Variable definitions
| Dependent variables | |
| ln_sales | Natural logarithm of sales in a firm in a year after adjusting for inflation |
| ln_profit | Natural logarithm of profit before taxation in a firm in a year after adjusting for inflation |
| ln_intangible_assets | Natural logarithm of intangible assets in a firm in a year after adjusting for inflation |
| ln_fixed_assets | Natural logarithm of fixed assets in a firm in a year after adjusting for inflation |
| ln_employees | Natural logarithm of number of employees in a firm in a year |
| ln_liabilities | Natural logarithm of liabilities in a firm in a year after adjusting for inflation |
| Independent variables | |
| Mixed syndication | Dummy variable set to 1 when firms accept the mixed syndication between GVCs and PVCs investment in the first round (and zero otherwise) |
| PVC | Dummy variable set to 1 when firms accept all remaining PVC investments that are not mixed syndication investments in the first round (and zero otherwise) |
| Control variables | |
| ln_age | Natural logarithm of age of a firm in a year |
| ln_asset | Natural logarithm of number of assets in a firm in a year after adjusting for inflation |
| North | A dummy variable equal to 1 if a firm's headquarters is in the northern capital city area in Estonia in a year (and zero otherwise) |
| ln_real GDP growth rate | Natural logarithm of real GDP growth rate in a year |
| ln_total domestic PE investment | Natural total domestic PE investment in a year after adjusting for inflation (base year 2015) |
| Agriculture, forestry and mining | A dummy variable equal to 1 if a firm's industry is agriculture, forestry, mining in a year (and zero otherwise) |
| Arts, entertainment | A dummy variable equal to 1 if a firm's industry is arts, entertainment in a year (and zero otherwise) |
| Construction | A dummy variable equal to 1 if a firm's industry is construction in a year (and zero otherwise) |
| Education | A dummy variable equal to 1 if a firm's industry is education in a year (and zero otherwise) |
| Electricity, gas and water supply | A dummy variable equal to 1 if a firm's industry is electricity, gas, water supply in a year (and zero otherwise) |
| Finance and insurance | A dummy variable equal to 1 if a firm's industry is finance and insurance in a year (and zero otherwise) |
| Health and social work | A dummy variable equal to 1 if a firm's industry is health and social work in a year (and zero otherwise) |
| Hotels and restaurants | A dummy variable equal to 1 if a firm's industry is hotels, restaurants in a year (and zero otherwise) |
| ICT | A dummy variable equal to 1 if a firm's industry is ICT in a year (and zero otherwise) |
| Liberal professions | A dummy variable equal to 1 if a firm's industry is liberal professions in a year (and zero otherwise) |
| Manufacturing | A dummy variable equal to 1 if a firm's industry is manufacturing in a year (and zero otherwise) |
| Other services | A dummy variable equal to 1 if a firm's industry is other services in a year (and zero otherwise) |
| Public administration | A dummy variable equal to 1 if a firm's industry is public administration in a year (and zero otherwise) |
| Real estate | A dummy variable equal to 1 if a firm's industry is real estate in a year (and zero otherwise) |
| Transportation | A dummy variable equal to 1 if a firm's industry is transportation in a year (and zero otherwise) |
| Wholesale | A dummy variable equal to 1 if a firm's industry is wholesale in a year (and zero otherwise) |
| ln_sales | Natural logarithm of sales in a firm in a year after adjusting for inflation |
| ln_profit | Natural logarithm of profit before taxation in a firm in a year after adjusting for inflation |
| ln_intangible_assets | Natural logarithm of intangible assets in a firm in a year after adjusting for inflation |
| ln_fixed_assets | Natural logarithm of fixed assets in a firm in a year after adjusting for inflation |
| ln_employees | Natural logarithm of number of employees in a firm in a year |
| ln_liabilities | Natural logarithm of liabilities in a firm in a year after adjusting for inflation |
| Mixed syndication | Dummy variable set to 1 when firms accept the mixed syndication between GVCs and PVCs investment in the first round (and zero otherwise) |
| PVC | Dummy variable set to 1 when firms accept all remaining PVC investments that are not mixed syndication investments in the first round (and zero otherwise) |
| ln_age | Natural logarithm of age of a firm in a year |
| ln_asset | Natural logarithm of number of assets in a firm in a year after adjusting for inflation |
| North | A dummy variable equal to 1 if a firm's headquarters is in the northern capital city area in Estonia in a year (and zero otherwise) |
| ln_real GDP growth rate | Natural logarithm of real GDP growth rate in a year |
| ln_total domestic PE investment | Natural total domestic PE investment in a year after adjusting for inflation (base year 2015) |
| Agriculture, forestry and mining | A dummy variable equal to 1 if a firm's industry is agriculture, forestry, mining in a year (and zero otherwise) |
| Arts, entertainment | A dummy variable equal to 1 if a firm's industry is arts, entertainment in a year (and zero otherwise) |
| Construction | A dummy variable equal to 1 if a firm's industry is construction in a year (and zero otherwise) |
| Education | A dummy variable equal to 1 if a firm's industry is education in a year (and zero otherwise) |
| Electricity, gas and water supply | A dummy variable equal to 1 if a firm's industry is electricity, gas, water supply in a year (and zero otherwise) |
| Finance and insurance | A dummy variable equal to 1 if a firm's industry is finance and insurance in a year (and zero otherwise) |
| Health and social work | A dummy variable equal to 1 if a firm's industry is health and social work in a year (and zero otherwise) |
| Hotels and restaurants | A dummy variable equal to 1 if a firm's industry is hotels, restaurants in a year (and zero otherwise) |
| ICT | A dummy variable equal to 1 if a firm's industry is ICT in a year (and zero otherwise) |
| Liberal professions | A dummy variable equal to 1 if a firm's industry is liberal professions in a year (and zero otherwise) |
| Manufacturing | A dummy variable equal to 1 if a firm's industry is manufacturing in a year (and zero otherwise) |
| Other services | A dummy variable equal to 1 if a firm's industry is other services in a year (and zero otherwise) |
| Public administration | A dummy variable equal to 1 if a firm's industry is public administration in a year (and zero otherwise) |
| Real estate | A dummy variable equal to 1 if a firm's industry is real estate in a year (and zero otherwise) |
| Transportation | A dummy variable equal to 1 if a firm's industry is transportation in a year (and zero otherwise) |
| Wholesale | A dummy variable equal to 1 if a firm's industry is wholesale in a year (and zero otherwise) |
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