|
| R & D | R & D |
| Variable name | High agency costs (1) | Low agency costs (2) |
| Fin | −0.0031*** | −0.0006 |
|
| (−4.1083) | (−1.3561) |
| Size | 0.0000 | −0.0010*** |
|
| (0.1709) | (−5.8032) |
| Lev | 0.0007 | −0.0005 |
|
| (0.4701) | (−0.4350) |
| Roa | 0.0522*** | 0.0310*** |
|
| (10.0360) | (7.5813) |
| Share | −0.0044*** | −0.0017 |
|
| (−2.8721) | (−1.5913) |
| Cflow | 0.0236*** | 0.0133*** |
|
| (5.5632) | (4.7094) |
| Age | −0.0028*** | −0.0010** |
|
| (−4.6492) | (−2.5049) |
| constant | 0.0151** | 0.0321*** |
|
| (2.2220) | (8.1624) |
| Industry | control | control |
| Year | control | control |
| N | 6103 | 5817 |
| adj. R-sq | 0.305 | 0.291 |
| chi2 | 7.95 | |
| p | 0.0048*** | |