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Table 2
Characteristics Associated With Venture Capitalist Ownership
| Independent | % VC | |
| variables | Funded | Ownership |
| Control Variables | ||
| Firm age | .18*** | .12*** |
| Firm size (employees) | ||
| Management team characteristics | ||
| Technical education | .08*** | .05*** |
| New venture experience | ||
| Industry experience | .02* | |
| Finance experience | .02* | |
| Firm strategies | ||
| Innovative differentiation | ||
| Marketing differentiation | ||
| Low cost emphasis | ||
| Strategic breadth | ||
| Focus | ||
| Financial characteristics | ||
| Liquidity | ||
| Debt to equity | ||
| Return on sales | ||
| Industry characteristics | ||
| Performance | .01+ | .02* |
| Technological change | .01+ | |
| Growth | .01+ | |
| Model R2 | 0.33 | 0.19 |
| 1Partial R2 are reported | ||
| +p<.1, *p<.05, **p<.01, ***p<.001 |
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