variables

R&D investment

Model (1)

Model (2)

Model (3)

Model (4)

Model (5)

CF_t

0.0177^***

0.0251^***

0.0245^***

0.0239^***

(2.62)

(3.64)

(3.61)

(3.52)

CF_G_t

0.0237^***

(3.50)

Debt_t

0.0216^***

0.0206^***

0.0200^***

0.0199^***

(3.29)

(3.18)

(3.09)

(3.08)

Equ_t

0.1133^***

0.1153^***

0.1144^***

(4.25)

(4.33)

(4.29)

Cashch_t

−0.0074^*

−0.0075^*

(−1.79)

(−1.82)

Gov_t

0.1032

(1.63)

Q_t−1

0.0027^***

0.0030^***

0.0026^***

0.0023^***

0.0024^***

(3.53)

(3.96)

(3.46)

(3.07)

(3.16)

S_t

0.0015

0.0017

0.0009

0.0011

0.0012

(1.05)

(1.19)

(0.66)

(0.79)

(0.87)

Lev_t

0.0179^***

(3.88)

Cons

0.0205^***

0.0231^***

0.0232^***

0.0233^***

0.0225^***

(13.37)

(16.78)

(17.15)

(17.20)

(15.23)

Sample amount

729

729

729

729

729

Adjustment value R²

0.0850

0.0777

0.1086

0.1141

0.1168