Variable

(1)

(2)

(3)

(4)

R & D intensity

R & D intensity

R & D intensity

R & D intensity

EI2 * EI4

0.158***

0.140***

(3.95)

(5.04)

EI4 * EI6

0.218**

0.246**

(2.13)

(2.54)

EI2 * EI6

−0.016

−0.055**

(−0.87)

(−2.27)

EI2

−0.015***

−0.026***

−0.021***

(−4.35)

(−3.38)

(−4.40)

EI4

−0.005

−0.038

−0.013

(−0.20)

(−1.49)

(−0.51)

EI6

0.055***

0.053***

0.061***

(3.81)

(3.90)

(5.55)

KI

0.143***

0.141***

0.143***

0.143***

(11.58)

(11.20)

(11.83)

(11.54)

Internet

0.113***

0.110***

0.112***

0.107***

(20.60)

(15.16)

(18.93)

(18.98)

ROA

0.028*

0.028*

0.027*

0.028*

(1.79)

(1.89)

(1.77)

(1.91)

M

−0.027***

−0.027***

−0.027***

−0.027***

(−5.00)

(−4.90)

(−4.86)

(−4.81)

Constant

0.009

−0.049

−0.037

−0.018

(0.14)

(−0.60)

(−0.56)

(−0.26)

Class of models

Fixed Effects

Fixed Effects

Fixed Effects

Fixed Effects

Observations

4806

4806

4806

4806