| RD | Invention | ||||||||||
high-level corporate governance | low-level corporate governance | high-level corporate governance | low-level corporate governance | |||||||||
HR | SN | HP | LR | CN | LP | HR | SN | HP | LR | CN | LP | |
Cons | 0.580 (1.00) | 1.979*** (2.65) | 0.701 (1.11) | 0.704 (0.87) | −0.680 (−0.47) | 2.310 (0.48) | −6.094*** (−10.55) | −7.382*** (−13.89) | −6.470*** (−9.83) | −5.857*** (−11.66) | −4.643*** (−5.82) | −18.415 (−1.58) |
Relationship | 0.282** (2.47) | 0.094 (0.92) | 0.175 (1.36) | 0.409*** (3.00) | 0.936*** (4.30) | 0.161** (2.17) | −0.074 (−0.96) | 0.047 (0.66) | −0.009 (−0.12) | 0.023* (1.78) | 0.001 (0.01) | 2.363 (2.11) |
Size | −0.031 (−0.95) | −0.075** (−2.16) | −0.051 (−1.52) | −0.027 (−0.69) | −0.051 (−0.79) | 0.100 (0.43) | 0.317*** (13.16) | 0.322*** (14.22) | 0.331*** (10.37) | 0.254*** (11.32) | 0.232*** (6.49) | 0.993 (2.11) |
Lev | −0.892*** (−2.93) | −0.330* (−1.86) | −0.170** (−2.36) | −0.141*** (−2.69) | −0.143*** (−3.40) | −0.438 (−0.48) | −0.390*** (−2.67) | 0.273* (−1.94) | −0.268* (−1.80) | 0.152 (1.13) | −0.067 (−0.33) | −7.509 (−0.97) |
Roa | −0.021*** ()−3.10 | −0.010** (−2.05) | −0.010*** (−2.77) | −0.008*** (−3.20) | −0.019*** (−4.19) | 0.039 (1.28) | −0.006 (−1.56) | −0.001 (−0.35) | −0.003 (−0.89) | 0.001 (0.43) | −0.005 (−1.08) | −0.165 (−1.47) |
Mb | −1.385*** (−6.26) | −1.775*** (−6.79) | −1.972*** (−8.04) | −2.245*** (−8.55) | −2.314*** (−6.28) | −3.683*** (−3.03) | −0.224* (−1.76) | −0.299** (−2.40) | −0.368*** (−2.65) | −0.294** (−2.36) | −0.256 (−1.44) | 0.061 (0.02) |
Cash | 1.016*** (3.17) | 3.550*** (10.45) | 2.602*** (8.13) | 4.429*** (11.67) | 3.905*** (9.46) | −1.245 (−0.64) | −0.225 (−1.17) | −0.049 (−0.27) | −0.125 (−0.79) | −0.062 (0.43) | −0.118 (−0.57) | 2.304 (0.37) |
Industry Fixed Effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year Fixed Effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
F | 129.57 | 109.54 | 112.98 | 125.37 | 46.74 | 2.69 | 9.27 | 11.85 | 9.47 | 8.69 | 3.31 | 1.06 |
P>F | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
R2 | 0.304 | 0.315 | 0.312 | 0.352 | 0.355 | 0.388 | 0.136 | 0.161 | 0.143 | 0.129 | 0.099 | 0.903 |
Obs | 14283 | 15010 | 13140 | 13289 | 5329 | 284 | 3520 | 3838 | 3421 | 3651 | 1740 | 40 |