|
| Before Centralization | After Centralization |
| (1) | (2) | |
| Innov | Innov | |
| Degree | 7.042** | −0.252 |
|
| (2.262) | (−1.211) |
| SA | −0.341 | −0.341 |
|
| (−0.110) | (−0.110) |
| SA × Degree | 1.964** | 1.964** |
|
| (2.448) | (2.448) |
| Size | 5.064*** | 5.064*** |
|
| (3.637) | (3.637) |
| ROA | −6.001 | −6.001 |
|
| (−0.847) | (−0.847) |
| Growth | 0.855** | 0.855** |
|
| (2.305) | (2.305) |
| Lev | 7.680* | 7.680* |
|
| (1.772) | (1.772) |
| Top1 | 0.085 | 0.085 |
|
| (1.295) | (1.295) |
| Top31 | 2.107 | 2.107 |
|
| (1.030) | (1.030) |
| DUAL | −0.095 | −0.095 |
|
| (−0.082) | (−0.082) |
| PID | 0.958 | 0.958 |
|
| (0.139) | (0.139) |
| State | 0.703 | 0.703 |
|
| (0.500) | (0.500) |
| Constant | −110.015*** | −108.746*** |
|
| (−3.897) | (−3.724) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 519 | 519 |
| Adjusted R-squared | 0.160 | 0.160 |