Variable | Model 1 | Model 2 | Model 3 |
Invention patent | Z-score | Invention patent | |
FSM | 0.235** (2.16) | 1.822** (1.97) | 0.223** (2.05) |
Z-score | - | - | 0.007*** (2.75) |
Size | 0.611*** (23.61) | −1.126*** (−5.12) | 0.618*** (23.80) |
Growth | 0.0284 (0.47) | 0.971* (1.88) | 0.022 (0.36) |
LEV | −0.269*** (−4.02) | −17.149*** (−30.14) | −0.157** (−2.00) |
CR1 | −0.071 (−0.90) | −0.241 (−0.36) | −0.196** (−2.50) |
Pay | 0.226*** (5.59) | 0.713** (2.08) | 0.221*** (5.47) |
Ind | 0.415* (1.95) | −0.739 (−0.41) | 0.446** (2.11) |
Year | control | control | control |
Industry | control | control | control |
Constant | −0.253*** (−3.95) | 1.440*** (2.65) | −0.262*** (−4.10) |
R-squared | 0.386 | 0.390 | 0.388 |
Observations | 2464 | 2464 | 2464 |