The dependent variable

RDspend (Model 1)

RDSpend (Model 2)

RDSpend (Model 3)

Size

0.585***

(33.36)

Indep

1.403***

(33.36)

Common

0.444***

(3.70)

Asset

0.023***

0.023***

0.023***

(3.95)

(3.95)

(3.93)

Roa

0.038***

0.038***

0.038***

(6.3)

(6.3)

(6.22)

Growth

0.002

0.002

0.002

(1.36)

(1.36)

(1.36)

Lev

0.004

0.004

0.004

(1.12)

(1.12)

(1.13)

Age

0.036***

0.036***

0.036***

(3.28)

(3.28)

(3.3)

_cons

12.441***

10.640***

5.460***

(38)

(17.88)

(27.28)

N

5470

5470

5470