| (1) | (2) |
Low Equity Balance | High Equity Balance | |
Innov | Innov | |
Degree | −0.386 | −0.612*** |
| (−1.552) | (−2.735) |
Size | 3.262* | 6.718*** |
| (1.841) | (2.923) |
ROA | 0.169 | −6.503 |
| (0.018) | (−0.699) |
Growth | 0.913 | 0.655 |
| (1.568) | (1.227) |
Lev | 11.464 | 3.532 |
| (1.624) | (0.605) |
Top1 | 0.067 | 0.111 |
| (0.588) | (0.870) |
Top31 | −3.503 | 2.918 |
| (−0.323) | (1.136) |
DUAL | −1.332 | 0.921 |
| (−0.837) | (0.572) |
PID | −3.652 | 3.641 |
| (−0.453) | (0.325) |
State | −4.110 | 3.968** |
| (−1.091) | (2.067) |
Constant | −65.662 | −138.716*** |
| (−1.577) | (−2.961) |
IND | controlled | controlled |
Year | controlled | controlled |
Observations | 256 | 263 |
Adjusted R-squared | 0.166 | 0.130 |