(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