| R & D | Risk | R & D |
Variable name | (1) | (2) | (3) |
Fin | −0.0018*** | 0.0215** | −0.0018*** |
| (−4.4011) | (2.1853) | (−4.3211) |
Risk |
|
| −0.0014*** |
|
|
| (−3.5585) |
Size | −0.0008*** | −0.0721*** | −0.0009*** |
| (−5.0012) | (−14.9444) | (−5.5003) |
Lev | −0.0018* | 0.1365*** | −0.0017* |
| (−1.8320) | (3.8645) | (−1.7104) |
Roa | 0.0396*** | −0.3294*** | 0.0392*** |
| (9.8512) | (−2.6956) | (9.7346) |
Share | −0.0034*** | 0.1146*** | −0.0033*** |
| (−3.4958) | (4.0549) | (−3.3455) |
Cflow | 0.0232*** | −0.0248 | 0.0230*** |
| (8.4829) | (−0.2627) | (8.4424) |
Age | −0.0021*** | −0.0377*** | −0.0021*** |
| (−5.3302) | (−3.9978) | (−5.4294) |
Growth | −0.0006 | 0.1172*** | −0.0005 |
| (−1.6342) | (8.4096) | (−1.2167) |
Captial | −0.0066*** | −0.1975*** | −0.0069*** |
| (−5.5821) | (−6.2058) | (−5.8209) |
Constant | 0.0370*** | 2.2726*** | 0.0393*** |
| (9.3168) | (23.3085) | (9.6417) |
Industry | control | control | control |
Year | control | control | control |
N | 10673 | 10656 | 10656 |
adj. R-sq | 0.332 | 0.162 | 0.333 |