Results of the augmented Dickey–Fuller test
| Variable | ADF Type 0 | ADF Type 1 | ADF Type 2 | Result |
|---|---|---|---|---|
| Capital share F | No | No | Yes | Weakly stationary |
| Investment share F | No | No | Yes | Weakly stationary |
| Co-investing bias F | Yes | Yes | Yes | Stationary |
| Later stage bias F | No | Yes | Yes | Stationary |
| Hub bias F | No | No | No | Not stationary |
| Industry bias F | Yes | No | No | Weakly stationary |
| Lead preference F | No | No | No | Not stationary |
| Startup funding | No | No | No | Not stationary |
| R&D spending | Yes | Yes | No | Stationary |
| Policy uncertainty | No | No | No | Not stationary |
| Shares issued | No | No | No | Not stationary |
| NASDAQ | No | No | Yes | Weakly stationary |
| Variable | ADF Type 0 | ADF Type 1 | ADF Type 2 | Result |
|---|---|---|---|---|
| Capital share F | No | No | Yes | Weakly stationary |
| Investment share F | No | No | Yes | Weakly stationary |
| Co-investing bias F | Yes | Yes | Yes | Stationary |
| Later stage bias F | No | Yes | Yes | Stationary |
| Hub bias F | No | No | No | Not stationary |
| Industry bias F | Yes | No | No | Weakly stationary |
| Lead preference F | No | No | No | Not stationary |
| Startup funding | No | No | No | Not stationary |
| R&D spending | Yes | Yes | No | Stationary |
| Policy uncertainty | No | No | No | Not stationary |
| Shares issued | No | No | No | Not stationary |
| NASDAQ | No | No | Yes | Weakly stationary |
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