(1)

(2)

(3)

innovation

SA

innovation

index

0.066^***

−0.140^***

0.048^***

(4.69)

(−10.14)

(3.34)

SA

−0.128^***

(−5.17)

roa

0.006^***

−0.005^***

0.005^***

(6.45)

(−5.29)

(5.78)

lev

0.001^**

−0.004^***

0.000

(2.01)

(−10.59)

(0.66)

mf

0.237^***

−0.020

0.234^***

(4.63)

(−0.40)

(4.62)

ind

0.005^***

−0.003^***

0.005^***

(4.87)

(−3.06)

(4.51)

pdgp

10.476^**

7.020^*

11.375^***

(2.52)

(1.72)

(2.75)

is

0.428^***

0.926^***

0.546^***

(4.31)

(9.54)

(5.41)

fd

−10.493^**

−6.904^*

−11.377^***

(−2.52)

(−1.69)

(−2.75)

Constant

−0.203

−1.574^***

−0.405^*

(−0.85)

(−6.72)

(−1.68)

Year

YES

YES

YES

Company

YES

YES

YES

R²

0.0642

0.214

0.0783

N

1680

1680

1680