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Table 3 Characteristics Associated Venture Performance  

  Sales Growth EPS
Control Variables    
Firm age .03**  
Firm size (employees)    
     
Venture Capital Ownership    
Funded    
% VC Ownership    
     
Management team characteristics    
Technical education .02* .14***
New venture experience   .06***
Industry experience   .02*
Finance experience   .05***
     
Firm strategies    
Innovative differentiation .04**  
Marketing differentiation     
Low cost emphasis .09***  
Strategic breadth .03** .01+
Focus   .06***
     
Financial characteristics    
Liquidity    
Debt to equity    
Return on sales    
     
Industry characteristics   .01+
Performance    
Technological change    
Growth     
     
Model R2  0.26 0.30
     
1Partial R2 are reported    
+p<.1, *p<.05, **p<.01, ***p<.001    

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