| RD | Invention | ||||||
loose financing constraints | tight financing constraints | loose financing constraints | tight financing constraints | |||||
Large | paying dividends | Small | not paying dividends | Large | paying dividends | Small | not paying dividends | |
Cons | 1.932** (2.38) | 0.900 (0.85) | −4.305*** (−3.46) | 2.274*** (3.24) | −7.307*** (−10.68) | −6.734*** (−9.63) | −5.126*** (−7.90) | −5.713*** (−9.63) |
Relationship | 0.009 (0.09) | 0.340** (2.06) | 0.699*** (4.90) | 0.420*** (3.85) | 0.053 (0.57) | 0.087 (0.97) | 0.052 (1.04) | 0.076** (2.14) |
Size | −0.014 (−0.30) | 0.076 (1.46) | 0.159*** (2.68) | 0.017 (0.53) | 0.337*** (11.21) | 0.338*** (10.68) | 0.248*** (8.18) | 0.255*** (11.08) |
Lev | −1.166** (−2.03) | −4.076*** (−13.18) | −0.116** (−2.31) | −3.306*** (−14.27) | −0.249 (−1.39) | −0.127 (−0.66) | −0.030 (−0.27) | 0.001 (0.01) |
Roa | −0.033*** (−3.19) | −0.086*** (−5.95) | −0.007*** (−3.23) | −0.058*** (−8.12) | 0.001 (0.18) | 0.002 (0.25) | −0.003 (−1.29) | −0.009* (−1.91) |
Mb | −2.492*** (−7.47) | −2.492*** (−8.22) | −0.852*** (−3.64) | −2.886*** (−14.63) | −0.327** (−2.07) | −0.361** (−2.06) | −0.148 (−1.46) | −0.399*** (−2.99) |
Cash | 1.276*** (2.61) | 3.455*** (8.25) | 3.516*** (11.45) | 1.113*** (4.90) | −0.461 (−1.61) | 0.325 (1.26) | 0.033 (0.29) | −0.145 (−0.96) |
Industry Fixed Effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year Fixed Effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
F | 121.87 | 81.78 | 128.98 | 140.62 | 7.87 | 6.06 | 6.76 | 8.86 |
P > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
R2 | 0.282 | 0.398 | 0.349 | 0.437 | 0.131 | 0.140 | 0.090 | 0.135 |
Obs | 13290 | 8110 | 14316 | 11860 | 3113 | 2288 | 4067 | 3539 |