(1)

(2)

(3)

(4)

(5)

RDInv

Apply

Iapply

Apply

Iapply

Esop

−0.088

0.122**

0.123**

−0.148

−0.048

(−0.49)

(2.17)

(2.03)

(−1.55)

(−0.54)

RDInv

0.051***

0.092***

0.042***

0.075***

(7.50)

(8.37)

(5.75)

(9.75)

Esop × RDInv

0.065***

0.032**

(3.52)

(2.07)

Controls

Yes

Yes

Yes

Yes

Yes

Year & Industry

Yes

Yes

Yes

Yes

Yes

_cons

14.927***

−9.375***

−10.384***

−9.278***

−12.477***

(6.20)

(−12.20)

(−11.78)

(−12.11)

(−15.70)

N

2226

1979

1979

1979

1979

Adj_R²

0.191

0.372

0.313

0.376

0.362