Table A1. Correlation matrix Variables...

Table A1.

Correlation matrix

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)
(1) Exit_Value	1.00
(2) IPO_momentum	0.22*	1.00
(3) Assets	0.72*	0.18	1.00
(4) Net_profit	−0.01	0.10	0.05	1.00
(5) Firm_age	0.02	−0.08	0.19	−0.01	1.00
(6) IPO	0.52*	0.07	0.17	−0.06	−0.09	1.00
(7) BA	0.05	−0.16	−0.13	−0.2*	−0.03	−0.06	1.00
(8) N_investors	0.28*	−0.09	0.23*	−0.34*	0.06	0.2*	0.17	1.00
(9) Deal_stake	−0.61*	−0.1	−0.22*	0.06	0.08	−0.86*	0.01	−0.13	1.00
(10) N_privateVC	0.27*	−0.09	0.23*	−0.33*	0.04	0.17	0.15	0.98*	−0.12	1.00
(11) N_GVC	0.08	−0.16	0.09	−0.07	0.03	0.10	−0.15	0.45*	−0.06	0.32*	1.00
(12) Avg_years_study	−0.06	0.23*	−0.2*	0.06	0.03	−0.14	−0.03	−0.08	0.07	−0.09	−0.01	1.00
(13) Avg_years_work	−0.01	0.05	−0.05	0.01	−0.31*	0.06	0.011	−0.03	−0.09	0.01	−0.01	0.24*	1.00
(14) Women	0.06	−0.11	0.14	0.03	0.15	−0.11	−0.08	−0.1	0.19	−0.09	−0.03	−0.14	−0.03	1.00
(15) France	0.18	−0.07	0.08	−0.03	−0.17	0.38*	−0.22*	0.12	−0.38*	0.12	0.12	−0.01	0.12	−0.09	1.00
(16) Germany	0.08	0.21*	0.30*	0.18	0.04	−0.16	0.02	0.05	0.14	0.08	−0.1	0.00	−0.1	0.11	−0.24*	1.00
(17) Northern_Europe	−0.36*	0.02	−0.28*	0.04	−0.11	−0.07	−0.01	−0.09	0.14	−0.1	−0.05	0.03	0.08	−0.07	−0.28*	−0.1	1.00
(18) Other	0.10	−0.03	−0.1	−0.14	0.16	0.06	−0.04	0.16	−0.09	0.16	0.16	0.02	−0.13	−0.09	−0.32*	−0.11	−0.13	1.00
(19) Southern_Europe	−0.00	0.11	0.20*	0.001	0.15	−0.21*	−0.08	−0.11	0.23*	−0.11	0.00	0.09	−0.14	0.16	−0.18	−0.06	−0.08	−0.09	1.00
(20) UK	0.10	−0.03	−0.1	−0.144	0.16	0.06	−0.04	0.16	−0.09	0.16	0.16	0.02	−0.13	−0.09	−0.32*	−0.11	−0.13	1.00*	−0.09	1.00
(21) Benelux	0.09	0.22*	0.11	0.04	0.01	−0.02	0.07	−0.11	0.02	−0.13	0.00	0.04	−0.05	−0.05	−0.19	−0.06	−0.08	−0.09	−0.05	−0.09	1.00
(22) Manufacturing	−0.18	−0.03	−0.20*	−0.03	0.14	0.03	−0.07	−0.05	−0.08	−0.06	−0.03	0.12	−0.1	−0.12	0.06	−0.12	0.12	0.03	−0.21*	0.03	−0.03	1.00
(23) Prob_Exit	−0.59*	−0.05	−0.68*	0.26*	−0.34*	−0.27*	−0.03	−0.36*	0.35*	−0.35*	−0.13	0.23*	0.05	−0.07	−0.03	−0.08	0.30*	−0.24*	−0.05	−0.24*	0.02	0.17	1.00

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)
(1) Exit_Value	1.00
(2) IPO_momentum	0.22*	1.00
(3) Assets	0.72*	0.18	1.00
(4) Net_profit	−0.01	0.10	0.05	1.00
(5) Firm_age	0.02	−0.08	0.19	−0.01	1.00
(6) IPO	0.52*	0.07	0.17	−0.06	−0.09	1.00
(7) BA	0.05	−0.16	−0.13	−0.2*	−0.03	−0.06	1.00
(8) N_investors	0.28*	−0.09	0.23*	−0.34*	0.06	0.2*	0.17	1.00
(9) Deal_stake	−0.61*	−0.1	−0.22*	0.06	0.08	−0.86*	0.01	−0.13	1.00
(10) N_privateVC	0.27*	−0.09	0.23*	−0.33*	0.04	0.17	0.15	0.98*	−0.12	1.00
(11) N_GVC	0.08	−0.16	0.09	−0.07	0.03	0.10	−0.15	0.45*	−0.06	0.32*	1.00
(12) Avg_years_study	−0.06	0.23*	−0.2*	0.06	0.03	−0.14	−0.03	−0.08	0.07	−0.09	−0.01	1.00
(13) Avg_years_work	−0.01	0.05	−0.05	0.01	−0.31*	0.06	0.011	−0.03	−0.09	0.01	−0.01	0.24*	1.00
(14) Women	0.06	−0.11	0.14	0.03	0.15	−0.11	−0.08	−0.1	0.19	−0.09	−0.03	−0.14	−0.03	1.00
(15) France	0.18	−0.07	0.08	−0.03	−0.17	0.38*	−0.22*	0.12	−0.38*	0.12	0.12	−0.01	0.12	−0.09	1.00
(16) Germany	0.08	0.21*	0.30*	0.18	0.04	−0.16	0.02	0.05	0.14	0.08	−0.1	0.00	−0.1	0.11	−0.24*	1.00
(17) Northern_Europe	−0.36*	0.02	−0.28*	0.04	−0.11	−0.07	−0.01	−0.09	0.14	−0.1	−0.05	0.03	0.08	−0.07	−0.28*	−0.1	1.00
(18) Other	0.10	−0.03	−0.1	−0.14	0.16	0.06	−0.04	0.16	−0.09	0.16	0.16	0.02	−0.13	−0.09	−0.32*	−0.11	−0.13	1.00
(19) Southern_Europe	−0.00	0.11	0.20*	0.001	0.15	−0.21*	−0.08	−0.11	0.23*	−0.11	0.00	0.09	−0.14	0.16	−0.18	−0.06	−0.08	−0.09	1.00
(20) UK	0.10	−0.03	−0.1	−0.144	0.16	0.06	−0.04	0.16	−0.09	0.16	0.16	0.02	−0.13	−0.09	−0.32*	−0.11	−0.13	1.00*	−0.09	1.00
(21) Benelux	0.09	0.22*	0.11	0.04	0.01	−0.02	0.07	−0.11	0.02	−0.13	0.00	0.04	−0.05	−0.05	−0.19	−0.06	−0.08	−0.09	−0.05	−0.09	1.00
(22) Manufacturing	−0.18	−0.03	−0.20*	−0.03	0.14	0.03	−0.07	−0.05	−0.08	−0.06	−0.03	0.12	−0.1	−0.12	0.06	−0.12	0.12	0.03	−0.21*	0.03	−0.03	1.00
(23) Prob_Exit	−0.59*	−0.05	−0.68*	0.26*	−0.34*	−0.27*	−0.03	−0.36*	0.35*	−0.35*	−0.13	0.23*	0.05	−0.07	−0.03	−0.08	0.30*	−0.24*	−0.05	−0.24*	0.02	0.17	1.00

Notes:

***p < 0.01, **p < 0.05, *p < 0.1

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