Variable | R&Dt | ln(1 + Apply)t | ||
Degreet−2 | 0.0089*** |
| 0.3953*** |
|
(0.0016) |
| (0.0822) |
| |
Degreet−3 |
| 0.0088*** |
| 0.3302*** |
|
| (0.0018) |
| (0.0913) |
Sizet−1 | 0.0001 | 0.0002 | 0.3023*** | 0.3107*** |
(0.0002) | (0.0002) | (0.0122) | (0.0135) | |
Levt−1 | −0.0277*** | −0.0278*** | −0.2088*** | −0.1892*** |
(0.0014) | (0.0016) | (0.0591) | (0.0674) | |
ROEt−1 | 0.0015 | 0.0017 | 0.6851*** | 0.7248*** |
(0.0018) | (0.0020) | (0.0816) | (0.0898) | |
R&Dt−1 |
|
| 5.9119*** | 6.1536*** |
|
| (0.4439) | (0.5093) | |
CapitalExpt−1 | 0.0164*** | 0.0217*** | 1.7621*** | 1.6478*** |
(0.0059) | (0.0069) | (0.2404) | (0.2762) | |
TARt−1 | −0.0174*** | −0.0151*** | 0.7586*** | 0.9151*** |
(0.0039) | (0.0042) | (0.1334) | (0.1444) | |
FCFt−1 | −0.0001 | −0.0002 | 0.0584*** | 0.0522*** |
(0.0002) | (0.0002) | (0.0109) | (0.0123) | |
Salest−1 | −0.0003*** | −0.0003*** | 0.0074*** | 0.0062*** |
(0.0000) | (0.0000) | (0.0021) | (0.0023) | |
SGRt−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 |