Table A3 Robustness tests: tobit...

Table A3

Robustness tests: tobit regression analysis on the relationship between BGD and the time to IPO

Time to IPO
Variables	Model 1	Model 2	Model 3	Model 4
BLAU_INDEX(a)		1.056^**	1.086^**	2.101^***
BLAU_INDEX(a)		(0.387)	(0.391)	(0.477)
FAM_OWN_DISP(b)			0.0261	0.0238
FAM_OWN_DISP(b)			(0.0527)	(0.0507)
INTERACTION(a*b)				−0.930^***
INTERACTION(a*b)				(0.269)
Costant	3.563^**	3.393^**	3.474^**	3.539^**
Costant	(1.118)	(1.093)	(1.104)	(1.062)
Pseudo R-squared	0.08	0.10	0.10	0.13
Prob > Chi	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
SHANNON_INDEX(a)		1.257*	1.288*	2.656***
SHANNON_INDEX(a)		(0.518)	(0.523)	(0.640)
FAM_OWN_DISP(b)			0.022	2.656
FAM_OWN_DISP(b)			(0.053)	(0.050)
INTERACTION(a*b)				−1.236**
INTERACTION(a*b)				(0.359)
Costant	3.563**	3.390**	3.460*	3.593***
Costant	(1.118)	(1.110)	(1.464)	(1.069)
Pseudo R-squared	0.08	0.09	0.09	0.12
Prob > Chi	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
WOM_BOARD_P(a)		1.513^**	1.561**	2.852***
WOM_BOARD_P(a)		(0.482)	(0.488)	(0.606)
FAM_OWN_DISP(b)			0.031	0.020
FAM_OWN_DISP(b)			(0.052)	(0.050)
INTERACTION(a*b)				−1.187***
INTERACTION(a*b)				(0.352)
Costant	3.563**	3.424**	3.523**	3.505***
Costant	(1.118)	(1.083)	(1.095)	(1.055)
R-squared	0.08	0.10	0.10	0.13
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47

Time to IPO
Variables	Model 1	Model 2	Model 3	Model 4
BLAU_INDEX(a)		1.056^**	1.086^**	2.101^***
BLAU_INDEX(a)		(0.387)	(0.391)	(0.477)
FAM_OWN_DISP(b)			0.0261	0.0238
FAM_OWN_DISP(b)			(0.0527)	(0.0507)
INTERACTION(a*b)				−0.930^***
INTERACTION(a*b)				(0.269)
Costant	3.563^**	3.393^**	3.474^**	3.539^**
Costant	(1.118)	(1.093)	(1.104)	(1.062)
Pseudo R-squared	0.08	0.10	0.10	0.13
Prob > Chi	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
SHANNON_INDEX(a)		1.257*	1.288*	2.656***
SHANNON_INDEX(a)		(0.518)	(0.523)	(0.640)
FAM_OWN_DISP(b)			0.022	2.656
FAM_OWN_DISP(b)			(0.053)	(0.050)
INTERACTION(a*b)				−1.236**
INTERACTION(a*b)				(0.359)
Costant	3.563**	3.390**	3.460*	3.593***
Costant	(1.118)	(1.110)	(1.464)	(1.069)
Pseudo R-squared	0.08	0.09	0.09	0.12
Prob > Chi	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
WOM_BOARD_P(a)		1.513^**	1.561**	2.852***
WOM_BOARD_P(a)		(0.482)	(0.488)	(0.606)
FAM_OWN_DISP(b)			0.031	0.020
FAM_OWN_DISP(b)			(0.052)	(0.050)
INTERACTION(a*b)				−1.187***
INTERACTION(a*b)				(0.352)
Costant	3.563**	3.424**	3.523**	3.505***
Costant	(1.118)	(1.083)	(1.095)	(1.055)
R-squared	0.08	0.10	0.10	0.13
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47

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

We only reported results regarding our main predictions (i.e. Hypothesis 1 and Hypothesis 2). While the model was computed with all the control variables as presented in the Methodology section, due to space limitations, the estimations regarding control variables were voluntarily omitted from the table

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