Innovation | Innovation: based on patent grant | |||
(1) | (2) | (3) | (4) | |
variable | Apply | Iapply | Applygrant | Iapplygrant |
Esop | 0.132** | 0.174*** | 0.113* | 0.067 |
(2.33) | (2.73) | (1.84) | (1.27) | |
Size | 0.721*** | 0.638*** | 0.709*** | 0.403*** |
(24.29) | (19.15) | (21.92) | (14.60) | |
Leverge | 0.337** | −0.051 | 0.509*** | 0.120 |
(1.99) | (−0.27) | (2.75) | (0.77) | |
Cash | 0.404 | 0.438 | 0.379 | 0.253 |
(1.57) | (1.51) | (1.36) | (1.05) | |
Fixedpp | −0.221*** | −0.044 | −0.247*** | −0.011 |
(−7.05) | (−1.38) | (−7.26) | (−0.42) | |
Salespp | −0.153*** | −0.240*** | −0.184*** | −0.135*** |
(−3.82) | (−5.65) | (−4.21) | (−3.83) | |
Age | −0.017*** | −0.024*** | −0.023*** | −0.017*** |
(−2.97) | (−3.74) | (−3.65) | (−3.24) | |
Board | 0.001 | −0.010 | 0.001 | −0.009 |
(0.06) | (−0.50) | (0.04) | (−0.53) | |
Share | 0.348** | 0.390** | 0.208 | 0.098 |
(2.54) | (2.51) | (1.39) | (0.76) | |
Top 10 | −0.007*** | −0.013*** | −0.006*** | −0.005*** |
(−3.80) | (−6.28) | (−2.79) | (−2.96) | |
Subsidy | 23.841*** | 43.475*** | 16.552*** | 28.020*** |
(5.01) | (8.16) | (3.19) | (6.35) | |
Intangible | −1.560** | −1.270* | −1.651** | −0.709 |
(−2.49) | (−1.84) | (−2.42) | (−1.24) | |
Year & Industry | Yes | Yes | Yes | Yes |
_cons | −8.674*** | −7.369*** | −7.833*** | −4.846*** |
(−11.72) | (−9.34) | (−9.72) | (−7.41) | |
N | 2095 | 2095 | 2095 | 2095 |
adj. R2 | 0.365 | 0.218 | 0.326 | 0.357 |