Table 9.

Estimation results for IV Probit regressions with current sales size

	Bankruptcy		Merger		Voluntary liquidation
Variable	(i) Bankruptcy	(ii) Patst_gr	(iii) Merger	(iv) Patst_gr	(v) Voluntary	(vi) Patst_gr
Endogenous variable
Patst_gr	-0.520***		0.465***		0.288***
	(0.004)		(0.047)		(0.031)
Control variable
Pre_pat	0.181**	0.520**	−0.171*	0.520**	−0.098	0.520**
	(0.080)	(0.242)	(0.100)	(0.242)	(0.060)	(0.242)
Sales_t	0.001	0.022**	0.081	0.022**	−0.055***	0.022**
	(0.020)	(0.009)	(0.051)	(0.009)	(0.004)	(0.009)
Size	0.016	−0.004	0.129***	−0.005	0.045***	−0.004
	(0.070)	(0.030)	(0.011)	(0.030)	(0.003)	(0.030)
Age_firm	0.025***	0.024**	−0.015***	0.024**	0.009	0.024**
	(0.002)	(0.010)	(0.000)	(0.010)	(0.010)	(0.010)
Age_founder	0.006*	0.004***	0.000	0.004***	0.006**	0.004***
	(0.003)	(0.001)	(0.002)	(0.001)	(0.003)	(0.001)
Edu	−0.062***	0.036	0.162	0.035	0.289***	0.036
	(0.008)	(0.028)	(0.120)	(0.029)	(0.025)	(0.029)
Edu_X	−0.108**	−0.028	0.107***	−0.028	0.302***	−0.028
	(0.045)	(0.093)	(0.022)	(0.093)	(0.008)	(0.093)
Instrumental variable
Appro		0.258***		0.249**		0.257***
		(0.083)		(0.098)		(0.088)
Tech		0.246***		0.266***		0.247***
		(0.073)		(0.100)		(0.085)
Constant term	−1.740***	−0.754**	−2.473**	−0.766**	−2.628***	−0.755**
	(0.450)	(0.318)	(0.993)	(0.308)	(0.001)	(0.310)
Cohort dummies	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	27,257		27,257		27,257
Log pseudolikelihood	−53063.830		−52946.929		−53058.960
Wald test of exogeneity (chi2)	27.07***		6.51**		21.01***

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