(1)

(2)

(3)

(4)

(5)

(6)

Variable

Green invention patent

Green invention patent

Green

utility model patent

Green

utility model patent

Green general patent

Green general patent

Low*industry*time

0.338***

0.305***

0.455***

0.409***

0.760***

0.710***

(6.65)

(6.38)

(10.21)

(9.32)

(16.65)

(16.13)

Low*industry

0.506***

0.473***

0.673***

0.630***

1.073***

1.019***

(13.26)

(13.35)

(19.33)

(18.69)

(30.49)

(31.30)

Time*industry

0.944***

0.817***

0.955***

0.829***

1.409***

1.272***

(35.15)

(31.94)

(38.93)

(33.72)

(56.63)

(51.29)

Time*low

0.045***

−0.059***

0.029***

−0.071***

0.039***

−0.070***

(4.34)

(−3.80)

(2.98)

(−4.86)

(3.78)

(−4.49)

cfo

0.001

0.000

0.000

(1.52)

(0.69)

(1.04)

Tobin Q

0.000***

0.000***

0.000***

(7.70)

(8.38)

(11.10)

btm

0.000***

0.000*

0.000***

(2.92)

(1.80)

(2.70)

Size

0.100***

0.085***

0.110***

(6.68)

(6.39)

(7.52)

Lev

0.001***

0.001***

0.001***

(4.40)

(4.76)

(4.46)

Netprofit

0.001**

0.001***

0.002***

(2.11)

(3.07)

(2.70)

lnfirst

−0.033

−0.051*

−0.047*

(−1.19)

(−1.96)

(−1.67)

Age

0.007

0.023**

0.008

(0.60)

(1.97)

(0.63)

Time

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Company

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