Table 1
Regression Results
 
All Firms
Non-Web-Based Firms
Web-Based Firms
 
Model 1
Model 2
Model 3
Model 1
Model 2
Model 3
Model 1
Model 2
Model 3
Nasdaq 0.270*** 0.259*** 0.267*** 0.375*** 0.346*** 0.355*** 0.224*** 0.241** 0.208**
Firm Age 0.079 0.065 0.069 -0.068 -0.053 -0.056 -0.262*** -0.255** -0.215**
Employees 0.276*** 0.311*** 0.263*** 0.383*** 0.430*** 0.386*** 0.446*** 0.422*** 0.374***
Revenue   0.136* 0.196**   0.146 0.201*   0.087 0.018 
Common Equity   -0.263***  -0.284***    -0.238*** -0.250**    -0.059 -0.077 
TMT Experience     0.162**     0.073         0.153*
TMT Heterogenity     0.050       -0.024       0.101 
TMT Education     0.207***       0.151*     0.160*
N       112 112 112 106 106 106
R2 0.132*** 0.196*** 0.264*** 0.267*** 0.316*** 0.340*** 0.309*** 0.317*** 0.370***
Adjusted R2 0.120*** 0.178*** 0.237*** 0.247*** 0.283*** 0.289*** 0.289*** 0.283*** 0.318***
R2 Change   0.132*** 0.064*** 0.068*** 0.267*** 0.048* 0.024 0.309*** 0.008 0.052

Standardized regression coedfficients are reported
*p £ .05
**p  £ .01
***p  £ .001