Does Going Public Affect Innovation(10)

TableVII

FundamentalNatureofResearch

Thistablereportsthee?ectofanIPOonthefundamentalnatureofresearch.Incolumns(1)to(3)thedependentvariableistheaveragescaledoriginalityinthe?veyearsaftertheIPO?ling,andincolumns(4)to(6)itisaveragescaledgenerality.IPOisadummyvariableequalstooneifa?rmcompletestheIPO?ling,andzerootherwise.NASDAQReturnsisthetwo-monthNASDAQreturnscalculatedfromtheIPO?lingdate.Incolumns(1)to(3)Icontrolforthepre-?lingaveragescaledoriginality,andincolumns(4)to(6)Icontrolforthecorrespondinggeneralitymeasure.Additionalcontrolvariablesare:pre-?lingaveragescaledcitations,pre-?lingaveragescaledpatentsperyear,VCBacked,Pioneer,EarlyFollower,andthethree-monthNASDAQreturnsbeforetheIPO?ling.Allvariablesarede?nedintheAppendix.ThemodelisestimatedusingOLSincolumns(1),(2),(4),and(5)andusing2SLSincolumns(3)and(6).MagnitudeistheratioofIPOcoe?cienttothepre-?lingaverageofscaledoriginalityorscaledgenerality.Robuststandarderrorsarereportedinparentheses.*,**,and***indicatethatthecoe?cientisstatisticallysigni?cantatthe10%,5%,and1%level,respectively.

(1)(2)(3)(4)(5)(6)

DependentVariableScaledScaledScaledScaledScaledScaled

OriginalityOriginalityOriginalityGeneralityGeneralityGenerality

ModelOLSOLS2SLSOLSOLS2SLSIPO

NASDAQReturnsMagnitudeObservationsR2

FilingyearFEIndustryFE

Controlvariables

-0.10%1,0790.231yesyesyes?0.006(0.010)

?0.081**(0.036)

-1,0790.234yesyesyes

-13%1,0790.102yesyesyes

0%1,0790.226yesyesyes

?0.137**?0.001(0.068)(0.016)

?0.050

(0.051)

-1,0790.226yesyesyes

-8%1,0790.206yesyesyes?0.087(0.092)

Accepted Article45

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TableVIIIInnovationScale

Thistablereportsthee?ectofanIPOoninnovationscale.Thedependentvariableistheaveragescalednumberofpatentsperyearinthe?veyearsaftertheIPO?ling.IPOisadummyvariableequalstooneifa?rmcompletestheIPO?ling,andzerootherwise.NASDAQReturnsisthetwo-monthNASDAQreturnscalculatedfromtheIPO?lingdate.Controlvariablesincludedinregressionsare:pre-?lingaveragescaledcitations,pre-?lingaveragescalednumberofpatentsperyear,VCBacked,Pioneer,EarlyFollower,andthethree-monthNASDAQreturnsbeforetheIPO?ling.Allvariablesarede?nedintheAppendix.ThemodelisestimatedusingOLSincolumns(1)and(2),and2SLSincolumn(3).Columns(4)estimatesthespeci?cationusingaquasimaximumlikelihoodPoissonmodel.Inallspeci?cations,marginale?ectsarereported.MagnitudeistheratiooftheIPOcoe?cienttothepre-?lingscalednumberofpatentsperyear.Robuststandarderrorsarereportedinparentheses.*,**,and***indicatethatthecoe?cientisstatisticallysigni?cantatthe10%,5%,and1%level,respectively.

(1)ScaledPatentsOLS0.268***(0.066)

(2)ScaledPatentsOLS

(3)ScaledPatents2SLS0.200(0.474)

(4)ScaledPatentsPoisson0.002(0.662)

Accepted ArticleDependentVariableModelIPONASDAQReturnsMagnitudeObservationsR2

FilingyearFEIndustryFE

ControlVariables

0.127(0.305)

37.75%1,8010.184yesyesyes

1,8010.178yesyesyes

28.17%1,8010.184yesyesyes

0.28%1,8010.168yesyesyes

46

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TableIX

InventorMobilityandInnovativeProductivity

Thistablereportsthee?ectsofanIPOoninventors’mobilityandinnovativeactivity.Inventorsareclassi?edintothreecategories:stayers,leavers,andnewcomers,asde?nedinthetext.Incolumn(1)thesampleisrestrictedtostayersandthedependentvariableistheaveragescaledcitationsaftertheIPO?ling.Incolumns(2)and(3),thesampleincludesstayersandleavers,andthedependentvariableequalsoneiftheinventorleavesthe?rmorgeneratesaspin-o?,respectively.Anassigneeisconsideredaspin-o?ifthenumberofappliedpatentsbeforetheleaver’spatentiszero.Incolumn(4)thesampleincludesstayersandnewcomers,andthedependentvariableequalsoneiftheinventorjoinsthe?rm.IPOisadummyvariableequaltooneifa?rmcompletestheIPO?ling,andzerootherwise.Theinstrumentisthetwo-monthNASDAQreturnscalculatedfromtheIPO?lingdate.Inallspeci?cationsIcontrolfortheinventor’spre-IPO?lingaveragescaledcitationsandscalednumberofpatents.Additionalcontrolvariablesare:VCBacked,Pioneer,EarlyFollower,andthethree-monthNASDAQreturnsbeforetheIPO?ling.Allvariablesarede?nedintheAppendix.Allmodelsareestimatedusing2SLS.MagnitudeistheratiooftheIPOcoe?cienttothepre-?lingaverageofscaledcitations.Robuststandarderrorsarereportedinparentheses.*,**,and***indicatethatthecoe?cientisstatisticallysigni?cantatthe10%,5%,and1%level,respectively.

Accepted Article(1)(2)(3)DependentVariableCitationsofLikelihoodLikelihood

StayersofLeavingofaSpin-o?

Model2SLS2SLS2SLSIPO-1.094**0.183***0.095**(0.457)(0.062)(0.048)

Magnitude-47.94%-Observations665787738773R20.2030.0170.03FilingyearFEyesyesyesIndustryFEyesyesyesControlVariablesyesyesyes(4)LikelihoodofHiring2SLS0.388***(0.078)-116780.058yesyesyes

47

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TableX

AcquisitionofExternalTechnologies

Thistablereportsthee?ectsofanIPOonthenumberofexternalpatentsacquiredthroughmergersandacquisitions.Thedependentvariableistheaveragenumberofexternalpatentsacquiredperyearinthe?veyearsaftertheIPO?ling.IPOisadummyvariableequaltooneifa?rmcompletestheIPO?ling,andzerootherwise.NASDAQReturnsisthetwo-monthNASDAQreturnscalculatedfromtheIPO?lingdate.Controlvariablesincludedinregressionsare:pre-?lingaveragescaledcitations,pre-?lingaveragescalednumberofpatentsperyear,VCBacked,Pioneer,EarlyFollower,andthethree-monthNASDAQreturnsbeforetheIPO?ling.Allvariablesarede?nedintheAppendix.ThemodelisestimatedusingOLSincolumns(1)and(2),andusing2SLSincolumn(3)and(4).Column(4)alsocontrolsforindustryacquisitionintensity,de?nedasthetotalvolumeofacquisitionswithinanindustrynormalizedbythetotalmarketvalueofall?rmsinthatindustry.Robuststandarderrorsarereportedinparentheses.*,**,and***indicatethatthecoe?cientisstatisticallysigni?cantatthe10%,5%,and1%level,r …… 此处隐藏：4826字，全部文档内容请下载后查看。喜欢就下载吧 ……