|
| (1) | (2) |
| Innov2 | Innov2 | |
| Degree | −0.799* | −1.261** |
|
| (−1.751) | (−2.310) |
| SA | −5.954 | −1.067 |
|
| (−0.715) | (−0.131) |
| Size |
| 13.930*** |
|
|
| (3.713) |
| ROA |
| −13.490 |
|
|
| (−0.766) |
| Growth |
| 1.935** |
|
|
| (2.082) |
| Lev |
| 16.394 |
|
|
| (1.561) |
| Top1 |
| 0.191 |
|
|
| (1.112) |
| Top31 |
| 5.549 |
|
|
| (0.993) |
| DUAL |
| −0.822 |
|
|
| (−0.271) |
| PID |
| 2.300 |
|
|
| (0.133) |
| State |
| −2.918 |
|
|
| (−0.485) |
| Constant | −11.025 | −291.040*** |
|
| (−0.385) | (−3.738) |
| IND | controlled | controlled |
| Year | controlled | controlled |
| Observations | 519 | 519 |
| Adjusted R-squared | 0.094 | 0.174 |