| (1) | (2) |
Innov2 | Innov2 | |
Degree | −0.799* | −1.261** |
| (−1.751) | (−2.310) |
SA | −5.954 | −1.067 |
| (−0.715) | (−0.131) |
Size |
| 13.930*** |
|
| (3.713) |
ROA |
| −13.490 |
|
| (−0.766) |
Growth |
| 1.935** |
|
| (2.082) |
Lev |
| 16.394 |
|
| (1.561) |
Top1 |
| 0.191 |
|
| (1.112) |
Top31 |
| 5.549 |
|
| (0.993) |
DUAL |
| −0.822 |
|
| (−0.271) |
PID |
| 2.300 |
|
| (0.133) |
State |
| −2.918 |
|
| (−0.485) |
Constant | −11.025 | −291.040*** |
| (−0.385) | (−3.738) |
IND | controlled | controlled |
Year | controlled | controlled |
Observations | 519 | 519 |
Adjusted R-squared | 0.094 | 0.174 |