R & D

Risk

R & D

Variable name

(1)

(2)

(3)

Fin

−0.0018***

0.0215**

−0.0018***

(−4.4011)

(2.1853)

(−4.3211)

Risk

−0.0014***

(−3.5585)

Size

−0.0008***

−0.0721***

−0.0009***

(−5.0012)

(−14.9444)

(−5.5003)

Lev

−0.0018*

0.1365***

−0.0017*

(−1.8320)

(3.8645)

(−1.7104)

Roa

0.0396***

−0.3294***

0.0392***

(9.8512)

(−2.6956)

(9.7346)

Share

−0.0034***

0.1146***

−0.0033***

(−3.4958)

(4.0549)

(−3.3455)

Cflow

0.0232***

−0.0248

0.0230***

(8.4829)

(−0.2627)

(8.4424)

Age

−0.0021***

−0.0377***

−0.0021***

(−5.3302)

(−3.9978)

(−5.4294)

Growth

−0.0006

0.1172***

−0.0005

(−1.6342)

(8.4096)

(−1.2167)

Captial

−0.0066***

−0.1975***

−0.0069***

(−5.5821)

(−6.2058)

(−5.8209)

Constant

0.0370***

2.2726***

0.0393***

(9.3168)

(23.3085)

(9.6417)

Industry

control

control

control

Year

control

control

control

N

10673

10656

10656

adj. R-sq

0.332

0.162

0.333