Note: This table presents the robustness tests from estimating equation (3) for private firms as shown below: All the regression specifications follow that in Table 4. To further remove potential economic links, on top of the screenings done in Table 4, I also exclude minor-segment industries shared by industry leaders and private firms in the industry leaders’ major-segment industries. All regressions control for the component of the industry valuation that relates to the major-segment industry, $Major_q¯$⁠, as well as the full set of firm and industry controls used in Table 3. In columns 2 and 4, I control for minor-segment industry characteristics by operating a similar decomposition for the industry characteristics. Minor segments of private firms are classified by the secondary SIC industries reported in FAME. All variable constructions are described in  Appendix A. All regression models are estimated with firm-fixed effects and year-fixed effects. t-statistics in parentheses are adjusted allowing within industry clusters. Coefficients significant at the 10 percent, 5 percent, and 1 percent levels are marked with *, **, and ***, respectively.