Random effect regression models investigating the growth of revenues, number of employees, income and total assets of Hungarian hybrid and purely government-backed venture capital investments in 2010–2016
| Generalized Least Squares | ||||
|---|---|---|---|---|
| Dependent variables | GrowthlnSale | GrowthlnEmployment | GrowthIncome | GrowthlnAssets |
| Investor-related variables | ||||
| HGVC | –14,54** [0.2397] | –0.1367** [0.0653] | –32794*** [11989] | –0.2694*** [0.0954] |
| Ownership | –0.8984** [0.3963] | –0.3865**** [0.1072] | 41,683** [17879] | –0.4902**** [0.1371] |
| Syndicated | 0.2234 [0.3019] | 0.0242 [0.0843] | –39859*** [15052] | 0.2889** [0.1401] |
| InvestmentYear | Yes | Yes | Yes | Yes |
| Firm-related variables | ||||
| Ln(assets) | 0.6205**** [0.0804] | 0.1233**** [0.0230] | 18,130** [7632] | – |
| Ln(capital) | –0.1740 [0.1124] | 0.0086 [0.0266] | –40451**** [9749] | 0.4012**** [0.0954] |
| Ln(age) | –0.7721**** [0.1626] | –0.2214**** [0.0355] | –2086 [7175] | –0.1244* [0.0690] |
| IntangiblesIntensity | –0.1997 [0.2663] | –0.0851 [0.0618] | 12,890 [13805] | 0.1468 [0.1209] |
| FinancialAssetsIntensity | –1.1829**** [0.3682] | –0.4079**** [0.0774] | 25,704** [10304] | 0.2112* [0.1230] |
| Ln(Salet–1) | –0.3233**** [0.0216] | – | – | |
| Ln(Employmentt-1) | – | –0.2856**** [0.0265] | – | |
| Incomet–1 | – | – | –0.7359**** [0.0817] | – |
| Ln(assetst–1) | –0.4247**** [0.1109] | |||
| Industry | Yes | Yes | Yes | Yes |
| Constant | 0.5821 [1.1238] | –0.3689 [0.2635] | 30,7705**** [48771] | 1.0282* [0.4966] |
| Summary statistics | ||||
| Number of observations | 1,669 | 1,669 | 1,684 | 1,669 |
| Number of groups | 406 | 406 | 406 | 406 |
| Average observation per group | 4.1 | 4.1 | 4.1 | 4.1 |
| Wald Chi2 Test | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| R2 overall | 0.1917 | 0.1038 | 0.2090 | 0.1338 |
| within | 0.3627 | 0.3628 | 0.3297 | 0.4295 |
| between | 0.1369 | 0.0249 | 0.0217 | 0.0009 |
| Generalized Least Squares | ||||
|---|---|---|---|---|
| Dependent variables | GrowthlnSale | GrowthlnEmployment | GrowthIncome | GrowthlnAssets |
| HGVC | –14,54 | –0.1367 | –32794 | –0.2694 |
| Ownership | –0.8984 | –0.3865 | 41,683 | –0.4902 |
| Syndicated | 0.2234 [0.3019] | 0.0242 [0.0843] | –39859 | 0.2889 |
| InvestmentYear | Yes | Yes | Yes | Yes |
| Ln(assets) | 0.6205 | 0.1233 | 18,130 | – |
| Ln(capital) | –0.1740 [0.1124] | 0.0086 [0.0266] | –40451 | 0.4012 |
| Ln(age) | –0.7721 | –0.2214 | –2086 [7175] | –0.1244 |
| IntangiblesIntensity | –0.1997 [0.2663] | –0.0851 [0.0618] | 12,890 [13805] | 0.1468 [0.1209] |
| FinancialAssetsIntensity | –1.1829 | –0.4079 | 25,704 | 0.2112 |
| Ln(Salet–1) | –0.3233 | – | – | |
| Ln(Employmentt-1) | – | –0.2856 | – | |
| Incomet–1 | – | – | –0.7359 | – |
| Ln(assetst–1) | –0.4247 | |||
| Industry | Yes | Yes | Yes | Yes |
| Constant | 0.5821 [1.1238] | –0.3689 [0.2635] | 30,7705 | 1.0282 |
| Number of observations | 1,669 | 1,669 | 1,684 | 1,669 |
| Number of groups | 406 | 406 | 406 | 406 |
| Average observation per group | 4.1 | 4.1 | 4.1 | 4.1 |
| Wald Chi2 Test | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| 0.1917 | 0.1038 | 0.2090 | 0.1338 | |
| within | 0.3627 | 0.3628 | 0.3297 | 0.4295 |
| between | 0.1369 | 0.0249 | 0.0217 | 0.0009 |
Notes:
****, ***, ** and * denote significance at 0.1, 1, 5 and 10%, respectively; the table presents the coefficients and their robust standard errors in brackets
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