|
| (1) | (2) |
| Model 1 | Model 1 | |
| Innov | Innov | |
| Degree | −0.459** | −0.578*** |
|
| (−2.486) | (−3.176) |
| SA | −4.090 | −2.574 |
|
| (−1.371) | (−0.876) |
| DT | 6.035*** | 5.375*** |
|
| (5.217) | (4.953) |
| Size |
| 5.074*** |
|
|
| (3.715) |
| ROA |
| −0.804 |
|
|
| (−0.119) |
| Growth |
| 0.599 |
|
|
| (1.623) |
| Lev |
| 4.479 |
|
|
| (1.140) |
| Top1 |
| 0.077 |
|
|
| (1.203) |
| Top31 |
| 1.801 |
|
|
| (0.931) |
| DUAL |
| 0.163 |
|
|
| (0.153) |
| PID |
| −0.191 |
|
|
| (−0.028) |
| State |
| −1.671 |
|
|
| (−0.590) |
| Constant | −9.342 | −112.935*** |
|
| (−0.894) | (−4.088) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 513 | 513 |
| Adjusted R-squared | 0.167 | 0.226 |