TABLE 3.

Baseline regression results.

Variables	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)
	CI	CI	CBQRC	CBQRC	CI	CI
Ne	0.076***		0.059***		0.034
	(2.770)		(5.592)		(1.114)
Np		0.013***		0.010***		0.006
		(2.951)		(6.483)		(1.213)
CBQRC					3.425***	3.374***
					(3.379)	(3.354)
Se	0.026	0.026	0.037**	0.039***	−0.018	−0.017
	(0.706)	(0.703)	(2.397)	(2.676)	(−0.402)	(−0.377)
IPO	−0.074	−0.034	0.013	0.023	−0.045	−0.027
	(−0.764)	(−0.357)	(0.175)	(0.320)	(−0.413)	(−0.257)
Rep	−1.803	−1.989*	0.935*	0.680	−1.720	−1.813*
	(−1.528)	(−1.710)	−1.914	−1.393	(−1.570)	(−1.657)
Sob	−0.206	−0.206	−0.384	−0.374	0.005	0.004
	(−0.559)	(−0.561)	(−0.895)	(−0.864)	(0.013)	(0.011)
Syn	1.969***	1.975***	0.468	0.503	2.033***	2.038***
	(4.106)	(4.126)	(1.406)	(1.505)	(4.641)	(4.651)
Da	2.073***	2.077***	0.901***	0.935***	1.342***	1.348***
	(5.887)	(5.92)	(2.886)	(2.988)	(3.708)	(3.726)
CEO	1.857	1.916	0.974	0.977	1.796	1.827
	(1.360)	(1.402)	(0.942)	(0.944)	(1.350)	(1.372)
Pci	0.049**	0.049**	0.034***	0.033***	0.055**	0.055**
	(2.176)	(2.170)	(2.805)	(2.644)	(2.388)	(2.387)
Tech	2.036***	2.043***	0.855**	0.952***	1.697***	1.703***
	(5.468)	(5.492)	(2.444)	(2.706)	(4.847)	(4.862)
Early	−1.281**	−1.285**	0.091	0.08	−1.157**	−1.159**
	(−2.371)	(−2.382)	(0.180)	(0.159)	(−2.499)	(−2.502)
Age	−0.020	−0.020	−0.012	−0.010	−0.074	−0.074
	(−0.351)	(−0.354)	(−0.252)	(−0.199)	(−1.459)	(−1.447)
Constant	−4.108***	−4.111***	−6.154***	−6.196***	−3.614***	−3.623***
	(−5.484)	(−5.492)	(−8.528)	(−8.483)	(−5.412)	(−5.420)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Log likelihood	−596.728	−596.388	−142.53	−141.195	−588.298	−588.199
N	1,311	1,311	1,311	1,311	1,311	1,311

The values in parentheses are z-statistics. *p < 0.1, **p < 0.05, ***p < 0.01.