Variable

Model 1

Model 2

Model 3

Patent

Z-score

Patent

FSM

0.225**

(2.05)

1.822**

(1.97)

0.215**

(1.97)

Z-score

-

-

0.005**

(2.19)

Size

0.633***

(24.29)

−1.126***

(−5.12)

0.639***

(24.41)

Growth

−0.030

(0.622)

0.971*

(1.88)

−0.035

(−0.58)

LEV

−0.257***

(−3.81)

−17.149***

(−30.14)

−0.167**

(−2.11)

CR1

−0.071

(−0.90)

−0.241

(−0.36)

−0.070

(−0.88)

Pay

0.195***

(4.80)

0.713**

(2.08)

0.192***

(4.71)

Ind

0.415*

(1.95)

−0.739

(−0.41)

0.419**

(1.97)

Year

control

control

control

Industry

control

control

control

Constant

−0.292***

(−4.52)

1.440***

(2.65)

−0.299***

(−4.64)

R-squared

0.379

0.390

0.380

Observations

2464

2464

2464