The dependent variable

RDSpend (Model 7)

RDSpend (Model 8)

RDSpend (Model 9)

Size

0.729***

(12.38)

Indep

1.749***

(12.39)

Common

0.432***

(3.59)

SA

0.455***

0.455***

0.452***

(3.24)

(3.24)

(3.25)

Asset

0.111***

0.111***

0.111***

(3.87)

(3.87)

(3.88)

Roa

0.385***

0.385***

0.387***

(5.99)

(5.99)

(5.93)

Growth

0.002

0.002

0.002

(1.35)

(1.35)

(1.35)

Lev

0.001

0.001

0.001

(0.31)

(0.31)

(0.32)

Age

0.033***

0.033***

0.033***

(2.87)

(2.87)

(2.89)

_cons

9.770***

8.150***

6.692***

(6.67)

(5.34)

(12.01)

N

5470

5470

5470