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Table 2
Characteristics Associated With Venture Capitalist Ownership  

Independent   % VC
variables Funded Ownership
Control Variables    
Firm age .18*** .12***
Firm size (employees)    
Management team characteristics    
Technical education .08*** .05***
New venture experience    
Industry experience .02*  
Finance experience .02*  
Firm strategies    
Innovative differentiation    
Marketing differentiation     
Low cost emphasis    
Strategic breadth    
Financial characteristics    
Debt to equity    
Return on sales    
Industry characteristics    
Performance .01+ .02*
Technological change .01+  
Growth  .01+  
Model R2  0.33 0.19
1Partial R2 are reported    
+p<.1, *p<.05, **p<.01, ***p<.001    


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