Variable name

Explanation of variables

Obs

Average

value

Standard

deviation

Minimum

value

Maximum

value

Panel A Regional + Industry Level Data

lnnumber

Logarithmic value of the number of venture capital investments

2907

1.431

1.385

0

4.605

lnvc

Logarithmic value of venture capital amounts

2907

6.664

4.861

0

13.751

Exit

Business exit rate

2868

0.054

0.111

0

0.301

Panel B Regional level macro data

EPU

Economic Policy Uncertainty Indicator

153

5.329

0.529

4.604

6.132

EPU1

Trade Weighted Economic Policy Uncertainty Indicator

153

4.778

0.291

4.275

5.143

EPU2

Indicators of US economic policy uncertainty

153

4.763

0.296

4.222

5.069

EPU3

Indicators of global economic policy uncertainty

153

4.854

0.482

4.197

5.732

lnedu

Logarithm of education expenditure

153

15.938

0.488

14.647

17.145

lnwage

Logarithm of the average employee’s salary

153

10.945

0.344

10.298

11.890

lnpop

Logarithmic value of population size

153

8.527

0.568

7.170

9.337

lngdp

Logarithmic value of GNP

153

10.236

0.521

8.978

11.485