Explained variable:

Is there a new product

Explained variable:

Whether independent R & D

Variable

(1)

(2)

(3)

(4)

(5)

(6)

HMT_F

−0.327***

−0.399***

−0.472***

−0.215***

−0.260***

−0.228**

(0.0247)

(0.0329)

(0.1050)

(0.0226)

(0.0275)

(0.0937)

HMT_S

−0.958***

−0.321***

−0.756***

−1.801***

−1.104***

0.0780

(0.0742)

(0.0861)

(0.2300)

(0.0601)

(0.0776)

(0.2050)

FS

0.179

−0.167

(0.2410)

(0.2230)

EXP

0.152***

0.0786**

−0.102***

−0.362***

(0.0294)

(0.0358)

(0.0276)

(0.0339)

KLD

−0.0232***

0.0267***

−0.0352***

0.00991

(0.0061)

(0.0075)

(0.0058)

(0.0072)

Scale

0.144***

0.146***

0.232***

0.244***

(0.0073)

(0.0084)

(0.0063)

(0.0076)

AWage

0.138***

0.0491***

0.257***

0.174***

(0.0110)

(0.0145)

(0.0110)

(0.0134)

HCapital

0.353***

0.474***

0.727***

0.859***

(0.0332)

(0.0356)

(0.0364)

(0.0432)

Loan

1.596***

1.744***

0.0645

1.777**

(0.4530)

(0.5130)

(0.4780)

(0.7440)

Profit

−0.153**

−0.179**

0.0608

0.0617

(0.0752)

(0.0831)

(0.0858)

(0.0825)

Age

0.0900***

0.112***

0.0997***

0.101***

(0.0149)

(0.0170)

(0.0130)

(0.0151)

Sector/

City/Year

N

N

Y

N

N

Y

Constant

−1.345***

−3.595***

−5.058***

−1.156***

−4.438***

−5.694***

(0.0222)

(0.0827)

(0.2310)

(0.0172)

(0.0710)

(0.5980)

Obs

186,336

110,570

84,768

186,336

110,570

84,787

R²

0.011

0.052

0.119

0.021

0.131

0.212