(1)

(2)

(3)

VARIABLES

EOR

R&D

EOR

L. ER

0.258^***

−8.407e+09^*

0.281^***

(4.22)

(−1.93)

(4.57)

L. R&D

0.000^***

(4.49)

Fanpm

−0.000^***

−396.383

−0.000^***

(−9.59)

(−0.70)

(−11.12)

ROIC

0.000^***

444277.369

0.000^***

(5.42)

(1.01)

(4.86)

Fagr

−0.000^**

−2867586.106

−0.000^**

(−2.30)

(−1.21)

(−2.22)

Opgr

−0.000^***

−623261.526^***

−0.000^***

(−7.63)

(−6.60)

(−7.61)

Ci

0.000^***

−1052995.069

0.000^***

(2.63)

(−0.95)

(2.73)

Gr

0.000^***

14648220.887^***

0.000^***

(6.22)

(12.27)

(6.48)

Constant

0.049^***

2.373e+08^***

0.049^***

(106.93)

(8.79)

(103.82)

N

10,052

10,052

10,052

R²

0.014

0.020

0.016