variable

model 0

model 1

model 2

model 3

TobinQ

TobinQ

RDin

TobinQ

control variables

Owner

0.163***

(5.956)

0.163***

(5.965)

−0.034

(−1.108)

0.166***

(6.087)

Scale

−0.233***

(−7.342)

−0.223***

(−7.017)

−0.098***

(−2.699)

−0.215***

(−6.770)

Age

0.049

(1.538)

0.056*

(1.750)

−0.107***

(−2.945)

0.064**

(2.022)

ALR

−0.373***

(−13.657)

−0.376***

(−13.787)

−0.264***

(−8.501)

−0.354***

(−12.612)

BIR

0.217***

(8.730)

0.212***

(8.541)

−0.073***

(−2.572)

0.218***

(8.784)

Year

−0.067***

(−2.621)

−0.065***

(−2.570)

0.133***

(4.593)

−0.076***

(−2.975)

Industry

−0.157***

(−6.638)

−0.150***

(−6.338)

−0.266***

(−9.873)

−0.129***

(−5.204)

independent variables

Suc * Inhe

−0.060***

(−2.841)

−0.146***

(−5.264)

−0.049**

(−1.976)

mediating variables

RDin

0.081***

(2.960)

F

112.443***

99.655***

47.778***

90.231***

Adj.R²

0.432

0.435

0.267

0.439