All (1)

VC (2)

Non-VC (3)

TECH (4)

Non-TECH (5)

High-R & D (6)

low-R & D (7)

(2)-(3)

(4)-(5)

(6)-(7)

MAR

0.3499

0.3754

0.3050

0.3262

0.3123

0.3700

0.3663

0.0704*

0.0139**

0.0040

(0.2600)

(0.3593)

(0.3245)

(0.3585)

(0.4148)

(0.3600)

(0.3779)

(1.7948)

(2.3690)

(1.1348)

VC

0.6389

1

0

0.6424

0.6230

0.6567

0.6300

1

0.0194

0.0257

(1)

(0)

(0)

(0.4801)

(0.4887)

(0.4771)

(0.4838)

-

(0.2827)

(0.4790)

TECH

0.8252

0.8296

0.8175

1

0

0.9672

0.7489

0.0121

1

0.2183***

(1)

(0.3768)

(0.3878)

(0)

(0)

(0.1788)

(0.4346)

(0.2837)

-

(6.6000)

RD

0.0522

0.0519

0.0527

0.0572

0.0287

0.0860

0.0342

−0.0007

0.0285***

0.0517***

(0.0400)

(0.0329)

(0.0340)

(0.0326)

(0.0253)

(0.0330)

(0.0133)

(−0.1130)

(7.6752)

(16.8091)

Age

2.2489

2.2430

2.2593

2.2497

2.2449

2.2307

2.2587

−0.0163

0.0048

−0.0279

(2.2700)

(0.4699)

(0.3136)

(0.4339)

(0.3492)

(0.4392)

(0.4094)

(−0.3844)

(0.0826)

(−0.5812)

Delay

2.4090

2.4166

2.3956

2.3982

2.4602

2.3614

2.4343

0.0211

−0.0620

−0.0729*

(2.3000)

(0.3498)

(0.2859)

(0.3291)

(0.3200)

(0.2900)

(0.3450)

(0.6105)

(−1.3702)

(−2.0931)

LEV

0.3940

0.3838

0.4120

0.3856

0.4337

0.3214

0.4330

−0.0281*

−0.0482**

−0.1120***

(0.4029)

(0.1439)

(0.1499)

(0.1473)

(0.1374)

(0.1376)

(0.1362)

(−1.7080)

(−2.4557)

(−7.2463)

LOTT

1.2085

1.1985

1.2262

1.2660

0.9375

1.4369

1.0857

−0.0283

0.3284**

0.3512*

(0.7790)

(1.2733)

(1.8732)

(1.6221)

(0.7957)

(2.0756)

(1.0881)

(−0.1475)

(2.3506)

(1.7447)

ROE

0.3571

0.3457

0.3761

0.3620

0.3333

0.3855

0.3411

−0.0304**

0.0282*

0.0444***

(0.3232)

(0.1396)

(0.1240)

(0.1388)

(0.1118)

(0.1437)

(0.1274)

(−2.1012)

(1.7110)

(2.8612)

Scale

2.9693

2.9707

2.9668

2.9677

2.9770

2.9588

2.9747

0.0041

−0.0093**

−0.0158***

(2.9700)

(0.0305)

(0.0313)

(0.0310)

(0.0288)

(0.0303)

(0.0300)

(1.1332)

(−2.2482)

(−4.6788)

Size

3.0020

3.0019

3.0023

3.0047

3.0035

3.0034

3.0013

0.0010

0.0013

0.0021

(2.9994)

(0.0266)

(0.0274)

(0.0267)

(0.0276)

(0.0263)

(0.0272)

(−0.1187)

(0.4447)

(0.7061)

TR

0.7145

0.7159

0.7118

0.7012

0.7772

0.6902

0.7275

0.0041

−0.0760***

−0.0373*

(0.7617)

(0.1883)

(0.1849)

(0.1937)

(0.1351)

(0.2037)

(0.1762)

(0.1967)

(-3.6675)

(−1.7080)

UR

0.5530

0.6278

0.4206

0.5417

0.6070

0.5655

0.5463

0.2072***

−0.0649

0.0193

(1)

(0.4845)

(0.4956)

(0.4991)

(0.4926)

(0.4977)

(0.4990)

(3.7810)

(−0.9325)

(0.3454)

Observations

349

223

126

288

61

122

227

-

-

-