Variable name

Dependent variable

RD

Model (1)

IA

Model (2)

ADV

Model (3)

RD

Model (4)

IA

Model (5)

ADV

Model (6)

RD

Model (7)

IA

Model (8)

ADV

Model (9)

CONSTANT

7.479***

3.910***

6.614***

7.152***

3.199***

6.475***

7.489***

3.626***

6.714***

(33.301)

(11.410)

(39.023)

(30.290)

(8.791)

(36.434)

(16.627)

(5.525)

(20.284)

SEP

0.228***

0.229***

0.088***

−0.068

−0.103

−0.066

(7.664)

(5.332)

(4.006)

(−0.544)

(−0.564)

(−0.715)

ID

1.034***

1.404***

0.435***

0.097

0.381

−0.049

(8.606)

(7.724)

(4.698)

(0.244)

(0.659)

(−0.165)

SEP×ID

0.298***

0.327**

0.158**

(2.355)

(1.771)

(1.663)

DEBT

−0.074

0.095

0.485***

−0.080

0.099

0.478***

−0.061

0.121

0.489***

(−1.327)

(1.136)

(11.849)

(−1.436)

(1.193)

(11.715)

(−1.110)

(1.466)

(11.979)

SIZE

0.632***

0.750***

0.594***

0.627***

0.737***

0.591***

0.603***

0.714***

0.580***

(30.711)

(24.785)

(39.168)

(30.461)

(24.435)

(38.858)

(29.270)

(23.516)

(37.697)

FCF

0.190***

0.101**

0.107***

0.178***

0.085**

0.103***

0.183***

0.090**

0.104***

(7.110)

(2.500)

(5.395)

(6.687)

(2.113)

(5.160)

(6.929)

(2.244)

(5.252)

MARKET

0.186***

0.303***

0.390***

0.153***

0.245***

0.378***

0.143**

0.230***

0.371***

(3.201)

(3.461)

(8.846)

(2.627)

(2.795)

(8.546)

(2.477)

(2.637)

(8.405)

Adj。R²

0.386

0.300

0.517

0.389

0.308

0.518

0.402

0.314

0.520

F-statistic

342.150***

230.050***

678.594***

347.043***

238.889***

681.080***

261.810***

176.218***

491.347***