Table 6.

Estimation results for IV Probit regressions: effects of patent application stock (Patst) on exit routes

	Bankruptcy		Merger		Voluntary liquidation
Variable	(i) Bankruptcy	(ii) Patst	(iii) Merger	(iv) Patst	(v) Voluntary	(vi) Patst
Endogenous variable
Patst	−0.097***		0.212***		0.121
	(0.012)		(0.000)		(0.077)
Control variable
Pre_pat	−0.063***	1.145***	−0.195***	1.145***	−0.009	1.145***
	(0.020)	(0.253)	(0.004)	(0.253)	(0.111)	(0.252)
Size	0.058	0.065	0.175***	0.065	−0.020	0.065
	(0.047)	(0.052)	(0.024)	(0.052)	(0.018)	(0.052)
Age_firm	0.063***	0.078***	0.010*	0.078***	0.025***	0.078***
	(0.013)	(0.021)	(0.005)	(0.021)	(0.001)	(0.021)
Age_founder	0.005	0.007	0.000	0.007*	0.004	0.007
	(0.003)	(0.004)	(0.000)	(0.004)	(0.004)	(0.005)
Edu	−0.154***	0.136**	0.260***	0.135**	0.314***	0.135**
	(0.005)	(0.065)	(0.013)	(0.065)	(0.015)	(0.064)
Edu_X	−0.189***	−0.011	0.213***	−0.011	0.317***	−0.011
	(0.002)	(0.150)	(0.035)	(0.150)	(0.031)	(0.150)
Instrumental variable
Appro		0.588***		0.576***		0.581***
		(0.069)		(0.075)		(0.061)
Tech		0.590***		0.619***		0.606***
		(0.016)		(0.004)		(0.030)
Constant term	−2.767***	−1.740***	−2.500***	−1.756***	−2.867***	−1.749***
	(0.110)	(0.562)	(0.084)	(0.551)	(0.445)	(0.570)
Cohort dummies	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	31400		31400		31400
Log pseudolikelihood	−78970.765		−78734.243		−79020.394
Wald test of exogeneity (chi2)	37.46***		10180.00***		1.980

Notes: Robust standard errors are in parentheses. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively