Variables

Model(5) RD

Model(6) RDP

DTreat

0.049*** (−5.69)

0.102*** (−4.96)

Size

0.12 (−1.46)

0.114 (−0.76)

Age

−0.068** (−2.15)

−0.136* (−1.81)

Focus

−0.098** (−2.54)

−0.201** (−2.52)

DAr

−0.256*** (−2.69)

−0.403** (−2.20)

Cash

0.702*** −10.89

1.441*** (−10.24)

Rol

0.211** (−2.36)

−0.01 (−0.04)

manu

0.178*** (−4.44)

0.214** (−2.47)

tech

0.281*** (−6.56)

0.550*** (−5.56)

east

0.220*** (−4.97)

0.277*** (−3.31)

mid

0.128** (−2.36)

0.173* (−1.73)

constant

0.468 (−0.98)

−7.954*** (−10.12)

R2

0.455

0.402