Variable

R&D_t

ln(1 + Apply)_t

Degree_t−1

0.0091***

0.3551***

(0.0015)

(0.0754)

Size_t−1

0.0001

0.3041***

(0.0002)

(0.0110)

Lev_t−1

−0.0283***

−0.2627***

(0.0012)

(0.0525)

ROE_t−1

0.0007

0.6015***

(0.0016)

(0.0705)

R&D_t−1

5.9741***

(0.4041)

CapitalExp_t−1

0.0155***

1.6685***

(0.0052)

(0.2119)

TAR_t−1

−0.0165***

0.6606***

(0.0036)

(0.1235)

FCF_t−1

0.0000

0.0553***

(0.0002)

(0.0097)

Sales_t−1

−0.0003***

0.0080***

(0.0000)

(0.0019)

SGR_t−1

−0.0008**

−0.0616***

(0.0003)

(0.0154)

ln(1 + Age)_t−1

−0.0066***

−0.1966***

(0.0003)

(0.0141)

Year Fixed Effects

YES

YES

Industry Fixed Effects

YES

YES

F

195.581***

209.928***

Adj. R²

0.479

0.393

Hausman Test Chi-square

1125.74***

608.11***

Observations

16614

16614