Table A3 Regression results, robustness...

Table A3

Regression results, robustness tests on subsamples excluding the most frequent country and the sectors

Regressor	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
	Excl. UK firms			Excl. Internet and Software, Mobile
famDum	0.203**			−0.186
famDum	(0.088)			(0.144)
cumulFamNbr		0.122**	0.094		−0.098	0.076
cumulFamNbr		(0.049)	(0.070)		(0.099)	(0.368)
Complexity measures
inventorsNbr			0.000			−0.062
inventorsNbr			(0.046)			(0.119)
techScope			−0.139			0.216
techScope			(0.089)			(0.247)
bwdPatCitNbr			−0.014**			−0.010
bwdPatCitNbr			(0.006)			(0.024)
bwdPubCitsPerc			−0.160			−0.537
bwdPubCitsPerc			(0.409)			(1.053)
Quality measures
assigneesNbr			0.194**			0.749*
assigneesNbr			(0.089)			(0.431)
geoScope			0.036			0.169
geoScope			(0.030)			(0.139)
weiFwdCitsNbr			0.205***			−0.104
weiFwdCitsNbr			(0.065)			(0.183)
Controls
pastFinAmt	0.008***	0.007***	0.010***	0.012***	0.012***	0.065***
pastFinAmt	(0.003)	(0.003)	(0.002)	(0.004)	(0.004)	(0.024)
firmAgeAtDeal	0.005	0.004	−0.016	0.008	0.009	−0.040
firmAgeAtDeal	(0.014)	(0.014)	(0.020)	(0.032)	(0.032)	(0.080)
Time, sector, geo dummies	Yes	Yes	Yes	Yes	Yes	Yes
Round dummies	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−10.893	−11.188	41.544	−161.386**	−161.972**	−74.889
Constant	(33.803)	(33.818)	(44.588)	(69.581)	(70.428)	(246.990)
Observations	1,286	1,286	458	276	276	61
R-squared	0.502	0.503	0.452	0.634	0.633	0.691
Adjusted R-squared	0.491	0.492	0.412	0.606	0.605	0.513

Regressor	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
	Excl. UK firms			Excl. Internet and Software, Mobile
famDum	0.203**			−0.186
famDum	(0.088)			(0.144)
cumulFamNbr		0.122**	0.094		−0.098	0.076
cumulFamNbr		(0.049)	(0.070)		(0.099)	(0.368)
Complexity measures
inventorsNbr			0.000			−0.062
inventorsNbr			(0.046)			(0.119)
techScope			−0.139			0.216
techScope			(0.089)			(0.247)
bwdPatCitNbr			−0.014**			−0.010
bwdPatCitNbr			(0.006)			(0.024)
bwdPubCitsPerc			−0.160			−0.537
bwdPubCitsPerc			(0.409)			(1.053)
Quality measures
assigneesNbr			0.194**			0.749*
assigneesNbr			(0.089)			(0.431)
geoScope			0.036			0.169
geoScope			(0.030)			(0.139)
weiFwdCitsNbr			0.205***			−0.104
weiFwdCitsNbr			(0.065)			(0.183)
Controls
pastFinAmt	0.008***	0.007***	0.010***	0.012***	0.012***	0.065***
pastFinAmt	(0.003)	(0.003)	(0.002)	(0.004)	(0.004)	(0.024)
firmAgeAtDeal	0.005	0.004	−0.016	0.008	0.009	−0.040
firmAgeAtDeal	(0.014)	(0.014)	(0.020)	(0.032)	(0.032)	(0.080)
Time, sector, geo dummies	Yes	Yes	Yes	Yes	Yes	Yes
Round dummies	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−10.893	−11.188	41.544	−161.386**	−161.972**	−74.889
Constant	(33.803)	(33.818)	(44.588)	(69.581)	(70.428)	(246.990)
Observations	1,286	1,286	458	276	276	61
R-squared	0.502	0.503	0.452	0.634	0.633	0.691
Adjusted R-squared	0.491	0.492	0.412	0.606	0.605	0.513

Note(s): The dependent variable is the logarithm of the financed amount. Robust standard errors are shown in parentheses. Models 1 to 3 analyze the subsample that exclude the most frequent country (United Kingdom). Models 4 to 6 focus on the sub-sample of low appropriability sectors and exclude the two most frequent sectors (“Internet”, “Software and Mobile”). The significance levels are represented by ∗∗∗ as 1%, ∗∗ as 5%, and ∗ as 10%

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