Independent variables

Dependent variable lagged on period as instrumental variable

Model 1

Model 2

Model 3

Model 4

Innov_t−1

0.441***

0.451***

0.450***

0.480***

9.69

9.89

9.92

9.87

R&D capacity

4.502***

4.909***

5.123***

6.498***

3.63

3.96

4.13

4.63

Size

0.0727*

0.0634*

0.0655*

0.0679*

2.34

2.05

2.12

2.17

Export

1.213***

1.436***

1.165***

1.209***

8.61

8.65

9.01

8.57

Wave2006

0.0759***

0.0763***

0.0767***

0.0725***

10.34

10.46

10.59

9.43

Industry dummies

−0.358

−0.357

−0.367

−0.367

(−1.67)

(−1.67)

(−1.73)

(−1.70)

Gov R&D

0.752*

2.198**

3.238***

2.53

2.72

3.33

Gov R&D squared

−4.785

−4.733

(−1.95)

(−1.90)

R&D capacity × Gov R&D

−36.38*

(−2.11)

constant

3.401**

3.401**

3.344*

3.26

2.76

2.76

2.31

1.66

N

543

543

543

543

Wald chi2

3487.27

3545.59

3580.36

3492.20