| (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 |