Table A1 Results of the Tobit model with...

Table A1

Results of the Tobit model with left censoring

Regressor	Model 1	Model 2	Model 3	Model 4
famDum	0.171**
famDum	(0.070)
cumulFamNbr		0.107**	0.091	0.084
cumulFamNbr		(0.042)	(0.071)	(0.071)
Complexity measures
inventorsNbr			−0.013	−0.015
inventorsNbr			(0.042)	(0.042)
techScope			−0.038	−0.034
techScope			(0.072)	(0.072)
bwdPatCitsNbr			0.001	−0.001
bwdPatCitsNbr			(0.003)	(0.004)
bwdPubCitsPerc			−0.262	−0.243
bwdPubCitsPerc			(0.389)	(0.390)
Quality measures
assigneesNbr			0.179**	0.181**
assigneesNbr			(0.081)	(0.080)
geoScope			0.039*	0.034
geoScope			(0.023)	(0.023)
weiFwdCitsNbr				0.086*
weiFwdCitsNbr				(0.051)
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	−1.434	−4.001	60.405*	52.129
Constant	(26.900)	(26.746)	(35.620)	(35.716)
Sigma	1.010***	1.009***	0.944***	0.942***
Sigma	(0.025)	(0.025)	(0.040)	(0.040)
Observations	1,988	1,988	726	726
Log-pseudolikelihood	−2,843	−2,841	−988.1	−987
Pseudo R-squared	0.188	0.189	0.167	0.168

Regressor	Model 1	Model 2	Model 3	Model 4
famDum	0.171**
famDum	(0.070)
cumulFamNbr		0.107**	0.091	0.084
cumulFamNbr		(0.042)	(0.071)	(0.071)
Complexity measures
inventorsNbr			−0.013	−0.015
inventorsNbr			(0.042)	(0.042)
techScope			−0.038	−0.034
techScope			(0.072)	(0.072)
bwdPatCitsNbr			0.001	−0.001
bwdPatCitsNbr			(0.003)	(0.004)
bwdPubCitsPerc			−0.262	−0.243
bwdPubCitsPerc			(0.389)	(0.390)
Quality measures
assigneesNbr			0.179**	0.181**
assigneesNbr			(0.081)	(0.080)
geoScope			0.039*	0.034
geoScope			(0.023)	(0.023)
weiFwdCitsNbr				0.086*
weiFwdCitsNbr				(0.051)
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	−1.434	−4.001	60.405*	52.129
Constant	(26.900)	(26.746)	(35.620)	(35.716)
Sigma	1.010***	1.009***	0.944***	0.942***
Sigma	(0.025)	(0.025)	(0.040)	(0.040)
Observations	1,988	1,988	726	726
Log-pseudolikelihood	−2,843	−2,841	−988.1	−987
Pseudo R-squared	0.188	0.189	0.167	0.168

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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