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Table 2
Ordinary least squares (OLS) regression results (dependent variable is firm RevenueGrowth/R&DCapital)
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| Independent variable | Estimated coefficients (R&D capital - 1) | Estimated coefficients (R&D capital - 2) | Estimated coefficients (R&D capital - 3) |
|---|---|---|---|
| Source of funds | |||
| Angel capital | 0.06792 | 0.02331 | 0.01272 |
| Government capital | 0.0833 | 0.0216 | 0.0134 |
| Venture capital | 0.01101 | 0.01082 | 0.011472 |
| Conventional capital | 0.02201 | 0.07471 | 0.03402 |
| Initial public offering (IPO) | 0.0103 | 0.0355 | 0.0202 |
| Alliance capital | 0.0145 | 0.0452 | 0.0259 |
| Total capital raised in FY99 | 0.01721 | 0.01712 | 0.01362 |
| Public | 0.52051 | 0.19731 | 0.15151 |
| Stage of biotechnology product or process | |||
| Research and Development (R&D) | 0.014 | 0.0525 | 0.0308 |
| Pre-clinical | 0.14651 | 0.54021 | 0.30971 |
| Regulatory | 0.26621 | 0.63281 | 0.38191 |
| Market/production | 0.18822 | 0.88761 | 0.44661 |
| 1. Statistically significant at 10% level. 2. Statistically significant at 5% level. Note: R&D capital -1 is calculated by summing the total R&D spending from FY98 to FY01. In method 2, it is calculated by the straight-line depreciation method using the total R&D spending. In method 3, it is calculated by the double-declining balance depreciation method using the total R&D spending. Data source: Statistics Canada, Biotechnology Use and Development Survey, 1999 and 2001, and author's calculations. Table source: Statistics Canada, Innovation Analysis Bulletin, 2007, Vol. 9, no. 2, Catalogue no. 88-003-XWE. |
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