博客对不同阶段风险投资决策影响的研究MISQ.ppt

Robustness Checks To check the stability of our estimates we report the results from models that use all of the observations—VC fixed effects model, VC and venture random effects model, and instrumental variable (IV) model. All three models report parameters that are qualitatively similar, thus corroborating the stability of our estimates. For the instrument variable model, we use two instruments, namely whether founders’ maintain a blog or not, and citations to founders’ blogs. To test that the instruments are not weakly identified, we check the F-statistics of equations where blog coverage is regressed on the instruments and controls (Stock et al. 2002). Result suggests that the instruments are not weakly identified. To test that the instruments are orthogonal to the main equations, we use Sargan test for over identification. Result suggests that the instruments considered are not part of the main equation and are valid. Summary of Results The findings suggest that the volume of blog coverage increases the probability with which an entity will pass the screening stage, ceteris paribus, which provides support for hypothesis 1. Hypothesis 2 is also supported, which suggests that the volume of blog coverage does not influence the choice stage, ceteris paribus. We also find that the volume of blog coverage does not directly affect the contract stage; rather, the blog coverage indirectly affects the terms decided at the contract stage, ceteris paribus. The volume of blog coverage leads to an increase in the number of decision makers interested in entities, which in turn leads to better contract terms for entities. Thus, hypothesis 3a and 3b are also supported. 文献综述 Literature Review 简介 Introduction 假设 Hypothesis Development 实证分析 Empirical Analysis 目录 Structure 鲁棒性检验 Robustness Checks 结论与讨论 Conclusion and discussion Conclusion and Discussion The primary objective of this article is to advance an understanding of the influence of UGC, particularly blog coverage, on de