|
| (1) | (2) |
| Low Equity Balance | High Equity Balance | |
| Innov | Innov | |
| Degree | −0.386 | −0.612*** |
|
| (−1.552) | (−2.735) |
| Size | 3.262* | 6.718*** |
|
| (1.841) | (2.923) |
| ROA | 0.169 | −6.503 |
|
| (0.018) | (−0.699) |
| Growth | 0.913 | 0.655 |
|
| (1.568) | (1.227) |
| Lev | 11.464 | 3.532 |
|
| (1.624) | (0.605) |
| Top1 | 0.067 | 0.111 |
|
| (0.588) | (0.870) |
| Top31 | −3.503 | 2.918 |
|
| (−0.323) | (1.136) |
| DUAL | −1.332 | 0.921 |
|
| (−0.837) | (0.572) |
| PID | −3.652 | 3.641 |
|
| (−0.453) | (0.325) |
| State | −4.110 | 3.968** |
|
| (−1.091) | (2.067) |
| Constant | −65.662 | −138.716*** |
|
| (−1.577) | (−2.961) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 256 | 263 |
| Adjusted R-squared | 0.166 | 0.130 |