Table 7. Regressions with CEM. the... | Emerald Publishing

Table 7.

Regressions with CEM. the dependent variable is exit_value

	(1)		(2)
Variables	Coefficient	p-value	Coefficient	p-value
IPO	1.491	0.000***	–	–
Deal_stake	–	–	−1.378	0.040**
BA	1.181	0.003***	–	–
N_investors	0.001	0.884	–	–
N_privateVC	–	–	0.024	0.089*
N_GVC	–	–	−0.043	0.549
Avg_years_study	0.095	0.000***	0.073	0.002***
Avg_years_work	−0.032	0.073*	−0.034	0.082*
Women	0.296	0.557	0.641	0.182
Assets	0.817	0.000***	0.728	0.000***
Net_profit	3.23e⁻⁰⁶	0.197	2.03e⁻⁰⁶	0.387
Firm_age	−0.525	0.018**	−0.430	0.040**
France	−0.053	0.917	−0.617	0.196
Germany	−1.066	0.101	−1.090	0.082*
Northern_Europe	−1.173	0.062*	−1.493	0.011**
Other	0.419	0.495	0.009	0.986
Southern_Europe	−0.905	0.155	−1.010	0.091*
UK	0.083	0.877	−0.124	0.806
Manufacturing	−0.075	0.730	−0.272	0.192
Prob_Exit	−0.612	0.251	−0.166	0.746
Constant	4.637	0.004***	5.364	0.000**
Observations	100		100
R²	81.47%		83.48%
R² (adjusted)	77.62%		80.06%
F-test	21.20	0.000***	24.38	0.000***

	(1)		(2)
Variables	Coefficient	p-value	Coefficient	p-value
IPO	1.491	0.000***	–	–
Deal_stake	–	–	−1.378	0.040**
BA	1.181	0.003***	–	–
N_investors	0.001	0.884	–	–
N_privateVC	–	–	0.024	0.089*
N_GVC	–	–	−0.043	0.549
Avg_years_study	0.095	0.000***	0.073	0.002***
Avg_years_work	−0.032	0.073*	−0.034	0.082*
Women	0.296	0.557	0.641	0.182
Assets	0.817	0.000***	0.728	0.000***
Net_profit	3.23e⁻⁰⁶	0.197	2.03e⁻⁰⁶	0.387
Firm_age	−0.525	0.018**	−0.430	0.040**
France	−0.053	0.917	−0.617	0.196
Germany	−1.066	0.101	−1.090	0.082*
Northern_Europe	−1.173	0.062*	−1.493	0.011**
Other	0.419	0.495	0.009	0.986
Southern_Europe	−0.905	0.155	−1.010	0.091*
UK	0.083	0.877	−0.124	0.806
Manufacturing	−0.075	0.730	−0.272	0.192
Prob_Exit	−0.612	0.251	−0.166	0.746
Constant	4.637	0.004***	5.364	0.000**
Observations	100		100
R²	81.47%		83.48%
R² (adjusted)	77.62%		80.06%
F-test	21.20	0.000***	24.38	0.000***

Notes:

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