Strong financing constraints (High-KZ)

Weak financing constraints (Low-KZ)

(1)

LnPatent

(2)

LnPatenti

(3)

LnPatentud

(4)

LnPatent

(5)

LnPatenti

(6)

LnPatentud

Teamgap

0.0703*

0.1214***

0.0070

0.0275

0.0696*

−0.0674

(1.7934)

(3.0826)

(0.1589)

(0.6147)

(1.7311)

(−1.2332)

Size

0.4370***

0.4280***

0.4091***

0.5025***

0.5125***

0.4198***

(9.2460)

(9.4827)

(7.7938)

(10.1848)

(9.7461)

(7.5924)

Lev

0.0238

0.0896

0.0478

0.4684*

0.6049**

0.5805**

(0.1154)

(0.4359)

(0.1999)

(1.8404)

(2.1020)

(2.0479)

Top1

0.0578

−0.1889

0.1906

−0.0164

−0.2167

0.2623

(0.2524)

(−0.8166)

(0.7627)

(−0.0617)

(−0.8091)

(0.8689)

CF

0.9544***

0.8444***

0.8301**

0.5152

0.3275

0.5603

(3.1003)

(2.7096)

(2.4274)

(1.0340)

(0.7295)

(0.9032)

Age

−0.0723*

−0.0513

−0.0831*

−0.0314

−0.1122**

0.0152

(−1.9266)

(−1.3887)

(−1.9274)

(−0.7264)

(−2.3589)

(0.2989)

Tangibility

−0.4503*

−0.4327*

−0.3574

−0.7864**

−0.5829**

−0.6778*

(−1.8964)

(−1.8780)

(−1.3365)

(−2.5054)

(−1.9628)

(−1.8211)

Roa

1.9119***

1.8508***

1.5503***

1.1721

0.8893

1.5501

(3.6403)

(3.4484)

(2.6180)

(1.4025)

(1.0064)

(1.5737)

Dual

0.1229*

0.1064

0.1126

0.1226*

0.1358*

0.0165

(1.7483)

(1.5517)

(1.3783)

(1.6731)

(1.7964)

(0.1864)

Indepen

0.8769

0.5582

1.2277*

0.4901

0.5870

−0.0906

(1.5500)

(1.0352)

(1.9480)

(0.7414)

(0.7876)

(−0.1133)

Constant

−8.5972***

−9.5371***

−8.0784***

−9.8027***

−11.5385***

−7.7133***

(−8.3091)

(−10.0117)

(−6.9872)

(−8.0779)

(−10.1855)

(−5.5176)

Year

yes

yes

yes

yes

yes

yes

Industry

yes

yes

yes

yes

yes

yes

N

3959

3959

3959

2198

2198

2198

adj. R²

0.264

0.248

0.259

0.295

0.286

0.336