Table 2.
Results of baseline regression.
| Model 1 | Model 2 | Model 3 | Model 4 | |
|---|---|---|---|---|
| FGN_LP | 0.927∗∗∗ | |||
| (5.505) | ||||
| OFGN_LP | 1.413∗∗∗ | |||
| (6.204) | ||||
| Syn_LP | 1.608∗∗∗ | |||
| (7.471) | ||||
| Main_LP | 1.182∗∗∗ | |||
| (6.533) | ||||
| Age | -0.073∗∗∗ | -0.077∗∗∗ | -0.073∗∗∗ | -0.076∗∗∗ |
| (-3.420) | (-3.540) | (-3.276) | (-3.440) | |
| Num_rounds | -0.071 | -0.006 | -0.031 | -0.067 |
| (-1.372) | (-0.113) | (-0.562) | (-1.331) | |
| Num_investors | 0.002 | -0.031 | -0.026 | 0.000 |
| (0.025) | (-0.392) | (-0.312) | (0.006) | |
| Max_AVG | 0.328∗∗∗ | 0.325∗∗∗ | 0.341∗∗∗ | 0.311∗∗∗ |
| (2.952) | (3.047) | (3.084) | (2.778) | |
| Max_regions | 0.024 | 0.013 | 0.023 | 0.024 |
| (1.042) | (0.558) | (1.000) | (1.017) | |
| Max_IND | -0.040∗∗ | -0.011 | -0.022 | -0.033∗ |
| (-2.101) | (-0.581) | (-1.149) | (-1.762) | |
| Constant | -0.908∗∗ | -1.429∗∗∗ | -1.578∗∗∗ | -1.094∗∗∗ |
| (-2.283) | (-3.376) | (-3.521) | (-2.618) | |
| year/Industry/Region | YES | YES | YES | YES |
| Observations | 581 | 581 | 581 | 581 |
| PseudoR2 | 0.293 | 0.306 | 0.339 | 0.314 |
| Loglikelihood | -141.068 | -138.400 | -131.871 | -136.857 |
The z-test is in parentheses below the coefficients. ∗∗∗, ∗∗, ∗ denote significance at the 1%, 5% and 10% thresholds, respectively.