|
| Lag Core Variable | Median Regression |
| (1) | (2) | |
| Innov | Innov | |
| L.Degree | 6.624* |
|
|
| (1.678) |
|
| Degree_m |
| 0.077 |
|
|
| (0.372) |
| SA | −0.647 | −0.037 |
|
| (−0.172) | (−0.012) |
| SA × L.Degree | 1.822* |
|
|
| (1.807) |
|
| SA × Degree_m |
| 0.126** |
|
|
| (2.592) |
| Size | 4.963*** | 5.150*** |
|
| (3.566) | (3.688) |
| ROA | −2.033 | −6.024 |
|
| (−0.155) | (−0.860) |
| Growth | 1.145 | 0.787** |
|
| (1.419) | (2.156) |
| Lev | 9.594 | 6.681 |
|
| (1.625) | (1.593) |
| Top1 | 0.147* | 0.075 |
|
| (1.830) | (1.149) |
| Top31 | 3.065 | 1.961 |
|
| (1.343) | (0.956) |
| DUAL | −1.061 | −0.126 |
|
| (−0.802) | (−0.109) |
| PID | 5.848 | 1.240 |
|
| (0.832) | (0.180) |
| State | −2.693 | −0.949 |
|
| (−1.328) | (−0.439) |
| Constant | −112.150*** | −107.411*** |
|
| (−3.466) | (−3.630) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 321 | 321 |
| Adjusted R-squared | 0.196 | 0.158 |