Table 7 Regression results, subsamples...

Table 7

Regression results, subsamples of sectors with high and low patent intensity

Regressor	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
	Low appropriability sectors			High appropriability sectors
famDum	0.085			0.395***
famDum	(0.081)			(0.136)
cumulFamNbr		0.034	−0.063		0.249***	0.258***
cumulFamNbr		(0.054)	(0.100)		(0.059)	(0.098)
Complexity measures
inventorsNbr			−0.001			−0.058
inventorsNbr			(0.044)			(0.064)
techScope			0.094			−0.077
techScope			(0.094)			(0.083)
bwdPatCitNbr			−0.007			0.000
bwdPatCitNbr			(0.009)			(0.004)
bwdPubCitsPerc			−0.287			−0.549
bwdPubCitsPerc			(0.445)			(0.916)
Quality measures
assigneesNbr			0.143**			0.295
assigneesNbr			(0.072)			(0.224)
geoScope			0.041			0.052
geoScope			(0.035)			(0.032)
weiFwdCitsNbr			0.116			0.052
weiFwdCitsNbr			(0.076)			(0.116)
Control variables
pastFinAmt	0.009**	0.009**	0.014***	0.010***	0.008***	0.007***
pastFinAmt	(0.004)	(0.004)	(0.002)	(0.003)	(0.003)	(0.002)
firmAgeAtDeal	0.023*	0.024*	0.020	−0.021	−0.029	−0.051**
firmAgeAtDeal	(0.014)	(0.014)	(0.024)	(0.022)	(0.021)	(0.023)
Time, sector, geo dummies	Yes	Yes	Yes	Yes	Yes	Yes
Round dummies	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−21.095	−19.569	12.934	61.928	50.906	93.973
Constant	(31.047)	(31.615)	(50.430)	(54.460)	(51.727)	(60.221)
Observations	1,988	1,988	355	490	490	371
R-squared	0.485	0.486	0.501	0.374	0.394	0.388
Adjusted R-squared	0.478	0.479	0.463	0.352	0.372	0.347

Regressor	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
	Low appropriability sectors			High appropriability sectors
famDum	0.085			0.395***
famDum	(0.081)			(0.136)
cumulFamNbr		0.034	−0.063		0.249***	0.258***
cumulFamNbr		(0.054)	(0.100)		(0.059)	(0.098)
Complexity measures
inventorsNbr			−0.001			−0.058
inventorsNbr			(0.044)			(0.064)
techScope			0.094			−0.077
techScope			(0.094)			(0.083)
bwdPatCitNbr			−0.007			0.000
bwdPatCitNbr			(0.009)			(0.004)
bwdPubCitsPerc			−0.287			−0.549
bwdPubCitsPerc			(0.445)			(0.916)
Quality measures
assigneesNbr			0.143**			0.295
assigneesNbr			(0.072)			(0.224)
geoScope			0.041			0.052
geoScope			(0.035)			(0.032)
weiFwdCitsNbr			0.116			0.052
weiFwdCitsNbr			(0.076)			(0.116)
Control variables
pastFinAmt	0.009**	0.009**	0.014***	0.010***	0.008***	0.007***
pastFinAmt	(0.004)	(0.004)	(0.002)	(0.003)	(0.003)	(0.002)
firmAgeAtDeal	0.023*	0.024*	0.020	−0.021	−0.029	−0.051**
firmAgeAtDeal	(0.014)	(0.014)	(0.024)	(0.022)	(0.021)	(0.023)
Time, sector, geo dummies	Yes	Yes	Yes	Yes	Yes	Yes
Round dummies	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−21.095	−19.569	12.934	61.928	50.906	93.973
Constant	(31.047)	(31.615)	(50.430)	(54.460)	(51.727)	(60.221)
Observations	1,988	1,988	355	490	490	371
R-squared	0.485	0.486	0.501	0.374	0.394	0.388
Adjusted R-squared	0.478	0.479	0.463	0.352	0.372	0.347

Note(s): The dependent variable is the logarithm of the financed amount. Robust standard errors are shown in parentheses. Models from 1 to 3 and from 4 to 6 are tested on the low and high appropriability sectors, respectively. Models 3 and 6 are tested on the sub-sample of companies holding at least one patent. The significance levels are represented by ∗∗∗ as 1%, ∗∗ as 5%, and ∗ as 10%

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