RD

Patents

Invention

Utilitymodel

Design

Cons

1.954***

(4.32)

−11.616***

(−32.11)

−6.326***

(−15.47)

3.378***

(7.31)

0.531*

(1.86)

Relationship

0.410***

(4.56)

−0.052

(−1.00)

0.186***

(3.18)

−0.047

(−0.72)

0.043

(1.04)

Size

−0.108***

(−4.72)

0.629***

(37.16)

0.320***

(16.71)

−0.179***

(−8.27)

−0.016

(−1.21)

Lev

−0.006

(−1.59)

−0.070

(−0.71)

−0.027

(−0.24)

0.116

(0.92)

−0.093

(−1.19)

Roa

−0.003

(−1.38)

0.004***

(3.13)

−0.001

(−0.55)

0.001

(0.62)

0.001

(1.14)

Mb

−1.558***

(−9.53)

−0.702***

(−7.82)

−0.374***

(−3.69)

0.271**

(2.36)

0.038

(0.53)

Cash

2.989***

(12.09)

0.044

(0.38)

0.138

(1.07)

−0.303**

(−2.07)

0.101

(1.12)

Industry Fixed Effect

Yes

Yes

Yes

Yes

Yes

Year Fixed Effect

Yes

Yes

Yes

Yes

Yes

F

217.13

55.28

13.79

11.87

6.41

P > F

0.0000

0.0000

0.0000

0.0000

0.0000

R2

0.323

0.3763

0.131

0.115

0.065

Obs

28,861

5558

5558

5558

5558