Variable calculation method and summary statistics
| Variables | Definitions | Calculation method | Type | Mean | Std. Dev. | Min. | Max. |
|---|---|---|---|---|---|---|---|
| VAICi,t | Human Capital Efficiency Structural Capital Efficiency Relational Capital Efficiency | Cube root of Equation (3) results | Independent | 2.164 | 1.565 | −35.624 | 46.431 |
| VCi | The indicator is one if a company has one or more VC institutions as its top ten shareholders during IPO. | Indicator that VC is in top ten shareholders during IPO | Moderate | 0.137 | 0.345 | 0 | 1 |
| EVi,t | The total fair value of the equity and the liability | Natural log of EV and total debt | Dependent | 22.668 | 1.234 | 13.995 | 28.035 |
| DEBTi,t | Debt Ratio | Total Liabilities/Total Assets | Control | 44.744 | 20.722 | 0.708 | 154.536 |
| SIZEi,t | The size of the company | Natural log of Total Assets | Control | 22.205 | 1.293 | 17.879 | 28.341 |
| Variables | Definitions | Calculation method | Type | Mean | Std. Dev. | Min. | Max. |
|---|---|---|---|---|---|---|---|
| Human Capital Efficiency | Cube root of | Independent | 2.164 | 1.565 | −35.624 | 46.431 | |
| The indicator is one if a company has one or more VC institutions as its top ten shareholders during IPO. | Indicator that VC is in top ten shareholders during IPO | Moderate | 0.137 | 0.345 | 0 | 1 | |
| The total fair value of the equity and the liability | Natural log of EV and total debt | Dependent | 22.668 | 1.234 | 13.995 | 28.035 | |
| Debt Ratio | Total Liabilities/Total Assets | Control | 44.744 | 20.722 | 0.708 | 154.536 | |
| The size of the company | Natural log of Total Assets | Control | 22.205 | 1.293 | 17.879 | 28.341 |
Source(s): Table created by the authors
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