R&D

R&D

R&D

R&D

R&D

Sub

0.2213***

(0.0410)

0.0859*

(0.0460)

0.1188***

(0.0425)

0.0742*

(0.0431)

IF

0.0239***

(0.0035)

0.0237***

(0.0035)

0.0102**

(0.0041)

0.0229***

(0.0034)

0.0226***

(0.0035)

Debt

0.0196***

(0.0024)

0.0192***

(0.0024)

0.0189***

(0.0024)

0.0074***

(0.0028)

0.0184***

(0.0023)

Equity

0.0105***

(0.0009)

0.0098***

(0.0009)

0.0093***

(0.0009)

0.0092***

(0.0009)

0.0040***

(0.0011)

Size

−0.0930**

(0.0592)

−0.0575

(0.0592)

−0.0724

(0.0591)

−0.0322

(0.0589)

−0.0355

(0.0586)

Age

0.1002***

(0.0137)

0.0983***

(0.0136)

0.0984***

(0.0136)

0.0980***

(0.0135)

0.0983***

(0.0135)

Con

−0.0186

(0.0035)

−0.0188***

(0.0035)

−0.0185***

(0.0035)

−0.0177***

(0.0035)

−0.0185***

(0.0035)

Roe

0.0174***

(0.0032)

0.0146***

(0.0033)

0.0129***

(0.0032)

0.0143***

(0.0032)

0.0139***

(0.0032)

Lev

0.0023*

(0.0026)

0.0016

(0.0026)

0.0008

(0.0026)

0.0008

(0.0026)

0.00001

(0.0026)

Sub*IF

0.0165***

(0.0026)

Sub*Debt

0.0149***

(0.0018)

Sub*Equity

0.0052***

(0.0005)

cons

2.7661**

(1.2036)

1.9582

(1.2057)

2.4048**

(1.2040)

1.4805

(1.1980)

1.6421

(1.1947)

N

3570

3570

3570

3570

3570

LR chi2

515.62

544.70

584.00

610.25

636.20

Prob > chi2

0.0000

0.0000

0.0000

0.0000

0.0000