(1)

(2)

VARIABLES

lnInvPat

lnUtyPat

DID

0.120^***

0.099^***

(6.77)

(5.58)

Lev

0.309^***

0.260^***

(7.44)

(6.29)

TobinQ

−0.029^***

−0.034^***

(−6.14)

(−7.39)

ATO

−0.175^***

−0.090^***

(−6.22)

(−3.28)

Growth

0.013

0.028^*

(0.79)

(1.73)

Cashflow

−0.004

−0.046

(−0.05)

(−0.59)

Mfee

−0.674^***

−0.253^*

(−4.61)

(−1.81)

Indep

0.000

−0.173

(0.00)

(−1.26)

Top1

0.145

0.195^**

(1.54)

(2.06)

Balance

0.065^***

0.048^**

(3.46)

(2.48)

Mhold

−0.002

−0.076

(−0.04)

(−1.16)

Dual

0.003

−0.035^**

(0.20)

(−2.31)

SOE

0.109^***

0.042

(3.72)

(1.48)

Age

0.137^**

0.225^***

(2.01)

(3.41)

Constant

0.059

−0.105

(0.29)

(−0.51)

Year/Firm

YES

YES

Adj-R²

0.604

0.585

N

20,333

20,333