Table 6. 2SLS Regression to control for...

Table 6.

2SLS Regression to control for the endogeneity of the IPO variable. The dependent variable is exit_value. Only the second stage of the regressions is reported. IPO_momentum has been used as instrumental variable for IPO

	(1)
Variables	Coefficient	p-value
IPO	2.19	0.005***
BA	1.08	0.009**
N_investors	0.006	0.674
Avg_years_study	0.101	0.001***
Avg_years_work	−0.030	0.073*
Women	0.834	0.158
Assets	0.917	0.000***
Net_profit	4.59e⁻⁰⁹	0.999
Firm_age	−0.587	0.031**
France	−0.098	0.860
Germany	−0.635	0.368
Northern_Europe	−0.786	0.195
Other	1.02	0.096*
Southern_Europe	−0.800	0.273
UK	0.444	0.458
Manufacturing	−0.332	0.172
Prob_Exit	0.288	0.688
Constant	2.595	0.178
Observations	99
R²	77.90%
R² (adjusted)	–
F-test	–	0.000***

	(1)
Variables	Coefficient	p-value
IPO	2.19	0.005***
BA	1.08	0.009**
N_investors	0.006	0.674
Avg_years_study	0.101	0.001***
Avg_years_work	−0.030	0.073*
Women	0.834	0.158
Assets	0.917	0.000***
Net_profit	4.59e⁻⁰⁹	0.999
Firm_age	−0.587	0.031**
France	−0.098	0.860
Germany	−0.635	0.368
Northern_Europe	−0.786	0.195
Other	1.02	0.096*
Southern_Europe	−0.800	0.273
UK	0.444	0.458
Manufacturing	−0.332	0.172
Prob_Exit	0.288	0.688
Constant	2.595	0.178
Observations	99
R²	77.90%
R² (adjusted)	–
F-test	–	0.000***

Notes:

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

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