VARIABLES

(1)

EnvInnov

(2)

EnvInnov

(3)

EnvInnov

HHI

0.081***

(0.022)

Top4

0.109***

(0.025)

LernerIndex

0.073***

(0.018)

Leverage

0.027

0.007

0.022

(0.019)

(0.021)

(0.019)

ROA

−0.013

−0.021

−0.006

(0.018)

(0.019)

(0.018)

Size

0.175***

0.180***

0.188***

(0.030)

(0.034)

(0.030)

Capex

0.065**

0.077***

0.073***

(0.025)

(0.028)

(0.025)

SalesGrowth

0.058***

0.052***

0.061***

(0.013)

(0.014)

(0.013)

Constant

0.738

0.681

0.795

(0.498)

(0.481)

(0.501)

Observations

25,833

25,833

25,833

Year dummies

YES

YES

YES

Country dummies

YES

YES

YES

Robust SE

YES

YES

YES