Variables	1	2	3	4	5	6
Variables	Ln (Private R&D investment)	Ln (New product sales)	Ln (Number of patents)	Ln (Private R&D investment)	Ln (New product sales)	Ln (Number of patents)
Methods	OLS	OLS	OLS	Threshold regression	Threshold regression	Threshold regression
Ln (R&D subsidy)	1.674***	1.191*	0.087**
Ln (R&D subsidy)	(0.791)	(0.852)	(0.051)
Ln (R&D subsidy) *T₁				1.113**	2.581**	0.051**
Ln (R&D subsidy) *T₁				(0.691)	(1.722)	(0.031)
Ln (R&D subsidy) *T₂				4.012***	3.804**	0.094***
Ln (R&D subsidy) *T₂				(1.571)	(1.995)	(0.187)
Ln (R&D subsidy) *T₃				−0.937**	−1.118*	0.043**
Ln (R&D subsidy) *T₃				(0.511)	(0.752)	(0.271)
Ln (Researchers)	0.082*	0.046*	0.041***	0.073***	0.52***	0.081***
Ln (Researchers)	(0.067)	(0.032)	(0.012)	(0.033)	(0.031)	(0.042)
Ln (workers)	0.027	0.021	0.044	0.021	0.024	0.046
Ln (workers)	(0.135)	(0.477)	(0.148)	(1.085)	(1.325)	(0.988)
Firm’s age	0.175**	0.021**	0.051**	0.125**	0.023**	0.053**
Firm’s age	(0.085)	(0.012)	(0.032)	(0.067)	(0.014)	(0.031)
Shareholding structure	0.113	0.236**	0.321*	0.115*	0.241**	0.351**
Shareholding structure	(0.134)	(0.192)	(0.261)	(0.095)	(0.146)	(0.211)
_Cons	1.446**	0.226***	2.511**	2.514***	1.446***	1.606***
_Cons	(0.871)	(0.031)	(1.473)	(1.098)	(0.341)	(0.122)
N	6715	6715	6715	6715	6715	6715
Adj. R²	0.056	0.063	0.071	0.103	0.116	0.121