Variable

1

2

3

4

5

6

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)

Method

OLS

OLS

OLS

Threshold regression

Threshold regression

Threshold regression

Ln (R&D subsidy)

1.573***

1.231**

0.0674**

(0.127)

(0.736)

(0.0371)

Ln (R&D subsidy) *T1

1.413**

0.867**

0.043**

(0.872)

(0.521)

(0.0283)

Ln (R&D subsidy) *T2

2.012***

1.508**

0.104***

(0.984)

(0.713)

(0.009)

Ln (R&D subsidy) *T3

−0.865**

−0.718*

0.063**

(0.476)

(0.616)

(0.032)

Ln (Researchers)

0.071*

0.025*

0.064***

0.084**

0.062***

0.074***

(0.035)

(0.018)

(0.023)

(0.047)

(0.009)

(0.026)

Ln (workers)

0.019

0.076

0.043

0.013

0.014

0.032

(0.391)

(0.277)

(0.223)

(0.199)

(1.326)

(0.387)

Firm’s age

0.156**

0.034**

0.065**

0.211**

0.005**

0.044**

(0.073)

(0.021)

(0.381)

(0.196)

(0.003)

(0.028)

Shareholding structure

0.122

0.245**

0.345*

0.109*

0.209**

0.453**

(1.98)

(2.181)

(1.832)

(1.891)

(0.123)

(0.251)

_cons

1.321**

0.324***

2.143**

2.675***

2.467***

1.695***

(0.712)

(0.019)

(1.563)

(0.489)

(0.972)

(0.278)

N

6715

6715

6715

6715

6715

6715

adj. R2

0.083

0.081

0.067

0.111

0.131

0.139