Table 11.
Estimation results for IV Probit regressions: a sample dropping firms with Pre_pat=1 from the sample
| Bankruptcy | Merger | Voluntary liquidation | ||||
|---|---|---|---|---|---|---|
| Variable | (i)Bankruptcy | (ii) Patst_gr | (iii) Merger | (iv) Patst_gr | (v) Voluntary | (vi) Patst_gr |
| (Endogenous variable) | ||||||
| Patst_gr | −0.114** | 0.552*** | 0.496*** | |||
| (0.045) | (0.036) | (0.038) | ||||
| (Control variable) | ||||||
| Size | 0.061 | 0.013 | 0.157*** | 0.013 | −0.017* | 0.013 |
| (0.046) | (0.029) | (0.013) | (0.029) | (0.009) | (0.029) | |
| Age_firm | 0.060*** | 0.028*** | 0.006 | 0.028*** | 0.015*** | 0.028*** |
| (0.011) | (0.005) | (0.004) | (0.005) | (0.002) | (0.005) | |
| Age_founder | 0.005 | 0.003** | −0.001*** | 0.003** | 0.003 | 0.003** |
| (0.004) | (0.001) | (0.000) | (0.001) | (0.004) | (0.001) | |
| Edu | −0.170*** | 0.029 | 0.264*** | 0.028 | 0.302*** | 0.028 |
| (0.026) | (0.031) | (0.011) | (0.032) | (0.043) | (0.031) | |
| Edu_X | −0.204*** | −0.061 | 0.221*** | −0.061 | 0.316*** | −0.061 |
| (0.007) | (0.101) | (0.012) | (0.100) | (0.084) | (0.100) | |
| (Instrumental variable) | ||||||
| Appro | 0.268*** | 0.259*** | 0.262*** | |||
| (0.029) | (0.032) | (0.025) | ||||
| Tech | 0.194*** | 0.222*** | 0.213*** | |||
| (0.019) | (0.029) | (0.009) | ||||
| Constant term | −2.854*** | −0.629** | −2.229*** | −0.649** | −2.416*** | −0.643** |
| (0.177) | (0.257) | (0.023) | (0.254) | (0.458) | (0.266) | |
| Cohort dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Number of observations | 29,484 | 29,484 | 29,484 | |||
| Log pseudolikelihood | −49730.704 | −49461.951 | −49716.692 | |||
| Wald test of exogeneity (chi2) | 10.62*** | 445.07*** | 26.98*** | |||
Notes: Robust standard errors are in parentheses. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively.