(1)

(2)

(3)

VARIABLES

EOR

R&D

EOR

ER

−0.874^***

−0.000^***

−0.674^***

(−15.04)

(−8.33)

(−13.29)

R&D

0.000^***

(12.95)

Fanpm

−0.000^***

183.006

−0.000^***

(−10.03)

(0.30)

(−9.66)

ROIC

0.000^***

635935.598

0.000^***

(5.31)

(1.40)

(6.40)

Fagr

−0.000^**

2409034.566

−0.000^**

(−2.22)

(−0.99)

(−1.97)

Opgr

−0.000^***

612523.191^***

−0.000^***

(−6.86)

(−6.20)

(−5.40)

Ci

0.000^***

−904039.562

0.000^***

(2.70)

(−0.93)

(2.75)

Gr

0.000^**

13975730.835^***

−0.000^**

(2.12)

(8.22)

(−2.52)

Constant

0.053^***

2.799e+08^***

0.051^***

(84.64)

(11.39)

(96.54)

N

10,889

10,889

10,889

R²

0.031

0.024

0.206