Regarding other firm characteristic

Regarding other firm characteristics, we control for firm size by the level of employment (Emp) at the time of the Phase II award. On the one hand, larger firms may be less likely to partner with a university, holding constant the scope of the Phase II project, because they have a breadth of internal resources to draw upon to meet any uncertainties associated with the research. On the other hand, larger firms may be more likely to partner with a university, ceteris paribus, if associated with its size is specialization of its employees. Moreover, to the extent that a larger firm is viewed as a less risky venture, that too would result in the level of employment being positively associated with the likelihood of university partnering.