Results of the Shapiro–Wilk test
| Variable | Result | Shapiro–Wilk | p-value |
|---|---|---|---|
| Capital share F | Weakly stationary | 0.9378136 | 0.1317656 |
| Investment share F | Weakly stationary | 0.9050735 | 0.0236988 |
| Co-investing bias F | Stationary | 0.9072922 | 0.0265329 |
| Lead preference F | Stationary | 0.8948136 | 0.0141705 |
| Later stage bias F | Not stationary | 0.9191216 | 0.0489285 |
| Hub bias F | Weakly stationary | 0.8072284 | 0.0003008 |
| Industry bias F | Not stationary | 0.9345010 | 0.1104426 |
| Startup funding | Not stationary | 0.7782780 | 0.0001008 |
| R&D spending | Stationary | 0.9142662 | 0.0379892 |
| Policy uncertainty | Not stationary | 0.8522997 | 0.0019480 |
| Shares issued | Not stationary | 0.9074528 | 0.0267515 |
| NASDAQ | Weakly stationary | 0.7907115 | 0.0001598 |
| Variable | Result | Shapiro–Wilk | |
|---|---|---|---|
| Capital share F | Weakly stationary | 0.9378136 | 0.1317656 |
| Investment share F | Weakly stationary | 0.9050735 | 0.0236988 |
| Co-investing bias F | Stationary | 0.9072922 | 0.0265329 |
| Lead preference F | Stationary | 0.8948136 | 0.0141705 |
| Later stage bias F | Not stationary | 0.9191216 | 0.0489285 |
| Hub bias F | Weakly stationary | 0.8072284 | 0.0003008 |
| Industry bias F | Not stationary | 0.9345010 | 0.1104426 |
| Startup funding | Not stationary | 0.7782780 | 0.0001008 |
| R&D spending | Stationary | 0.9142662 | 0.0379892 |
| Policy uncertainty | Not stationary | 0.8522997 | 0.0019480 |
| Shares issued | Not stationary | 0.9074528 | 0.0267515 |
| NASDAQ | Weakly stationary | 0.7907115 | 0.0001598 |
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