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Table 3 Regression examination with IPO valuation as dependent variable

From: Impact of insiders and outsiders of entrepreneurial firms on valuation in initial public offering

Variables

Model 1

Model 2

Model 3

Model 4

Model 5

Firm age

−0.160*

−0.163*

−0.148*

−0.173**

−0.172**

TMT size

−0.107

−0.106

−0.103

−0.083

−0.084

Founder control

0.009

0.004

−0.034

−0.029

−0.029

Board chairman control

0.047

0.052

−0.075

−0.003

−0.002

P/E ratio at issuing

0.520***

0.523***

0.524***

0.501***

0.500***

IPO size

0.126+

0.126+

0.127+

0.103

0.102

Board independence

 

0.036

0.011

−0.015

−0.016

TMT ownership

  

0.223**

0.219**

0.220**

VC backing

   

−0.278***

−0.280***

Underwriter reputation

    

0.007

F

13.834

11.836

11.685

13.784

12.318

R 2

0.367

0.337

0.399

0.472

0.472

  1. +Significant at p < 0.1; *Significant at p < 0.05; **Significant at p < 0.01; ***Significant at p < 0.001.