Variable

R&D_t

ln(1 + Apply)_t

Degree_t−2

0.0089***

0.3953***

(0.0016)

(0.0822)

Degree_t−3

0.0088***

0.3302***

(0.0018)

(0.0913)

Size_t−1

0.0001

0.0002

0.3023***

0.3107***

(0.0002)

(0.0002)

(0.0122)

(0.0135)

Lev_t−1

−0.0277***

−0.0278***

−0.2088***

−0.1892***

(0.0014)

(0.0016)

(0.0591)

(0.0674)

ROE_t−1

0.0015

0.0017

0.6851***

0.7248***

(0.0018)

(0.0020)

(0.0816)

(0.0898)

R&D_t−1

5.9119***

6.1536***

(0.4439)

(0.5093)

CapitalExp_t−1

0.0164***

0.0217***

1.7621***

1.6478***

(0.0059)

(0.0069)

(0.2404)

(0.2762)

TAR_t−1

−0.0174***

−0.0151***

0.7586***

0.9151***

(0.0039)

(0.0042)

(0.1334)

(0.1444)

FCF_t−1

−0.0001

−0.0002

0.0584***

0.0522***

(0.0002)

(0.0002)

(0.0109)

(0.0123)

Sales_t−1

−0.0003***

−0.0003***

0.0074***

0.0062***

(0.0000)

(0.0000)

(0.0021)

(0.0023)

SGR_t−1

−0.0014***

−0.0018***

−0.0646***

−0.0692***

(0.0003)

(0.0004)

(0.0163)

(0.0180)

ln(1 + Age)_t−1

−0.0074***

−0.0079***

−0.2629***

−0.3262***

(0.0004)

(0.0005)

(0.0185)

(0.0235)

Year Fixed Effects

YES

YES

YES

YES

Industry Fixed Effects

YES

YES

YES

YES

F

150.736***

110.218***

185.321***

156.143***

Adj. R²

0.487

0.494

0.397

0.399

Observations

13,774

11,134

13,774

11,134