| (a) | (b) | (c) |
dlRD_assets | lRD_assets | lRD_assets | |
L.inde_com | 0.135 | 0.785*** | 0.785*** |
| (0.55) | (3.03) | (3.03) |
L.log_Total | −0.0720*** | −0.114*** | −0.114*** |
| (−5.51) | (−3.14) | (−3.14) |
L.cap_exp | −0.112 | −0.266 | −0.266 |
| (−0.49) | (−1.52) | (−1.52) |
L.Leverage | 0.00161 | 0.00164 | 0.00164 |
| (0.79) | (1.24) | (1.24) |
L.Borad_size | 0.0143* | 0.0230** | 0.0230** |
| (1.67) | (2.11) | (2.11) |
L.logQ | 0.100*** | 0.0305*** | 0.0305*** |
| (10.80) | (3.45) | (3.45) |
_cons | −3.132*** | −2.382*** | −93.38*** |
| (−9.94) | (−3.05) | (−4.28) |
N | 4598 | 4598 | 4598 |
r2 | 0.0481 | 0.0198 | 0.0198 |
Year fixed effects | Yes | Yes | Yes |
Firm fixed effects | No | Yes | Yes |
Trend control | No | No | Yes |