Regression results, subsamples of sectors with high and low patent intensity (sensitivity test on the exclusion of sectors near the threshold that distinguishes low and high appropriability and of the sector education)
| Regressor | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| Low appropriability sectors | High appropriability sectors | |||||
| famDum | 0.070 | 0.411*** | ||||
| (0.110) | (0.140) | |||||
| cumulFamNbr | 0.006 | −0.178 | 0.257*** | 0.258** | ||
| (0.080) | (0.126) | (0.060) | (0.100) | |||
| Complexity measures | ||||||
| inventorsNbr | 0.033 | −0.055 | ||||
| (0.060) | (0.064) | |||||
| techScope | 0.072 | −0.075 | ||||
| (0.120) | (0.083) | |||||
| bwdPatCitsNbr | −0.011 | −0.000 | ||||
| (0.014) | (0.004) | |||||
| bwdPubCitsPerc | −1.053 | −0.520 | ||||
| (0.710) | (0.916) | |||||
| Quality measures | ||||||
| assigneesNbr | 0.157 | 0.299 | ||||
| (0.183) | (0.226) | |||||
| geoScope | 0.037 | 0.051 | ||||
| (0.067) | (0.032) | |||||
| weiFwdCitsNbr | −0.028 | 0.060 | ||||
| (0.103) | (0.117) | |||||
| Control variables | ||||||
| pastFinAmt | 0.007** | 0.007** | 0.015*** | 0.011*** | 0.008*** | 0.007*** |
| (0.004) | (0.004) | (0.002) | (0.003) | (0.003) | (0.002) | |
| firmAgeAtDeal | 0.041** | 0.043** | 0.040 | −0.025 | −0.032 | −0.051** |
| (0.017) | (0.018) | (0.038) | (0.022) | (0.021) | (0.024) | |
| Time, sector, geo dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Round dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.011 | 2.260 | 84.005 | 64.560 | 54.162 | 94.453 |
| (40.296) | (40.508) | (81.465) | (54.334) | (51.493) | (60.348) | |
| Observations | 969 | 969 | 178 | 477 | 477 | 367 |
| R-squared | 0.533 | 0.533 | 0.535 | 0.374 | 0.395 | 0.385 |
| Adjusted R-squared | 0.523 | 0.523 | 0.469 | 0.354 | 0.375 | 0.346 |
| Regressor | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| Low appropriability sectors | High appropriability sectors | |||||
| 0.070 | 0.411*** | |||||
| (0.110) | (0.140) | |||||
| 0.006 | −0.178 | 0.257*** | 0.258** | |||
| (0.080) | (0.126) | (0.060) | (0.100) | |||
| 0.033 | −0.055 | |||||
| (0.060) | (0.064) | |||||
| 0.072 | −0.075 | |||||
| (0.120) | (0.083) | |||||
| −0.011 | −0.000 | |||||
| (0.014) | (0.004) | |||||
| −1.053 | −0.520 | |||||
| (0.710) | (0.916) | |||||
| 0.157 | 0.299 | |||||
| (0.183) | (0.226) | |||||
| 0.037 | 0.051 | |||||
| (0.067) | (0.032) | |||||
| −0.028 | 0.060 | |||||
| (0.103) | (0.117) | |||||
| 0.007** | 0.007** | 0.015*** | 0.011*** | 0.008*** | 0.007*** | |
| (0.004) | (0.004) | (0.002) | (0.003) | (0.003) | (0.002) | |
| 0.041** | 0.043** | 0.040 | −0.025 | −0.032 | −0.051** | |
| (0.017) | (0.018) | (0.038) | (0.022) | (0.021) | (0.024) | |
| Time, sector, geo dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Round dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.011 | 2.260 | 84.005 | 64.560 | 54.162 | 94.453 |
| (40.296) | (40.508) | (81.465) | (54.334) | (51.493) | (60.348) | |
| Observations | 969 | 969 | 178 | 477 | 477 | 367 |
| 0.533 | 0.533 | 0.535 | 0.374 | 0.395 | 0.385 | |
| Adjusted | 0.523 | 0.523 | 0.469 | 0.354 | 0.375 | 0.346 |
Note(s): The dependent variable is the logarithm of the financed amount. Robust standard errors are shown in parentheses. Models 1 to 3 and 4 to 6 are tested on the low and high appropriability sectors, respectively. Models 3 and 6 are tested on the subsample of companies holding at least one patent. The significance levels are represented by ∗∗∗ as 1%, ∗∗ as 5%, and ∗ as 10%
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