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 |