| Lag Core Variable | Median Regression |
(1) | (2) | |
Innov | Innov | |
L.Degree | −0.384** |
|
| (−1.993) |
|
Degree_m |
| −0.313* |
|
| (−1.847) |
Size | 5.027*** | 4.896*** |
| (3.596) | (3.595) |
ROA | −0.326 | −5.655 |
| (−0.025) | (−0.795) |
Growth | 1.087 | 0.895** |
| (1.375) | (2.391) |
Lev | 8.592 | 6.435 |
| (1.515) | (1.489) |
Top1 | 0.134* | 0.066 |
| (1.713) | (1.000) |
Top31 | 2.875 | 1.816 |
| (1.270) | (0.873) |
DUAL | −1.123 | 0.240 |
| (−0.858) | (0.217) |
PID | 6.760 | 4.006 |
| (0.934) | (0.592) |
State | −4.575* | −2.390 |
| (−1.717) | (−0.705) |
Constant | −108.020*** | −102.902*** |
| (−3.779) | (−3.500) |
IND | controlled | controlled |
Year | controlled | controlled |
Observations | 321 | 321 |
Adjusted R-squared | 0.197 | 0.148 |