Variable

Model 1

Model 2

Model 3

Invention patent

Z-score

Invention patent

FSM

0.235**

(2.16)

1.822**

(1.97)

0.223**

(2.05)

Z-score

-

-

0.007***

(2.75)

Size

0.611***

(23.61)

−1.126***

(−5.12)

0.618***

(23.80)

Growth

0.0284

(0.47)

0.971*

(1.88)

0.022

(0.36)

LEV

−0.269***

(−4.02)

−17.149***

(−30.14)

−0.157**

(−2.00)

CR1

−0.071

(−0.90)

−0.241

(−0.36)

−0.196**

(−2.50)

Pay

0.226***

(5.59)

0.713**

(2.08)

0.221***

(5.47)

Ind

0.415*

(1.95)

−0.739

(−0.41)

0.446**

(2.11)

Year

control

control

control

Industry

control

control

control

Constant

−0.253***

(−3.95)

1.440***

(2.65)

−0.262***

(−4.10)

R-squared

0.386

0.390

0.388

Observations

2464

2464

2464