| R & D | R & D |
Variable name | High agency costs (1) | Low agency costs (2) |
Fin | −0.0031*** | −0.0006 |
| (−4.1083) | (−1.3561) |
Size | 0.0000 | −0.0010*** |
| (0.1709) | (−5.8032) |
Lev | 0.0007 | −0.0005 |
| (0.4701) | (−0.4350) |
Roa | 0.0522*** | 0.0310*** |
| (10.0360) | (7.5813) |
Share | −0.0044*** | −0.0017 |
| (−2.8721) | (−1.5913) |
Cflow | 0.0236*** | 0.0133*** |
| (5.5632) | (4.7094) |
Age | −0.0028*** | −0.0010** |
| (−4.6492) | (−2.5049) |
constant | 0.0151** | 0.0321*** |
| (2.2220) | (8.1624) |
Industry | control | control |
Year | control | control |
N | 6103 | 5817 |
adj. R-sq | 0.305 | 0.291 |
chi2 | 7.95 | |
p | 0.0048*** |