Variables

MAR

VC

0.0650**

0.1310*

0.0611

0.0759

(2.1000)

(1.8393)

(0.8043)

(0.9896)

TECH

0.0516***

0.0240***

0.0341***

0.1009***

(3.2798)

(4.0302)

(4.5322)

(4.2467)

RD

0.1077***

0.2703***

0.4114*

0.3989**

(3.0154)

(4.0208)

(1.8908)

(2.2598)

VC * TECH

−0.1203

−0.1425*

−0.1486*

(−1.0296)

(−1.7522)

(−1.8262)

VC * RD

2.3306**

2.1832**

(2.4966)

(2.3257)

TECH * RD

−1.9815*

(−1.7484)

Age

−0.0290

−0.0246

−0.0253

−0.0211

−0.0223

(−0.8211)

(−0.7001)

(−0.7213)

(−0.6043)

(−0.6408)

Delay

0.2864***

0.2785***

0.2759***

0.2820***

0.2788***

(6.2711)

(6.1025)

(6.0371)

(6.2084)

(6.1364)

LEV

−0.2246*

−0.1934

−0.1940

−0.1614

−0.1713

(−1.8510)

(−1.5352)

(−1.5398)

(−1.2844)

(−1.3625)

LOTT

−0.0238**

−0.0234**

−0.0236**

−0.0235**

−0.0232**

(−2.3165)

(−2.2717)

(−2.2912)

(−2.3041)

(−2.2727)

ROE

−0.1867*

−0.1621

−0.1561

−0.1734

−0.1740

(−1.6678)

(−1.3279)

(−1.2775)

(−1.4274)

(−1.4347)

Scale

−0.5755

−0.8527

−0.8851

−1.0263

−1.1124

(−0.7952)

(−1.1575)

(−1.2004)

(−1.3986)

(−1.5121)

Size

−0.6029

−0.5165

−0.4935

−0.4468

−0.3164

(−0.8312)

(−0.7095)

(−0.6776)

(−0.6179)

(−0.4343)

TR

1.0557***

1.0259***

1.0229***

1.0255***

1.0261***

(12.4540)

(11.9099)

(11.8726)

(11.9954)

(12.0160)

UR

−0.0436

−0.0593**

−0.0577*

−0.0587**

−0.0610**

(−1.4754)

(−1.9665)

(−1.9115)

(−1.9616)

(−2.0376)

Year

control

control

control

control

control

IND

control

control

control

control

control

Intercept

2.6966

3.2810

3.2746

3.5651*

3.3873*

(1.3230)

(1.5970)

(1.5936)

(1.7457)

(1.6572)

Adj-R²

0.4862

0.4906

0.4907

0.4986

0.5000

F-statistic

37.5861

28.9335

26.7942

25.7142

24.1799

Observations

349

349

349

349

349