| Before Centralization | After Centralization | |
(1) | (2) | ||
Innov2 | Innov2 | ||
Degree | 19.138** | −0.657 | |
| (2.257) | (−1.054) | |
SA | −2.016 | −2.016 | |
| (−0.246) | (−0.246) | |
SA × Degree | 5.329** | 5.329** | |
| (2.459) | (2.459) | |
Size | 13.695*** | 13.695*** | |
| (3.666) | (3.666) | |
ROA | −13.442 | −13.442 | |
| (−0.754) | (−0.754) | |
Growth | 2.127** | 2.127** | |
| (2.252) | (2.252) | |
Lev | 19.297* | 19.297* | |
| (1.790) | (1.790) | |
Top1 | 0.221 | 0.221 | |
| (1.279) | (1.279) | |
Top31 | 5.983 | 5.983 | |
| (1.073) | (1.073) | |
DUAL | −0.749 | −0.749 | |
| (−0.246) | (−0.246) | |
PID | 1.321 | 1.321 | |
| (0.076) | (0.076) | |
State | 1.935 | 1.935 | |
| (0.495) | (0.495) | |
Constant | −301.220*** | −293.732*** | |
| (−3.944) | (−3.777) | |
IND | controlled | controlled | |
Year | controlled | controlled | |
Observations | 519 | 519 | |
Adjusted R-squared | 0.177 | 0.177 | |