Table 5 OLS regression results – exit...

Table 5

OLS regression results – exit rate

		Exit rate
	Model 1	Model 2	Model 3	Model 4	Model 5
Duration	0.0382*	0.0289⁺	0.0350*	0.0258⁺	0.0251⁺
Duration	(0.0151)	(0.0149)	(0.0151)	(0.0149)	(0.0148)
Age	0.0408**	0.0392**	0.0398**	0.0382**	0.0415**
Age	(0.0130)	(0.0127)	(0.0130)	(0.0127)	(0.0127)
USA	0.0141	0.0132	0.0212	0.0202	0.0220
USA	(0.0197)	(0.0192)	(0.0199)	(0.0194)	(0.0193)
Europe	0.0370*	0.0390*	0.0437*	0.0456*	0.0432*
Europe	(0.0184)	(0.0180)	(0.0186)	(0.0181)	(0.0181)
Ecosystem maturity	−0.0170	−0.0151	−0.0203	−0.0184	−0.0205
Ecosystem maturity	(0.0215)	(0.0210)	(0.0214)	(0.0209)	(0.0208)
Stage of development	−0.0315⁺	−0.0285⁺	−0.0290⁺	−0.0260⁺	−0.0276⁺
Stage of development	(0.0161)	(0.0157)	(0.0160)	(0.0156)	(0.0156)
Size	0.00486	0.00404	0.00447	0.00366	0.00342
Size	(0.00369)	(0.00361)	(0.00367)	(0.00359)	(0.00357)
Management structure		0.0739***		0.0737***	0.111***
Management structure		(0.0188)		(0.0187)	(0.0267)
Strategic focus			−0.0335*	−0.0332*	0.0238
Strategic focus			(0.0162)	(0.0158)	(0.0332)
Management structure* Strategic focus					−0.0730*
Management structure* Strategic focus					(0.0374)
Constant	−0.0720	−0.100⁺	−0.0485	−0.0771	−0.109⁺
Constant	(0.0540)	(0.0532)	(0.0549)	(0.0541)	(0.0563)
N	188	188	188	188	188
R²	0.091	0.137	0.104	0.150	0.161
Adj. R²	0.068	0.113	0.079	0.123	0.132
F	4.096	5.684	4.159	5.604	5.475

		Exit rate
	Model 1	Model 2	Model 3	Model 4	Model 5
Duration	0.0382*	0.0289⁺	0.0350*	0.0258⁺	0.0251⁺
Duration	(0.0151)	(0.0149)	(0.0151)	(0.0149)	(0.0148)
Age	0.0408**	0.0392**	0.0398**	0.0382**	0.0415**
Age	(0.0130)	(0.0127)	(0.0130)	(0.0127)	(0.0127)
USA	0.0141	0.0132	0.0212	0.0202	0.0220
USA	(0.0197)	(0.0192)	(0.0199)	(0.0194)	(0.0193)
Europe	0.0370*	0.0390*	0.0437*	0.0456*	0.0432*
Europe	(0.0184)	(0.0180)	(0.0186)	(0.0181)	(0.0181)
Ecosystem maturity	−0.0170	−0.0151	−0.0203	−0.0184	−0.0205
Ecosystem maturity	(0.0215)	(0.0210)	(0.0214)	(0.0209)	(0.0208)
Stage of development	−0.0315⁺	−0.0285⁺	−0.0290⁺	−0.0260⁺	−0.0276⁺
Stage of development	(0.0161)	(0.0157)	(0.0160)	(0.0156)	(0.0156)
Size	0.00486	0.00404	0.00447	0.00366	0.00342
Size	(0.00369)	(0.00361)	(0.00367)	(0.00359)	(0.00357)
Management structure		0.0739***		0.0737***	0.111***
Management structure		(0.0188)		(0.0187)	(0.0267)
Strategic focus			−0.0335*	−0.0332*	0.0238
Strategic focus			(0.0162)	(0.0158)	(0.0332)
Management structure* Strategic focus					−0.0730*
Management structure* Strategic focus					(0.0374)
Constant	−0.0720	−0.100⁺	−0.0485	−0.0771	−0.109⁺
Constant	(0.0540)	(0.0532)	(0.0549)	(0.0541)	(0.0563)
N	188	188	188	188	188
R²	0.091	0.137	0.104	0.150	0.161
Adj. R²	0.068	0.113	0.079	0.123	0.132
F	4.096	5.684	4.159	5.604	5.475

Note(s): Standard errors in parentheses; ⁺p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001

Source(s): Table by authors

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