|
| 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 |