Table 10.
Estimation results for IV Probit regressions: a sample restricting the maximum age to 8 years
| Bankruptcy | Merger | Voluntary liquidation | ||||
|---|---|---|---|---|---|---|
| Variable | (i) Bankruptcy | (ii) Patst_gr | (iii) Merger | (iv) Patst_gr | (v) Voluntary | (vi) Patst_gr |
| Endogenous variable | ||||||
| Patst_gr | −0.157** | 0.526*** | 0.263*** | |||
| (0.074) | (0.013) | (0.010) | ||||
| Control variable | ||||||
| Pre_pat | −0.115*** | 0.454** | −0.197** | 0.455** | 0.012 | 0.455** |
| (0.019) | (0.196) | (0.080) | (0.196) | (0.012) | (0.196) | |
| Size | 0.057 | 0.010 | 0.141*** | 0.010 | −0.015 | 0.010 |
| (0.050) | (0.028) | (0.016) | (0.028) | (0.017) | (0.028) | |
| Age_firm | 0.079*** | 0.034*** | 0.014** | 0.034*** | 0.043*** | 0.034*** |
| (0.017) | (0.009) | (0.007) | (0.009) | (0.011) | (0.009) | |
| Age_founder | 0.005 | 0.004*** | −0.001*** | 0.004*** | 0.004 | 0.004*** |
| (0.003) | (0.001) | (0.000) | (0.001) | (0.003) | (0.001) | |
| Edu | −0.142*** | 0.030 | 0.208*** | 0.029 | 0.304*** | 0.029 |
| (0.003) | (0.029) | (0.067) | (0.030) | (0.034) | (0.029) | |
| Edu_X | −0.194*** | −0.026 | 0.170*** | −0.026 | 0.312*** | −0.026 |
| (0.015) | (0.078) | (0.059) | (0.078) | (0.001) | (0.078) | |
| Instrumental variable | ||||||
| Appro | 0.208*** | 0.196** | 0.203*** | |||
| (0.069) | (0.079) | (0.069) | ||||
| Tech | 0.191*** | 0.217*** | 0.203*** | |||
| (0.068) | (0.079) | (0.063) | ||||
| Constant term | −2.884*** | −0.583** | −1.948*** | −0.597** | −2.815*** | −0.590** |
| (0.210) | (0.255) | (0.416) | (0.259) | (0.099) | (0.262) | |
| Cohort dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Number of observations | 30,293 | 30,293 | 30,293 | |||
| Log pseudolikelihood | −56882.582 | −56670.977 | −56956.336 | |||
| Wald test of exogeneity (chi2) | 3.20* | 15.10*** | 72278.45*** | |||
Notes: Robust standard errors are in parentheses. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively