|
| (1) | (2) |
| Innov | Innov | |
| Degree | −0.3220* | −0.5230*** |
|
| (−1.6496) | (−2.7597) |
| SA | −2.8432 | 1.5522 |
|
| (−0.9340) | (0.5590) |
| Size |
| 5.4747*** |
|
|
| (3.6730) |
| ROA |
| 1.0408 |
|
|
| (0.2121) |
| Growth |
| 0.4126* |
|
|
| (1.7225) |
| Lev |
| 3.4890 |
|
|
| (0.8095) |
| Top1 |
| 0.0291 |
|
|
| (0.4070) |
| Top31 |
| −0.2317 |
|
|
| (−0.1083) |
| DUAL |
| −0.7568 |
|
|
| (−0.6853) |
| PID |
| −1.0467 |
|
|
| (−0.1674) |
| State |
| 1.2109 |
|
|
| (0.6884) |
| Constant | −4.1329 | −102.4903*** |
|
| (−0.3931) | (−3.3605) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 519 | 519 |
| Number of ID | 188 | 188 |