| First Stage Regression | Second Stage Regression |
(1) | (2) | |
Degree | Innov | |
Degree | 0.1155* | −3.2820* |
| (1.6783) | (−1.7392) |
Size |
| 6.7396*** |
|
| (3.3045) |
ROA | 0.2188 | −5.6387 |
| (0.5204) | (−0.6730) |
Growth | −0.0067 | 0.1436 |
| (−0.2227) | (0.2178) |
Lev | 0.9773*** | 6.0736 |
| (3.3783) | (0.9898) |
Top1 | −0.0052 | 0.1626 |
| (−1.1028) | (1.2267) |
Top31 | −0.1760 | 3.8838 |
| (−1.3020) | (1.3081) |
DUAL | −0.0476 | −2.2212 |
| (−0.5067) | (−1.1153) |
PID | −0.0421 | −13.5576 |
| (−0.0723) | (−1.0241) |
State | −0.2207 | 6.9156 |
| (−0.5210) | (0.8782) |
Constant | 21.2499*** | −137.3933*** |
| (58.2086) | (−2.9871) |
IND | controlled | controlled |
Year | controlled | controlled |
Observations | 510 | 510 |