Independent Variables

Model 1

Model 2

Model 3

Timing

0.06

0.20^**

0.32^**

Initial Investment

0.03

0.07

0.08

Firm Size

0.38^**

0.29^**

0.03^*

Pace1 (Frequency)

0.21^**

0.84^**

Pace2 (Magnitude)

0.23^**

0.85^**

Pace1*Pace1

−0.53^**

Pace2*Pace2

0.72^**

Model F

14.18

13.12

19.29

R 2

0.17

0.24

0.40

Adjusted R 2

0.16

0.22

0.38