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