|
| R & D | R & D | R & D |
| Variable name | (1) | (2) | (3) |
| Fin | −0.0046*** | −0.0009*** | −0.1374*** |
|
| (−4.2183) | (−4.2860) | (−3.0612) |
| Size | −0.0004 | −0.0001 | 0.3606*** |
|
| (−1.1830) | (−0.6639) | (24.4624) |
| Lev | −0.0511*** | −0.0037*** | −0.0807 |
|
| (−23.7639) | (−7.2476) | (−1.0182) |
| Roa | 0.0022 | 0.0275*** | 1.9564*** |
|
| (0.3092) | (14.9994) | (7.7855) |
| Share | −0.0126*** | −0.0021*** | −0.1435* |
|
| (−5.3741) | (−3.5646) | (−1.6466) |
| Cflow | −0.0015 | 0.0106*** | 0.5794*** |
|
| (−0.2796) | (8.3570) | (2.9452) |
| Age | −0.0059*** | −0.0030*** | −0.0664** |
|
| (−7.0440) | (−19.8168) | (−2.0711) |
| constant | 0.0778*** | 0.0080*** | −7.5027*** |
|
| (8.9328) | (4.4279) | (−22.2043) |
| Industry | control | control | control |
| Year | control | control | control |
| N | 11920 | 22144 | 8042 |
| adj. R-sq | 0.384 | 0.463 | 0.272 |