| 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 |