Panel A reports the results comparable to Table 3 and Panel B reports the results comparable to Table 4. Goodness of fit statistics indicates adequate fit of the models. In both Panels, the results are comparable to those reported in Tables 3 and 4 except for the significance of new CEO’s coefficient on the action control model, which was absent in Table 3. Its significance questions the previous conclusion and suggests that entrepreneurs may also delay the adoption of these systems. The coefficient for VC in the personnel control specification in Panel A is insignificant, in contrast to Table 3.
This result is consistent with these investors not affecting the development of this type of control. The interaction in Panel B between age and size is not significant for personnel control suggesting that the argument on the effect of age on
size may not hold for these systems. Finally, goodness-of-fit statistics indicate that model in