variables | R&D investment | ||||
Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | |
CFt | 0.0177*** | 0.0251*** | 0.0245*** | 0.0239*** |
|
| (2.62) | (3.64) | (3.61) | (3.52) |
|
CF_Gt |
|
|
|
| 0.0237*** |
|
|
|
|
| (3.50) |
Debtt |
| 0.0216*** | 0.0206*** | 0.0200*** | 0.0199*** |
|
| (3.29) | (3.18) | (3.09) | (3.08) |
Equt |
|
| 0.1133*** | 0.1153*** | 0.1144*** |
|
|
| (4.25) | (4.33) | (4.29) |
Cashcht |
|
|
| −0.0074* | −0.0075* |
|
|
|
| (−1.79) | (−1.82) |
Govt |
|
|
|
| 0.1032 |
|
|
|
|
| (1.63) |
Qt−1 | 0.0027*** | 0.0030*** | 0.0026*** | 0.0023*** | 0.0024*** |
| (3.53) | (3.96) | (3.46) | (3.07) | (3.16) |
St | 0.0015 | 0.0017 | 0.0009 | 0.0011 | 0.0012 |
| (1.05) | (1.19) | (0.66) | (0.79) | (0.87) |
Levt | 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 |