| Variables | MAR | |
| VC | Non-VC | |
| TECH | −0.0120 | 0.1250 |
| (−0.1601) | (1.1362) | |
| RD | 4.2542*** | 2.7571** |
| (2.6123) | (2.2090) | |
| TECH * RD | −3.6301** | −3.4030 |
| (−2.0434) | (−1.6179) | |
| Age | −0.0260 | 0.0201 |
| (−0.6472) | (0.2799) | |
| Delay | 0.3151*** | 0.1790** |
| (5.6653) | (2.2481) | |
| LEV | −0.0951 | −0.2230 |
| (−0.5681) | (−1.1433) | |
| LOTT | −0.0260* | −0.0154* |
| (−1.7819) | (−1.6690) | |
| ROE | −0.2151 | −0.0537 |
| (−1.3134) | (−0.2658) | |
| Size | −0.0550 | −1.2813 |
| (−0.0614) | (−1.0265) | |
| Scale | −1.0070 | −1.5651 |
| (−1.0791) | (−1.2678) | |
| TR | 1.0734*** | 0.8333*** |
| (9.6242) | (5.9851) | |
| UR | −0.0781** | −0.0300 |
| (−1.9790) | (−0.6621) | |
| Year | control | control |
| IND | control | control |
| Intercept | 2.1961 | 8.0708** |
| (0.8170) | (2.4791) | |
| Adj−R2 | 0.5472 | 0.4529 |
| F−statistic | 21.1112 | 9.6062 |
| Observations | 223 | 126 |