|
| (1) | (2) |
| Innov | Innov | |
| Degree | −0.309* | −0.474** |
|
| (−1.876) | (−2.524) |
| SA | −1.809 | 0.008 |
|
| (−0.569) | (0.003) |
| Size |
| 5.151*** |
|
|
| (3.683) |
| ROA |
| −6.019 |
|
|
| (−0.860) |
| Growth |
| 0.785** |
|
|
| (2.151) |
| Lev |
| 6.610 |
|
|
| (1.575) |
| Top1 |
| 0.074 |
|
|
| (1.136) |
| Top31 |
| 1.947 |
|
|
| (0.949) |
| DUAL |
| −0.122 |
|
|
| (−0.106) |
| PID |
| 1.319 |
|
|
| (0.192) |
| State |
| −1.085 |
|
|
| (−0.483) |
| Constant | −2.449 | −106.263*** |
|
| (−0.224) | (−3.696) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 519 | 519 |
| Adjusted R-squared | 0.081 | 0.158 |