R&D

R&D

R&D

R&D

Sub

0.4513***

(0.0494)

0.4239***

(0.0564)

0.0284***

(0.0048)

0.4994***

(0.0714)

IF

0.0259***

(0.0045)

0.0223***

(0.0054)

0.0284***

(0.0048)

0.0244***

(0.0059)

Debt

0.0172***

(0.0033)

0.0172***

(0.0033)

0.0059

(0.0040)

0.0201***

(0.0042)

Equity

0.0046***

(0.0012)

0.0046***

(0.0013)

0.0035**

(0.0014)

−0.0047**

(0.0019)

Size

0.0089

(0.0499)

0.0086

(0.0498)

0.0277

(0.0529)

−0.0090

(0.0657)

Age

0.0175**

(0.0084)

0.0176**

(0.0084)

0.0213**

(0.0090)

0.0194*

(0.0111)

Con

−0.0076***

(0.0024)

−0.0075***

(0.0024)

−0.0047*

(0.0027)

−0.0109***

0.0033

Roe

0.0319***

(0.0041)

0.0318***

(0.0041)

0.0308***

(0.0042)

0.0413***

(0.0055)

Lev

−0.0029

(0.0024)

−0.0031

(0.0024)

−0.0016

(0.0026)

−0.0047

(0.0033)

Sub*IF

0.0039

(0.0035)

Sub*Debt

0.0141***

(0.0026)

Sub*Equity

0.0038***

(0.0009)

cons

0.5698

(1.4733)

0.5759

(1.4731)

−0.0193

(1.5219)

1.67674

(1.8581)

N

3570

3570

3570

3570

LR chi2

939.78

934.86

958.15

838.75

Prob > chi2

0.0000

0.0000

0.0000

0.0000