbr				0.086*
weiFwdCitsNbr				(0.052)
Control variables
pastFinAmt	0.009***	0.009***	0.011***	0.011***
pastFinAmt	(0.003)	(0.003)	(0.002)	(0.002)
firmAgeAtDeal	0.011	0.009	−0.015	−0.015
firmAgeAtDeal	(0.012)	(0.012)	(0.017)	(0.017)
Time, sector, geo dummies	Yes	Yes	Yes	Yes
Round dummies	Yes	Yes	Yes	Yes
Constant	−1.283	−3.863	60.641*	52.262
Constant	(27.055)	(26.903)	(36.383)	(36.520)
Observations	1,988	1,988	726	726
R-squared	0.485	0.486	0.421	0.423
Adjusted R-squared	0.478	0.479	0.396	0.397

Note(s): The dependent variable is the logarithm of the financed amount. Robust standard errors are shown in parentheses. Models 1 and 2 are tested on the full sample of companies. Models 3 and 4 are tested on the subsample of companies with at least one patent. The significance levels are represented by ∗∗∗ as 1%, ∗∗ as 5%, and ∗ as 10%

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