Effects

Combined effects of R & D and Advertisement in Recession

Three Way Interactions

R & D × Recession × Market Share

1.192 (2.67)*

Advertisement × Recession × Market Share

−0.106 (0.626)

R & D × Recession × Financial Leverage

7.380 (16.46)*

Advertisement × Recession × Financial Leverage

−4.579 (4.129)*

R & D × Recession × Business House Affiliation

4.17 (1.79)***

Advertisement × Recession × Business House Affiliation

−6.093 (3.915)*

R & D × Recession × Market Size

−2.984 (4.10)*

Advertisement × Recession × Market Size

0.349 (1.089)

Two Way Interactions

R & D × Recession

15.413 (3.704)*

Advertisement × Recession

1.361 (0.793)

R & D × Market Share

0.297 (0.695)

Advertisement × Market Share

0.146 (1.165)

R & D × financial Leverage

−12.016 (31.22)*

Advertisement × Financial Leverage

9.79 (12.075)*

R & D × Business House Affiliation

−0.562 (0.379)

Advertisement × Business House Affiliation

0.338 (0.312)

R & D × Market Size

−0.288 (0.849)

Advertisement × Market Size

−0.066 (0.295)

Control Variables

Recession

−0.0546

Market Share

0.00001 (0.005)

Financial Leverage

−0.334 (38.54)*

Business House Affiliation

−0.003 (0.147)

Market Size

0.003 (0.589)

Advertisement

−4.274 (3.337)*

R & D

4.104 (2.212)**

Constant

0.11 (2.67)*

Observations

20019

Overall F Value (p-value)

140.67

R Square

0.149