R&D

R&D

R&D

R&D

R&D

Sub

0.1537*

(0.0824)

0.0110

(0.0941)

0.0527

(0.0830)

0.0024

(0.0809)

IF

0.0178***

(0.0058)

0.0177***

(0.0058)

0.0034

(0.0059)

0.0171***

(0.0056)

0.0167***

(0.0054)

Debt

0.0164***

(0.0040)

0.0161***

(0.0039)

0.0159***

(0.0038)

0.0046

(0.0039)

0.0155***

(0.0037)

Equity

0.0097***

(0.0019)

0.0092***

(0.0019)

0.0087***

(0.0016)

0.0086***

(0.0018)

0.0033*

(0.0017)

Size

−0.4203**

(0.1779)

−0.3872**

(0.1804)

−0.4133*

(0.1847)

−0.3413*

(0.1853)

−0.3363*

(0.1814)

Age

0.2079***

(0.0335)

0.2055***

(0.0339)

0.2065***

(0.0345)

0.2020***

(0.0342)

0.2005***

(0.0329)

Con

−0.0141

(0.0092)

−0.0145

(0.0092)

−0.0142

(0.0088)

−0.0125

(0.0092)

−0.0137

(0.0086)

Roe

0.0160***

(0.0048)

0.0139***

(0.0044)

0.0083***

(0.0047)

0.0136***

(0.0044)

0.0134***

(0.0043)

Lev

0.0099*

(0.0051)

0.0095*

(0.0051)

−0.0083*

(0.0047)

−0.0085

(0.0052)

−0.0072

(0.0049)

Sub*IF

0.0175**

(0.0076)

Sub*Debt

0.0147***

(0.0047)

Sub*Equity

0.0053***

(0.0015)

cons

7.6253**

(3.4886)

6.9036*

(3.5244)

7.6068**

(3.5774)

6.0128*

(3.6112)

6.0518*

(3.5463)

Individual effect

Control

Control

Control

Control

Control

Time effect

Control

Control

Control

Control

Control

N

3570

3570

3570

3570

3570

F

13.7

12.97

13.47

13.51

13.98

Prob > F

0.0000

0.0000

0.0000

0.0000

0.0000