|
| R&D | Long | Long | Short | Short |
|
| Model 1-9 | Model 1-10 | Model 2-9 | Model 2-10 | |
| Dchange |
| −0.287** | −0.166 |
|
|
|
| (−0.137) | (−0.155) |
|
| |
| Dchange × Dr |
|
| −0.485* |
|
|
|
|
|
| (−0.291) |
|
|
| Dforce |
|
|
| −0.415* | −0.206 |
|
|
|
| (−0.217) | (−0.251) | |
| Dforce × Dr |
|
|
|
| −0.791* |
|
|
|
|
|
| (−0.479) |
| Age | −0.739*** | −0.72 | −0.715 | −0.711 | −0.706 |
| (−0.112) | (−0.949) | (−0.949) | (−0.949) | (−0.949) | |
| Size | 0.136 | −0.467** | −0.460** | −0.459** | −0.449* |
| (−0.137) | (−0.229) | (−0.229) | (−0.229) | (−0.229) | |
| Slack | −1.040*** | −1.311*** | −1.312*** | −1.310*** | −1.317*** |
| (−0.288) | (−0.33) | (−0.33) | (−0.33) | (−0.33) | |
| Diage |
| −0.00772* | −0.00770* | −0.00729* | −0.00728* |
|
| (−0.0044) | (−0.0044) | (−0.00439) | (−0.00439) | |
| Boardsize |
| 0.104** (−0.0413) | 0.104** (−0.0413) | 0.102** (−0.0413) | 0.103** (−0.0413) |
| Industry |
| Yes | Yes | Yes | Yes |
| Year |
| Yes | Yes | Yes | Yes |
| Constant | 2.233* | 7.264** | 7.169** | 7.172** | 7.037** |
| Constant Observations | (−1.296) | (−2.961) | (−2.961) | (−2.96) | (−2.96) |
| 6350 | 6273 | 6273 | 6273 | 6273 | |
| R-squared |
| 0.14 | 0.15 | 0.14 | 0.15 |
| Number of id |
| 1549 | 1549 | 1549 | 1549 |