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      "text": "Comparing the coefficients from Table 2 (control) and Table 3 (value creation) helps us highlight resources that have very different effects on the tradeoff between control and value creation.",
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      "text": "Table 7 compares the core fixed-effects results to the IPW and RA estimates. Seven of the eight IPW and RA estimates are within two standard errors of the fixed-effects estimates, suggesting further support for the core results. (The eighth estimate is 2.03 standard errors away.)",
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      "text": "The opposite pattern is seen with angel capital and founder capital: They both have a significant positive relationship with control (Table 2) but a significant negative relationship with company valuation (Table 3). In this sense, these very different types of resource providers are microcosms of the overall control dilemma examined here.",
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      "text": "First, involving venture capitalists in the startup has an extreme impact on each DV, in conflicting ways: It has a very significant negative relationship with founder control (Table 2) but a very significant positive relationship with company valuation (Table 3).",
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      "text": "StataCorp 2013).29 I performed these analyses for both the valuation and capital-raised dependent variables, and for control-index gradations of moving from no control to one measure of control (CEO or Board), and from one measure of control to full control.",
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      "text": "Interestingly, the core founder's characteristics is one area where the control dilemma does not seem to apply: By accumulating prior founding experience and tapping social networks to find executive hires, the founder has higher control but the company's valuation is higher, too. The \"dilemma profiles\" of these very different resource providers are thus summarized in the table below.",
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      "text": "29 For the matching, I used all of the founding-era variables in my core models that might indicate higher or lower quality: most centrally, the prior work experience and prior founding experience of the founders, size of founding team, and capital invested by the founders, but also at the firm level, the industry segment, state of the economy at time of founding, and geographic location. I performed IPW and RA analyses on both dependent variables (company valuation and capital raised) and for each change in the graduation of control (control-index=0 vs. control-index=1, control-index=1 vs. control-index=2).",
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