VARIABLES

(1)

(2)

(3)

(4)

R&D

OS

R&D

R&D

AC

−0.020^***

−0.236^***

−0.021^***

(−7.04)

(−4.69)

(−6.74)

ACOS

−0.005^*

(−1.80)

OS

0.002^***

0.000

(3.60)

(0.03)

Sice

−0.010^***

0.016

−0.010^***

−0.010^***

(−4.91)

(0.35)

(−6.11)

(−4.85)

Idrate

0.014

−0.529

0.013

0.013

(1.12)

(−1.60)

(1.06)

(1.06)

Growth

0.001^*

0.003

0.000

0.001^**

(1.93)

(0.55)

(1.64)

(1.99)

Board

0.000

−0.182

0.001

−0.000

(0.07)

(−1.46)

(0.12)

(−0.10)

Ncash

0.009

0.207^**

0.004

0.008

(1.61)

(2.03)

(1.07)

(1.54)

ROA

−0.055^***

−1.099^***

−0.054^***

(−4.27)

(−9.57)

(−3.95)

Lev

−0.011

−1.336^***

0.009^*

−0.009

(−1.44)

(−9.62)

(1.82)

(−1.17)

Constant

0.263^***

2.459^**

0.222^***

0.263^***

(5.75)

(2.40)

(5.94)

(5.86)

Observations

4818

4818

4818

4818

R-squared

0.117

0.065

0.041

0.120

Number of Stkcd

2028

2028

2028

2028

Company FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES