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