|
| R & D |
| Variable name | (1) |
| Fin | −0.0017*** |
|
| (−4.0839) |
| Size | −0.0008*** |
|
| (−5.1217) |
| Lev | −0.0023** |
|
| (−2.5043) |
| Roa | 0.0414*** |
|
| (11.9978) |
| Share | −0.0034*** |
|
| (−3.6428) |
| Cflow | 0.0186*** |
|
| (7.5032) |
| Age | −0.0019*** |
|
| (−5.2413) |
| constant | 0.0321*** |
|
| (8.5660) |
| Industry | control |
| Year | control |
| N | 11920 |
| adj. R-sq | 0.324 |