RD

Invention

loose financing constraints

tight financing constraints

loose financing constraints

tight financing constraints

mature

small KZ index

young

large KZ index

mature

small KZ index

young

large KZ index

Cons

3.433***

(5.00)

2.621***

(4.40)

0.683

(1.12)

0.622

(0.59)

−6.468***

(−13.76)

−5.873***

(−9.56)

−5.630***

(−8.70)

−4.820***

(−7.51)

Relationship

0.219**

(2.23)

0.214**

(2.22)

0.322***

(3.12)

0.520***

(3.24)

−0.004

(−0.06)

0.073

(1.02)

0.110

(1.49)

0.054***

(3.65)

Size

−0.144***

(−4.36)

−0.029

(−0.97)

−0.068**

(−2.14)

0.079

(1.61)

0.303***

(13.95)

0.265***

(10.16)

0.261***

(10.28)

0.241***

(8.47)

Lev

−0.214*

(−1.77)

−2.454***

(−11.46)

−0.004*

(−1.70)

−4.466***

(−13.15)

0.108

(0.78)

0.004

(0.02)

−0.246*

(−1.74)

0.092

(0.44)

Roa

−0.013**

(−2.27)

−0.038***

(−4.72)

−0.003

(−1.32)

−0.070***

(−7.77)

−0.001

(−0.30)

−0.009**

(−1.98)

−0.002

(−0.55)

0.010

(1.31)

Mb

−2.417***

(−10.27)

−2.020***

(−11.67)

−1.175***

(−5.48)

−2.965***

(−11.87)

−0.361**

(−2.06)

−0.374***

(−2.75)

−0.198

(−1.49)

−0.229

(−1.38)

Cash

3.673***

(9.53)

1.033***

(3.73)

1.946***

(6.46)

1.741***

(5.73)

0.059

(0.40)

−0.131

(−0.86)

−0.091

(−0.48)

0.083

(0.30)

Industry Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

F

124.91

126.57

134.36

97.28

11.40

8.26

7.20

6.21

P > F

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

R2

0.359

0.469

0.311

0.397

0.162

0.143

0.111

0.135

Obs

13,558

9370

15,303

9503

3658

2990

3528

2478