| Before Centralization | After Centralization |
(1) | (2) | |
Innov | Innov | |
Degree | 7.042** | −0.252 |
| (2.262) | (−1.211) |
SA | −0.341 | −0.341 |
| (−0.110) | (−0.110) |
SA × Degree | 1.964** | 1.964** |
| (2.448) | (2.448) |
Size | 5.064*** | 5.064*** |
| (3.637) | (3.637) |
ROA | −6.001 | −6.001 |
| (−0.847) | (−0.847) |
Growth | 0.855** | 0.855** |
| (2.305) | (2.305) |
Lev | 7.680* | 7.680* |
| (1.772) | (1.772) |
Top1 | 0.085 | 0.085 |
| (1.295) | (1.295) |
Top31 | 2.107 | 2.107 |
| (1.030) | (1.030) |
DUAL | −0.095 | −0.095 |
| (−0.082) | (−0.082) |
PID | 0.958 | 0.958 |
| (0.139) | (0.139) |
State | 0.703 | 0.703 |
| (0.500) | (0.500) |
Constant | −110.015*** | −108.746*** |
| (−3.897) | (−3.724) |
IND | controlled | controlled |
Year | controlled | controlled |
Observations | 519 | 519 |
Adjusted R-squared | 0.160 | 0.160 |