| Explained variables | lnnumber | lnvc | lnnumber | lnvc | lnnumber | lnvc |
| Angel Round | VC round | PE Wheel | ||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| EPU | −1.516*** | −4.038*** | −1.376*** | −5.922** | −0.155 | −1.448 |
| (0.268) | (1.474) | (0.387) | (2.345) | (0.256) | (2.164) | |
| lnedu | 0.588 | 0.714 | 0.511 | 0.262 | 0.284 | 0.471 |
| (0.367) | (1.303) | (0.376) | (1.808) | (0.264) | (1.927) | |
| lnwage | 3.861*** | 12.956*** | 3.890*** | 17.922*** | 0.781 | 7.502 |
| (0.861) | (3.228) | (0.916) | (5.225) | (0.602) | (4.990) | |
| lnpop | 4.831** | 6.322 | 4.534** | 7.786 | 3.251** | 15.216 |
| (1.979) | (5.496) | (1.995) | (8.626) | (1.497) | (9.343) | |
| lngdp | −0.674 | 0.810 | −0.411 | 1.787 | 0.159 | 2.406 |
| (0.430) | (1.643) | (0.428) | (2.090) | (0.297) | (2.262) | |
| Observation | 2907 | 2907 | 2907 | 2907 | 2907 | 2907 |
| adj. R2 | 0.467 | 0.465 | 0.412 | 0.337 | 0.267 | 0.255 |
| Provincial fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |
| Year fixed effects | Yes | Yes | Yes | Yes | Yes | Yes |