model

(1)

(2)

(3)

(7)

(8)

(9)

The independent variables

Size

Indep

Common

Size

Indep

Common

L.RDSpend

3.833***

11.663***

8.423**

1.303***

11.984***

23.805**

(3.34)

(3.61)

(0.47)

(1.31)

(3.64)

(1.88)

AR(1)

6.15

7.88

7.44

2.70

8.08

0.27

AR(2)

1.48

1.07

1.01

0.72

1.05

1.14

hansen

0.138

0.465

0.519

0.471

0.417

0.785

N

4376

4376

4376

4376

4376

4376