Variable

R&D_t

ln(1 + Apply)_t

Degree_t−1

0.0089***

0.0082***

0.3378***

0.1929**

(0.0016)

(0.0016)

(0.0759)

(0.0785)

ln(ManagerNum)_t−1

0.0026**

0.3665***

(0.0011)

(0.0485)

ln(ManagerAvgAge)_t−1

−0.0181***

−0.3784**

(0.0040)

(0.1682)

Size_t−1

−0.0002

−0.0001

0.3020***

0.2875***

(0.0002)

(0.0002)

(0.0110)

(0.0114)

Lev_t−1

−0.0274***

−0.0279***

−0.2568***

−0.2913***

(0.0012)

(0.0012)

(0.0525)

(0.0526)

ROE_t−1

0.0010

0.0010

0.5718***

0.5947***

(0.0016)

(0.0016)

(0.0702)

(0.0706)

R&D_t−1

5.8057***

5.7031***

(0.3983)

(0.3965)

CapitalExp_t−1

0.0161***

0.0162***

1.6504***

1.6539***

(0.0052)

(0.0052)

(0.2100)

(0.2098)

TAR_t−1

−0.0152***

−0.0143***

0.7233***

0.7388***

(0.0036)

(0.0036)

(0.1246)

(0.1251)

FCF_t−1

−0.0000

0.0000

0.0532***

0.0541***

(0.0002)

(0.0002)

(0.0097)

(0.0097)

Sales_t−1

−0.0003***

−0.0003***

0.0057***

0.0056***

(0.0000)

(0.0000)

(0.0019)

(0.0019)

SGR_t−1

−0.0007**

−0.0009***

−0.0552***

−0.0609***

(0.0003)

(0.0003)

(0.0153)

(0.0154)

ln(1 + Age)_t−1

−0.0063***

−0.0062***

−0.1667***

−0.1679***

(0.0003)

(0.0003)

(0.0140)

(0.0142)

Year Fixed Effects

YES

YES

YES

YES

Industry Fixed Effects

YES

YES

YES

YES

Region Fixed Effects

YES

YES

YES

YES

F

182.613***

153.608***

184.563***

162.721***

Adj. R²

0.485

0.486

0.409

0.411

Observations

16,614

16,614

16,614

16,614