OLS

R&D Input (1+ R & D Exp/Sales)

OLS

R & D Output (1+ Number of Patents)

Adjusted R₂

0.0716

0.5518

F-Statistic

Prob (Wald F-Statistics)

3.2832

0.0112***

37.4091

0.0000***

C

1.0132

192.254***

0.7648

2.0240***

Firm Leverage

−0.0030

−2.5622***

−0.2458

−1.6311*

Dividend Payout

−6.47E−05

−1.7455*

−0.0001

−0.0492

Firm Age

−0.0002

−1.9341**

−0.00412

−0.6033

Institutional Holding

−.0030

−0.4293

−1.0964

−2.0233**

Return on Assets

0.0004

2.0166**

−0.0090

−0.6723

Option Trading Dummy

0.0032

1.2417

2.4996

12.1518***

ESOP Dummy

0.0036

1.4336

0.2595

1.6141*