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 | Â | Â | 0.223** | 0.219** | 0.220** |
VC backing |  |  |  | −0.278*** | −0.280*** |
Underwriter reputation | Â | Â | Â | Â | 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 |