(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

lpatent

lpatent

lpatent

lInvention

lInvention

lInvention

lstargepa

lstargepa

lstargepa

dum_t

0.153

0.356*

−0.909**

0.505***

0.570***

0.0669

−0.173

0.0983

1.415***

(0.92)

(1.92)

(−2.39)

(3.00)

(3.11)

(0.16)

(−0.92)

(0.46)

(−3.36)

dum_u

0.222

0.338

−0.498

0.244

0.291

−0.0571

0.128

0.306

−0.838*

(1.19)

(1.61)

(−1.19)

(1.29)

(1.41)

(−0.13)

(0.60)

(1.28)

(−1.81)

dum_t#dum_u

−0.144

−0.276

0.611

−0.209

−0.224

0.0296

0.0120

−0.212

1.080**

(−0.75)

(−1.26)

(1.43)

(−1.07)

(−1.04)

(−0.06)

(0.05)

(−0.85)

(2.28)

L.log_Total

0.594***

0.584***

0.660***

0.592***

0.595***

0.572***

0.534***

0.533***

0.581***

(32.01)

(27.94)

(15.65)

(31.55)

(28.84)

(12.44)

(25.38)

(22.33)

(12.44)

L.cap_exp

−0.842**

−0.876*

−0.941

0.0757

0.294

−0.738

−1.908***

−2.081***

−1.471

(−2.07)

(−1.87)

(−1.14)

(0.18)

(0.64)

(−0.82)

(−4.13)

(−3.89)

(−1.62)

L.Leverage

−0.000464

−0.000458

−0.00826

−0.0000193

−0.0000406

0.000599

−0.000992

−0.000973

−0.0130

(−0.84)

(−0.82)

(−0.48)

(−0.03)

(−0.07)

(0.03)

(−1.58)

(−1.52)

(−0.69)

L.Borad_size

−0.0396***

−0.0526***

0.0206

−0.00241

−0.0295**

0.0981***

−0.0607***

−0.0699***

−0.0309

(−3.48)

(−3.98)

(0.90)

(−0.21)

(−2.26)

(3.94)

(−4.71)

(−4.63)

(−1.22)

L.logQ

0.0818***

0.0664***

0.127***

0.0943***

0.0695***

0.169***

0.00285

0.0302

−0.0480

(4.85)

(3.21)

(4.42)

(5.53)

(3.40)

(5.42)

(0.15)

(1.28)

(−1.51)

_cons

−10.34***

−10.17***

−11.33***

−11.98***

−11.83***

−12.03***

−9.028***

−9.188***

−9.066***

(−24.09)

(−20.98)

(−11.68)

(−27.59)

(−24.74)

(−11.40)

(−18.54)

(−16.59)

(−8.45)

N

3374

2560

814

3374

2560

814

3374

2560

814

r2

0.247

0.254

0.247

0.258

0.280

0.204

0.176

0.178

0.187