Table 5

Relationships between VC-funded startups and health with two-way fixed effects and county population weights

Full samplePropensity score matched sample
Lagged # of startupsLagged # of innovative startupLagged # of startupsLagged # of innovative startups
Health outcomes as dependent variables
Percent of adults that report fair or poor health−0.01** (0.00)−0.06** (0.03)−0.00 (0.01)−0.06 (0.04)
No. of observations125571255714881488
R20.670.670.720.72
Avg. no. of physically unhealthy days per month0.00* (0.00)0.00 (0.01)0.00** (0.00)−0.00 (0.00)
No. of observations125571255714881488
R20.670.670.760.76
Avg. no. of mentally unhealthy days per month−0.00* (0.00)−0.00 (0.00)−0.00 (0.00)−0.00 (0.01)
No. of observations125571255714881488
R20.850.850.850.85
Pct. adults aged 20 and above with diabetes−0.02*** (0.00)−0.06*** (0.02)−0.01*** (0.00)−0.04** (0.02)
No. of observations188261882621292129
R20.220.220.440.44
HIV cases per 100,000 population (age 13 and older)−1.47** (0.70)−8.83*** (2.85)−1.54* (0.80)−8.40** (3.35)
No. of observations118071180716561656
R20.230.240.480.48
Health factors as dependent variables
Pct. adults who are current smokers−0.02*** (0.01)−0.05 (0.03)−0.01 (0.01)−0.05* (0.03)
No. of observations125571255714881488
R20.620.620.660.66
Pct. obese adults (age 20 and older)−0.03*** (0.01)−0.10** (0.04)−0.02*** (0.01)−0.10*** (0.03)
No. of observations188271882721292129
R20.350.350.550.55
Pct. adults binge or heavy drinking in last 30 days−0.03*** (0.00)−0.12*** (0.03)−0.03*** (0.01)−0.14*** (0.03)
No. of observations125571255714881488
R20.460.460.520.52
Pct. uninsured adults (age 18 to 64)−0.03** (0.01)−0.04 (0.05)−0.02* (0.01)−0.05 (0.06)
No. of observations219692196924772477
R20.970.970.980.98
Preventable hospital stays (Medicare enrollees)a−0.86 (3.15)−2.74 (13.06)0.10 (3.49)−8.25 (14.32)
No. of observations213072130724422442
R20.960.960.980.98
Pct. mammography screening (Medicare)b−0.01 (0.01)−0.05 (0.04)0.00 (0.01)−0.01 (0.04)
No. of observations215302153024512451
R20.970.970.990.99
Pct. flu vaccination (Medicare enrollees)c−0.00 (0.01)−0.01 (0.06)−0.00 (0.01)0.02 (0.04)
No. of observations9374937410861086
R20.730.730.910.91
Health resource utilization as dependent variables
Rate of total inpatient days per persond−0.00 (0.00)−0.00 (0.00)−0.00 (0.00)−0.00 (0.00)
No. of observations251162511627632763
R20.060.060.340.34
Short-term general hospital inpatient rate0.00 (0.00)0.00 (0.00)0.00 (0.00)0.00 (0.00)
No. of observations251162511627632763
R20.060.060.300.31
Rate of total outpatient visit per persone0.00 (0.00)0.01 (0.01)0.00 (0.00)0.02 (0.02)
No. of observations251212512127642764
R20.090.090.270.27
Short-term general hospital outpatient visit rate0.00 (0.00)0.01 (0.01)0.00 (0.00)0.02 (0.02)
No. of observations251162511627632763
R20.080.090.250.25
Emergency department visit rate0.00* (0.00)0.00 (0.00)0.00** (0.00)0.00* (0.00)
No. of observations251162511627632763
R20.050.050.230.22

Note(s): Standard errors are in parentheses. *p < 0.10; **p < 0.05; ***p < 0.01. All models are weighted by county population

The matched sample is from one-to-one nearest neighbor matching

In all models, we included poverty rate, unemployment rate, median household income, percentages of the population between 15 and 24, between 25 and 44, between 45 and 64, 65 and above, Health Professional Shortage Area indicators, county-level fixed effects, and state-year fixed effects. Full results are available from the authors on request

aRate of hospital stays for ambulatory-care sensitive conditions per 100,000 Medicare enrollees

bPercentage of female Medicare enrollees ages 65–74 that received an annual mammography screening

cPercentage of fee-for-service (FFS) Medicare enrollees that had an annual flu vaccination

dTotal inpatient days of short-term general, short-term non-general, long-term, and Veterans hospitals. Inpatient days are the no. of adult and pediatric days of care, excluding newborn days of care, rendered during the entire reporting period. Neonatal and swing admissions are included

eTotal outpatient visits for short-term general, short-term non-general, long-term, and Veterans hospitals. It consists of emergency visits, other visits (including clinic and referred visits), and total visits. An outpatient visit is defined as a visit by a patient not lodged in the hospital while receiving medical, dental, or other services. Each visit an outpatient makes to a discrete unit constitutes one visit regardless of the no. of diagnostic and/or therapeutic treatments that the patient receives

Source(s): Author’s own creation/work

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