Variable

(1)

(2)

(3)

(4)

(5)

(6)

(7)

lnapply

RD

IA

ACV

lnapply

lnapply

lnapply

DI

0.073***

0.006***

0.184***

0.023***

0.057***

0.047***

0.069***

(0.006)

(0.000)

(0.007)

(0.002)

(0.006)

(0.006)

(0.006)

RD

2.783***

(0.183)

IA

0.142***

(0.008)

ACV

0.155***

(0.027)

cons

−7.583***

0.096***

0.782***

−0.614***

−7.850***

−7.694***

−7.488***

(0.197)

(0.008)

(0.168)

(0.048)

(0.197)

(0.195)

(0.197)

Control

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

Yes

year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

N

16921

16921

16921

16921

16921

16921

16921

r2

0.215

0.318

0.412

0.121

0.229

0.232

0.217

r2_a

0.214

0.316

0.410

0.119

0.227

0.230

0.215