(1)

(2)

Variables

innovation

apply

sub

0.219^***

0.238^***

(4.93)

(5.08)

size

0.409^***

0.307^***

(5.97)

(4.44)

roe

2.760^***

3.034^***

(3.20)

(3.56)

lev

0.611^**

0.704^**

(2.17)

(2.49)

age

−0.019^**

−0.028^***

(−1.97)

(−2.85)

Constant

−9.933^***

−8.234^***

(−8.74)

(−7.25)

Observations

627

596

R-squared

0.283

0.259

F test

0

0

r2_a

0.277

0.253

F

49.07

41.29