(1)

LnPatent

(2)

LnPatenti

(3)

LnPatentud

Teamgap

0.0669**

0.1178***

−0.0032

(2.0426)

(3.6140)

(−0.0833)

Size

0.4544***

0.4493***

0.4102***

(11.4717)

(11.6124)

(9.3029)

Lev

0.0270

0.1945

0.0660

(0.1643)

(1.1207)

(0.3481)

Top1

0.0318

−0.2066

0.2231

(0.1615)

(−1.0407)

(1.0176)

CF

0.8649***

0.6603**

0.7970**

(3.1280)

(2.4870)

(2.4658)

Age

−0.0558*

−0.0703**

−0.0436

(−1.8297)

(−2.2415)

(−1.2173)

Tangibility

−0.5560***

−0.4863**

−0.4266*

(−2.5817)

(−2.3735)

(−1.7362)

Roa

1.8390***

1.5393***

1.7911***

(3.8855)

(3.1106)

(3.2329)

Dual

0.1264**

0.1241**

0.0744

(2.2609)

(2.2485)

(1.1106)

Indepen

0.6946

0.5575

0.7526

(1.4412)

(1.1618)

(1.3914)

Constant

−8.9277***

−9.9966***

−7.9695***

(−9.6683)

(−11.7328)

(−7.6833)

Year

yes

yes

yes

Industry

yes

yes

yes

N

6157

6157

6157

adj. R²

0.272

0.258

0.278