Table 8 Regression results, subsamples...

Table 8

Regression results, subsamples of VC financing rounds

Regressor	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9
Sample	Seed			A-series			Later stage
famDum	0.218			0.131			0.180
famDum	(0.170)			(0.084)			(0.117)
cumulFamNbr		−0.010	−0.220		0.100	0.121		0.178***	0.189***
cumulFamNbr		(0.132)	(0.217)		(0.071)	(0.141)		(0.054)	(0.064)
Complexity measures
inventorsNbr			−0.041			0.006			−0.007
inventorsNbr			(0.118)			(0.058)			(0.046)
techScope			−0.067			0.186*			−0.149*
techScope			(0.165)			(0.102)			(0.086)
bwdPatCitsNbr			−0.008			0.003			−0.016**
bwdPatCitsNbr			(0.020)			(0.003)			(0.007)
bwdPubCitsPerc			−1.964*			0.223			−0.235
bwdPubCitsPerc			(1.153)			(0.566)			(0.647)
Quality measures
assigneesNbr			−0.022			0.509***			0.161**
assigneesNbr			(0.225)			(0.177)			(0.077)
geoScope			0.120*			−0.025			0.083***
geoScope			(0.068)			(0.036)			(0.029)
weiFwdCitsNbr			−0.186			0.083			0.149**
weiFwdCitsNbr			(0.483)			(0.066)			(0.074)
Control variables
pastFinAmt				0.017***	0.015**	0.006	0.010***	0.009***	0.011***
pastFinAmt				(0.006)	(0.006)	(0.009)	(0.003)	(0.003)	(0.002)
firmAgeAtDeal	0.014	0.017	−0.009	0.017	0.015	−0.033	0.020	0.007	−0.005
firmAgeAtDeal	(0.027)	(0.027)	(0.049)	(0.014)	(0.014)	(0.027)	(0.017)	(0.017)	(0.022)
Time, sector, geo dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−77.277	−75.921	99.921	0.686	−0.657	45.317	49.662	26.961	22.039
Constant	(73.417)	(73.934)	(145.111)	(33.584)	(33.523)	(55.728)	(39.153)	(38.632)	(48.028)
Observations	445	445	82	793	793	271	755	755	374
R-squared	0.104	0.101	0.242	0.049	0.050	0.172	0.127	0.143	0.245
Adjusted R-squared	0.060	0.056	−0.059	0.020	0.022	0.087	0.102	0.119	0.191

Regressor	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9
Sample	Seed			A-series			Later stage
famDum	0.218			0.131			0.180
famDum	(0.170)			(0.084)			(0.117)
cumulFamNbr		−0.010	−0.220		0.100	0.121		0.178***	0.189***
cumulFamNbr		(0.132)	(0.217)		(0.071)	(0.141)		(0.054)	(0.064)
Complexity measures
inventorsNbr			−0.041			0.006			−0.007
inventorsNbr			(0.118)			(0.058)			(0.046)
techScope			−0.067			0.186*			−0.149*
techScope			(0.165)			(0.102)			(0.086)
bwdPatCitsNbr			−0.008			0.003			−0.016**
bwdPatCitsNbr			(0.020)			(0.003)			(0.007)
bwdPubCitsPerc			−1.964*			0.223			−0.235
bwdPubCitsPerc			(1.153)			(0.566)			(0.647)
Quality measures
assigneesNbr			−0.022			0.509***			0.161**
assigneesNbr			(0.225)			(0.177)			(0.077)
geoScope			0.120*			−0.025			0.083***
geoScope			(0.068)			(0.036)			(0.029)
weiFwdCitsNbr			−0.186			0.083			0.149**
weiFwdCitsNbr			(0.483)			(0.066)			(0.074)
Control variables
pastFinAmt				0.017***	0.015**	0.006	0.010***	0.009***	0.011***
pastFinAmt				(0.006)	(0.006)	(0.009)	(0.003)	(0.003)	(0.002)
firmAgeAtDeal	0.014	0.017	−0.009	0.017	0.015	−0.033	0.020	0.007	−0.005
firmAgeAtDeal	(0.027)	(0.027)	(0.049)	(0.014)	(0.014)	(0.027)	(0.017)	(0.017)	(0.022)
Time, sector, geo dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−77.277	−75.921	99.921	0.686	−0.657	45.317	49.662	26.961	22.039
Constant	(73.417)	(73.934)	(145.111)	(33.584)	(33.523)	(55.728)	(39.153)	(38.632)	(48.028)
Observations	445	445	82	793	793	271	755	755	374
R-squared	0.104	0.101	0.242	0.049	0.050	0.172	0.127	0.143	0.245
Adjusted R-squared	0.060	0.056	−0.059	0.020	0.022	0.087	0.102	0.119	0.191

Note(s): The dependent variable is the logarithm of the financed amount. Robust standard errors are shown in parentheses. Models from 1 to 3 are tested on the subsample of seed transactions, Models from 4 to 6 on the sub-sample of the A-series rounds, Models from 7 to 9 on the subsample of later stage transactions. Models 3, 6, and 9 are tested on the subsample of companies owning at least one patent. The significance levels are represented by ∗∗∗ as 1%, ∗∗ as 5%, and ∗ as 10%

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