| R & D | R & D |
Variable name | High financing constraints (1) | Low financing constraints (2) |
Fin | −0.0021*** | −0.0011 |
| (−4.1570) | (−1.6074) |
Size | −0.0006*** | −0.0009*** |
| (−2.9601) | (−3.6567) |
Lev | −0.0058*** | 0.0030* |
| (−4.2275) | (1.6777) |
Roa | 0.0366*** | 0.0467*** |
| (7.7507) | (8.5177) |
Share | −0.0009 | −0.0064*** |
| (−0.6905) | (−4.2448) |
Cflow | 0.0183*** | 0.0180*** |
| (5.6739) | (4.3395) |
Age | −0.0021*** | −0.0017*** |
| (−4.1589) | (−3.1506) |
constant | 0.0280*** | 0.0401*** |
| (6.1313) | (6.3570) |
Industry | control | control |
Year | control | control |
N | 6528 | 5392 |
adj. R-sq | 0.331 | 0.312 |