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Table 3 Characteristics Associated Venture Performance
| Sales Growth | EPS | |
| Control Variables | ||
| Firm age | .03** | |
| Firm size (employees) | ||
| Venture Capital Ownership | ||
| Funded | ||
| % VC Ownership | ||
| Management team characteristics | ||
| Technical education | .02* | .14*** |
| New venture experience | .06*** | |
| Industry experience | .02* | |
| Finance experience | .05*** | |
| Firm strategies | ||
| Innovative differentiation | .04** | |
| Marketing differentiation | ||
| Low cost emphasis | .09*** | |
| Strategic breadth | .03** | .01+ |
| Focus | .06*** | |
| Financial characteristics | ||
| Liquidity | ||
| Debt to equity | ||
| Return on sales | ||
| Industry characteristics | .01+ | |
| Performance | ||
| Technological change | ||
| Growth | ||
| Model R2 | 0.26 | 0.30 |
| 1Partial R2 are reported | ||
| +p<.1, *p<.05, **p<.01, ***p<.001 |
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