Had spin is equal to one after the spinoff formation for s days after spinoff and zero otherwise. Early stage equals one if the time of the parent's first investment in the entrepreneurial company was at the Seed or Series A stage. Standard errors are clustered at the parent level, where each new spinoff creates a new Standard error.
Had spin is equal to one after the spinoff formation for s days after spinoff and zero otherwise. Early stage equals one if the time of the parent's first investment in the entrepreneurial company was at the Seed or Series A stage. Standard errors are clustered at the parent level, where each new spinoff creates a new Standard error.
Had spin is equal to one after the spinoff formation for s days after spinoff and zero otherwise. Early stage equals one if the time of the parent's first investment in the entrepreneurial company was at the Seed or Series A stage. Standard errors are clustered at the parent level, where each new spinoff creates a new Standard error.
(0.00821) (0.0303) (0.0206) First stage Peer diversity -0.774∗ (0.245)
Age of parent -0.0188
(0.0190)
Early stage -0.00116
(0.0273) Observations 11641 11641 10489 Adjusted R2 0.118 Standard errors in parentheses Dependent variable is equal to 1 if the parent firm’s investment (that was not associated with the spinoff founder) went IPO. Includes all parents that pass the conditions discussed above. Had spin is equal to one after the spinoff formation for s days after spinoff and zero otherwise. Early stage is equal to one if the time of the parent’s first investment in the entrepreneurial company was at the Seed or Series A stage. First stage column reports the probit results of the first-stage of IV-probit estimator. All estimators include year dummies. Standard errors are clustered at the parent level, where each new spinoff creates a new + p < 0.10, ∗ p < 0.05