Variables

Uncertainty of cash flows

TECH^a

0.0120***

0.0029***

0.0041***

(3.4761^d)

(5.5040)

(3.4029)

R & D^b

0.1709***

0.1811***

0.3493*

(2.9397)

(2.9404)

(1.8928)

TECH * R & D^c

−0.1893***

(−2.9670)

Intercept

0.0725***

0.0656***

0.0673***

0.0624***

(15.5024)

(18.2169)

(13.5898)

(8.8827)

Adj-R²

0.0820

0.0331

0.0870

0.1962

Prob > F

0.0001

0.0001

0.0001

0.0001

Observations

349

349

349

349