Table 5. OLS Regressions. The dependent...

Table 5.

OLS Regressions. The dependent variable is exit_value, that is, the logarithm of the IPO price of the shares multiplied by the total number of shares outstanding before the IPO or, in case of M&A, the logarithm of total equity Capital valuation related to the price of the acquisition

	Model (1)		Model (2)
Variables	Coefficient	p-value	Coefficient	p-value
IPO	1.74	0.000***	–	–
Deal_stake	–	–	−1.605	0.000***
BA	1.093	0.008**	–	–
N_investors	0.001	0.943	–	–
N_privateVC	–	–	0.029	0.064*
N_GVC	–	–	−0.065	0.421
Avg_years_study	0.102	0.000***	0.086	0.001***
Avg_years_work	−0.028	0.114	−0.033	0.051*
Women	0.710	0.192	1.031	0.074*
Assets	0.894	0.000***	0.821	0.000***
Net_profit	1.99e⁻⁰⁶	0.496	1.26e⁻⁰⁶	0.640
Firm_age	−0.601	0.016**	−0.497	0.033**
France	0.049	0.929	−0.421	0.408
Germany	−0.914	0.161	−1.113	0.070*
Northern_Europe	−0.787	0.218	−0.935	0.115
Other	1.041	0.107	0.576	0.329
Southern_Europe	−0.920	0.210	−0.875	0.200
UK	0.350	0.551	0.287	0.601
Manufacturing	−0.265	0.264	−0.468	0.036**
Prob_Exit	−0.052	0.932	0.412	0.481
Constant	3.340	0.052*	3.712	0.019**
Observations	107		107
R²	79.15%		81.94%
R² (adjusted)	75.17%		78.49%
F-test	19.88	0.000***	23.75	0.000***

	Model (1)		Model (2)
Variables	Coefficient	p-value	Coefficient	p-value
IPO	1.74	0.000***	–	–
Deal_stake	–	–	−1.605	0.000***
BA	1.093	0.008**	–	–
N_investors	0.001	0.943	–	–
N_privateVC	–	–	0.029	0.064*
N_GVC	–	–	−0.065	0.421
Avg_years_study	0.102	0.000***	0.086	0.001***
Avg_years_work	−0.028	0.114	−0.033	0.051*
Women	0.710	0.192	1.031	0.074*
Assets	0.894	0.000***	0.821	0.000***
Net_profit	1.99e⁻⁰⁶	0.496	1.26e⁻⁰⁶	0.640
Firm_age	−0.601	0.016**	−0.497	0.033**
France	0.049	0.929	−0.421	0.408
Germany	−0.914	0.161	−1.113	0.070*
Northern_Europe	−0.787	0.218	−0.935	0.115
Other	1.041	0.107	0.576	0.329
Southern_Europe	−0.920	0.210	−0.875	0.200
UK	0.350	0.551	0.287	0.601
Manufacturing	−0.265	0.264	−0.468	0.036**
Prob_Exit	−0.052	0.932	0.412	0.481
Constant	3.340	0.052*	3.712	0.019**
Observations	107		107
R²	79.15%		81.94%
R² (adjusted)	75.17%		78.49%
F-test	19.88	0.000***	23.75	0.000***

Notes:

*p-value < 10%, **p-value < 5%, ***p-value < 1%

[ViewLarge]

Sharing Unavailable