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