| R & D | R & D |
Variable name | (1) | (2) |
Fin | −0.0017*** | −0.0173*** |
| (−4.0857) | (−9.6678) |
Size | −0.0008*** | −0.0014*** |
| (−5.0915) | (−8.3885) |
Lev | −0.0023** | 0.0028*** |
| (−2.5064) | (3.0445) |
Roa | 0.0413*** | 0.0531*** |
| (11.9683) | (15.1170) |
Share | −0.0034*** | −0.0062*** |
| (−3.6419) | (−6.4725) |
Cflow | 0.0186*** | 0.0118*** |
| (7.4802) | (4.8651) |
Age | −0.0019*** | −0.0024*** |
| (−5.2505) | (−6.5295) |
constant | 0.0341*** | 0.0481*** |
| (8.9681) | (13.1019) |
Industry | control | control |
Year | control | control |
N | 11915 | 14837 |
adj. R-sq | 0.324 | 0.183 |