Effects

Model-1: R & D in Recession

Effects

Model-2: Advertisement in Recession

Three Way Interactions

Three Way Interactions

R & D × Recession × Market Share

1.188 (1.83)^***

Advertisement × Recession × Market Share

−0.055 (0.323)

R & D × Recession × Financial Leverage

7.364 (16.35)^*

Advertisement × Recession × Financial Leverage

4.698 (4.085)^*

R & D × Recession × Business House Affiliation

3.267 (1.406)

Advertisement × Recession × Business House Affiliation

−5.766 (3.58)^*

R & D × Recession × Market Size

−2.925 (4.024)^*

Advertisement × Recession × Market Size

0.292 (0.88)

Two Way Interactions

Two Way Interactions

R & D × Recession

15.36 (3.68)^*

Advertisement × Recession

1.452 (0.81)

R & D × Market Share

0.302 (0.714)

Advertisement × Market Share

0.117 (0.916)

R & D × Financial Leverage

−12.096 (31.28)

Advertisement × financial Leverage

10.56 (12.56)^*

R & D × Business House Affiliation

−0.172 (0.116)

Advertisement × Business House Affiliation

0.075 (0.66)

R & D × Market Size

−0.302 (0.887)

Advertisement × Market Size

2.9372 (1.101)

Control Variables

Control Variables

Recession

−0.552 (2.646)^*

Recession

−0.042 (1.95)^***

Market Share

0.0012(0.369)

Market Share

0.0034 (0.916)

Financial Leverage

−0.294 (36.10)^*

Financial Leverage

−0.377 (42.36)^*

Business House Affiliation

−0.020 (0.884)

Business House Affiliation

0.009 (0.398)

Market Size

0.003 (0.496)

Market Size

−0.0034 (0.916)

R & D

4.108 (2.206)^**

Advertisement

−4.749 (3.62)^*

Constant

0.092 (2.34)^**

Constant

0.154 (3.68)^*

Observations

20019

Observations

20030

Overall F Value (p-Value)

8.61 (0.00)

Overall F value (p-value)

6.59 (0.00)

R Square

0.14

0.08