Table 2 Regression estimates of the...

Table 2

Regression estimates of the relationship between BGD and time to IPO

Variables	Model 1	Model 2	Model 3	Model 4
BLAU_INDEX(a)		0.997^**	1.023^**	2.040^***
BLAU_INDEX(a)		(0.382)	(0.396)	(0.462)
FAM_OWN_DISP(b)			0.022	0.021
FAM_OWN_DISP(b)			(0.055)	(0.055)
INTERACTION(ab)*				−0.911^***
INTERACTION(ab)*				(0.264)
CEO_AGE(d)	0.018^*	0.018^*	0.018^*	0.017^*
CEO_AGE(d)	(0.008)	(0.008)	(0.008)	(0.007)
CEO_EDU(e)	−0.294^†	−0.252^†	−0.255^†	−0.258^†
CEO_EDU(e)	(0.160)	(0.157)	(0.158)	(0.154)
CEO_FAM(f)	−0.347^*	−0.380^*	−0.369^*	−0.348^*
CEO_FAM(f)	(0.159)	(0.155)	(0.157)	(0.150)
FAM_GEN_INV(g)	0.139	0.113	0.105	0.096
FAM_GEN_INV(g)	(0.179)	(0.175)	(0.172)	(0.170)
FAM_GEN_STAGE(h)	0.220^†	0.218^†	0.213^†	0.286^*
FAM_GEN_STAGE(h)	(0.142)	(0.131)	(0.131)	(0.113)
FAM_BOARD(i)	−0.305	−0.469	−0.558	−0.546
FAM_BOARD(i)	(0.608)	(0.596)	(0.674)	(0.654)
FAM_OWN(l)	0.308	0.250	0.247	0.165
FAM_OWN(l)	(0.384)	(0.370)	(0.369)	(0.348)
INST_INV(m)	−0.864	−1.031	−1.016	−0.813
INST_INV(m)	(0.963)	(1.028)	(1.044)	(1.018)
BOARD_NUM(n)	0.292	0.231	0.193	0.154
BOARD_NUM(n)	(0.338)	(0.332)	(0.362)	(0.349)
PR_EQ(o)	−0.000	−0.000	−0.000270	−0.000
PR_EQ(o)	(0.000)	(0.000)	(0.000330)	(0.000)
CRISIS(p)	−0.570^**	−0.538^*	−0.557^**	−0.523^*
CRISIS(p)	(0.212)	(0.211)	(0.210)	(0.203)
LEV(q)	0.629	0.603	0.596	0.473
LEV(q)	(0.486)	(0.471)	(0.468)	(0.487)
SIZE(r)	−0.036	−0.018	−0.0156	−0.00937
SIZE(r)	(0.099)	(0.099)	(0.102)	(0.0977)
SELL(s)	0.134	0.132	0.127	0.100
SELL(s)	(0.208)	(0.211)	(0.217)	(0.207)
HIGH_TECH(t)	−0.186	−0.111	−0.109	−0.0706
HIGH_TECH(t)	(0.159)	(0.158)	(0.158)	(0.150)
_cons	3.878^*	3.748^*	3.803^*	3.803^*
_cons	(1.685)	(1.695)	(1.685)	(1.655)
N	148	148	148	148
R-squared	0.207	0.240	0.241	0.296
Adjusted R-squared	0.117	0.148	0.142	0.197
Prob > F	0.000	0.000	0.000	0.000
VIF	1.41	1.41	1.45	1.52

Variables	Model 1	Model 2	Model 3	Model 4
BLAU_INDEX(a)		0.997^**	1.023^**	2.040^***
BLAU_INDEX(a)		(0.382)	(0.396)	(0.462)
FAM_OWN_DISP(b)			0.022	0.021
FAM_OWN_DISP(b)			(0.055)	(0.055)
INTERACTION(a*b)				−0.911^***
INTERACTION(a*b)				(0.264)
CEO_AGE(d)	0.018^*	0.018^*	0.018^*	0.017^*
CEO_AGE(d)	(0.008)	(0.008)	(0.008)	(0.007)
CEO_EDU(e)	−0.294^†	−0.252^†	−0.255^†	−0.258^†
CEO_EDU(e)	(0.160)	(0.157)	(0.158)	(0.154)
CEO_FAM(f)	−0.347^*	−0.380^*	−0.369^*	−0.348^*
CEO_FAM(f)	(0.159)	(0.155)	(0.157)	(0.150)
FAM_GEN_INV(g)	0.139	0.113	0.105	0.096
FAM_GEN_INV(g)	(0.179)	(0.175)	(0.172)	(0.170)
FAM_GEN_STAGE(h)	0.220^†	0.218^†	0.213^†	0.286^*
FAM_GEN_STAGE(h)	(0.142)	(0.131)	(0.131)	(0.113)
FAM_BOARD(i)	−0.305	−0.469	−0.558	−0.546
FAM_BOARD(i)	(0.608)	(0.596)	(0.674)	(0.654)
FAM_OWN(l)	0.308	0.250	0.247	0.165
FAM_OWN(l)	(0.384)	(0.370)	(0.369)	(0.348)
INST_INV(m)	−0.864	−1.031	−1.016	−0.813
INST_INV(m)	(0.963)	(1.028)	(1.044)	(1.018)
BOARD_NUM(n)	0.292	0.231	0.193	0.154
BOARD_NUM(n)	(0.338)	(0.332)	(0.362)	(0.349)
PR_EQ(o)	−0.000	−0.000	−0.000270	−0.000
PR_EQ(o)	(0.000)	(0.000)	(0.000330)	(0.000)
CRISIS(p)	−0.570^**	−0.538^*	−0.557^**	−0.523^*
CRISIS(p)	(0.212)	(0.211)	(0.210)	(0.203)
LEV(q)	0.629	0.603	0.596	0.473
LEV(q)	(0.486)	(0.471)	(0.468)	(0.487)
SIZE(r)	−0.036	−0.018	−0.0156	−0.00937
SIZE(r)	(0.099)	(0.099)	(0.102)	(0.0977)
SELL(s)	0.134	0.132	0.127	0.100
SELL(s)	(0.208)	(0.211)	(0.217)	(0.207)
HIGH_TECH(t)	−0.186	−0.111	−0.109	−0.0706
HIGH_TECH(t)	(0.159)	(0.158)	(0.158)	(0.150)
_cons	3.878^*	3.748^*	3.803^*	3.803^*
_cons	(1.685)	(1.695)	(1.685)	(1.655)
N	148	148	148	148
R-squared	0.207	0.240	0.241	0.296
Adjusted R-squared	0.117	0.148	0.142	0.197
Prob > F	0.000	0.000	0.000	0.000
VIF	1.41	1.41	1.45	1.52

Note(s): Robust standard errors in parentheses: ***p < 0.001, **p < 0.01, *p < 0.05 and ^†p < 0.1

Source(s): Table by authors

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