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