(1)

(2)

Low Equity Balance

High Equity Balance

Innov

Innov

Degree

9.795**

2.425

(2.045)

(0.790)

SA

2.732

−2.080

(0.593)

(−0.485)

SA × Degree

0.804

2.643**

(1.011)

(2.104)

Size

3.191*

6.574***

(1.770)

(2.798)

ROA

2.592

−6.504

(0.253)

(−0.689)

Growth

1.035*

0.698

(1.747)

(1.321)

Lev

13.956*

3.450

(1.831)

(0.572)

Top1

0.057

0.104

(0.494)

(0.812)

Top31

−4.767

2.745

(−0.465)

(1.019)

DUAL

−1.456

1.027

(−0.882)

(0.652)

PID

−3.541

3.212

(−0.433)

(0.289)

State

−0.362

3.924**

(−0.159)

(2.007)

Constant

−59.107

−144.424***

(−1.624)

(−3.031)

IND

controlled

controlled

Year

controlled

controlled

Observations

256

263

Adjusted R-squared

0.173

0.125