Table II Regression analysis:...

Table II

Regression analysis: determinants of new venture growth

	Model 1		Model 2		Model 3		Model 4		Model 5
	Coeff.	SE	Coeff.	SE	Coeff.	SE	Coeff.	SE	Coeff.	SE
Control variables
Constant	127.289****	75.587	123.570	76.758	106.777	75.848	103.922	77.022	249.949**	88.291
State fixed effects		Yes		Yes		Yes		Yes		Yes
Industry fixed effects		Yes		Yes		Yes		Yes		Yes
Year fixed effects		Yes		Yes		Yes		Yes		Yes
Gender	−20.048	15.242	−10.521	15.347	−16.402	15.281	−7.207	15.383	−7.901	15.385
Age	−10.327	18.362	−38.757*	18.965	−14.236	18.399	−42.108*	18.992	−43.679*	19.008
Intellectual properties	−0.084	7.282	−6.232	7.348	−0.525	7.281	−6.601	7.346	−7.966	7.350
Market competition
1. Total current employees in the local industry	0.000****	0.000	0.000****	0.000	0.000*	0.000	0.000****	0.000	0.000****	0.000
2. Total current establishments in the local industry	−0.002**	0.001	−0.002**	0.001	−0.002**	0.001	−0.002**	0.001	−0.002**	0.001
Initial external equity	46.315*	19.953	38.414****	19.956	40.134*	20.045	32.635	20.046	29.669	20.052
Independent variables
Education			16.839**	5.645			16.770**	5.643	−16.068	12.826
Industry experience			10.756****	5.740			10.502****	5.739	−0.171	12.687
Startup experience			50.264***	9.224			49.698***	9.223	7.132	21.240
Founding assets					6.331**	2.040	6.009**	2.038	−19.422*	7.527
Interactions
Founding assets × Education									5.842**	2.023
Founding assets × Industry experience									2.070	2.014
Founding assets × Startup experience									7.383*	3.284
R²	0.042		0.045		0.043		0.046		0.047
F	3.782***		4.022***		3.826***		4.057***		4.092***

	Model 1		Model 2		Model 3		Model 4		Model 5
	Coeff.	SE	Coeff.	SE	Coeff.	SE	Coeff.	SE	Coeff.	SE
Control variables
Constant	127.289****	75.587	123.570	76.758	106.777	75.848	103.922	77.022	249.949**	88.291
State fixed effects		Yes		Yes		Yes		Yes		Yes
Industry fixed effects		Yes		Yes		Yes		Yes		Yes
Year fixed effects		Yes		Yes		Yes		Yes		Yes
Gender	−20.048	15.242	−10.521	15.347	−16.402	15.281	−7.207	15.383	−7.901	15.385
Age	−10.327	18.362	−38.757*	18.965	−14.236	18.399	−42.108*	18.992	−43.679*	19.008
Intellectual properties	−0.084	7.282	−6.232	7.348	−0.525	7.281	−6.601	7.346	−7.966	7.350
Market competition
1. Total current employees in the local industry	0.000****	0.000	0.000****	0.000	0.000*	0.000	0.000****	0.000	0.000****	0.000
2. Total current establishments in the local industry	−0.002**	0.001	−0.002**	0.001	−0.002**	0.001	−0.002**	0.001	−0.002**	0.001
Initial external equity	46.315*	19.953	38.414****	19.956	40.134*	20.045	32.635	20.046	29.669	20.052
Independent variables
Education			16.839**	5.645			16.770**	5.643	−16.068	12.826
Industry experience			10.756****	5.740			10.502****	5.739	−0.171	12.687
Startup experience			50.264***	9.224			49.698***	9.223	7.132	21.240
Founding assets					6.331**	2.040	6.009**	2.038	−19.422*	7.527
Interactions
Founding assets × Education									5.842**	2.023
Founding assets × Industry experience									2.070	2.014
Founding assets × Startup experience									7.383*	3.284
R²	0.042		0.045		0.043		0.046		0.047
F	3.782***		4.022***		3.826***		4.057***		4.092***

Notes: n=12,180 The analysis takes into account sampling weights. *p<0.05; **p<0.01; ***p<0.001; ****p<0.1

Sharing Unavailable