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The Effect of Leverage Buyouts on Innovation (view source)
Revision as of 19:34, 25 July 2019
, 19:34, 25 July 2019→Code
. logit lboregmarker lvg lvgsq tobinql revgrowthl taxtoassets ebitdatoassets revtl if regfilter==1, robust
Iteration 0: log pseudolikelihood = -11461157.5017 9027 Iteration 1: log pseudolikelihood = -11031113.9281 7267 Iteration 2: log pseudolikelihood = -10911100.3342 3734 Iteration 3: log pseudolikelihood = -10881097.5307 5593 Iteration 4: log pseudolikelihood = -10881097.0634 1202 Iteration 5: log pseudolikelihood = -10881097.0171 0625 Iteration 6: log pseudolikelihood = -10871096.0487 365 Iteration 7: log pseudolikelihood = -10831094.1541 6987 Iteration 8: log pseudolikelihood = -10821094.5635 5913 Iteration 9: log pseudolikelihood = -10821094.549 591 Iteration 10: log pseudolikelihood = -10821094.549 591
Logistic regression Number of obs = 51,432434 Wald chi2(7) = 166177.0134
Prob > chi2 = 0.0000
Log pseudolikelihood = -10821094.549 591 Pseudo R2 = 0.05580547
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lboregmarker | Coef. Std. Err. z P>|z| [95% Conf. Interval]
---------------+----------------------------------------------------------------
lvg | 3 1.78305 999583 1.430146 541985 21.65 30 0.008 195 -1.9800142 022652 65.586085021817 lvgsq | -31.08942 459515 1.11948 197452 -21.76 22 0.006 223 -53.28356 -806478 .89527938874482 tobinql | -.5689659 5714983 .0548885 0526354 -10.37 86 0.000 -.6765454 6746618 -.46138654683347 revgrowthl | -.9232836 8786764 .848426 8096242 -1.09 0.276 278 -2.586168 465511 .7396008708158 taxtoassets | 43.224245 543691 1.03806 064069 43.07 33 0.000 001 21.189684 458154 65.258806629227 ebitdatoassets | 2.020758 053875 .4627235 4988919 4.37 12 0.000 1.113836 076065 23.927679031685 revtl | .5396504 5511462 .0627495 0611253 89.60 02 0.000 .4166636 4313429 .66263726709495 _cons | -65.332186 975003 .7769002 765584 -87.15 80 0.000 -7.854882 47552 -4.809489474486
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Note: 83 52 failures and 0 successes completely determined.
With the increased sample, we now find that LBOs are associated with reduced likelihood of patenting overall. However, this results is driven by the LBOs in period 1 from 1980 to 1995. In period 2, from 1995 to 2015, there is no statistically significant association. We also tried using decades but this wasn't instructive.
