变量

(1)

(2)

(3)

Patent

Myopia

Patent

Post

0.230^***

−0.009^**

0.224^***

(3.919)

(−2.030)

(3.818)

Myopia

−0.681^***

(−4.113)

Size

−0.048^*

0.007^***

−0.044

(−1.673)

(3.109)

(−1.514)

Age

−0.334^***

0.019^***

−0.322^***

(−4.038)

(2.982)

(−3.887)

Lev

−0.363^***

0.049^***

−0.330^***

(−3.075)

(5.493)

(−2.789)

Cash

0.028

0.046^*

0.059

(0.085)

(1.808)

(0.178)

Dual

−0.126^*

0.004

−0.123^*

(−1.898)

(0.859)

(−1.856)

Top10

−0.003^**

−0.000

−0.003^**

(−1.998)

(−1.060)

(−2.055)

Score

67.238^***

−1.555^***

66.179^***

(14.330)

(−4.382)

(14.101)

Mind

1.437^***

0.008^**

1.443^***

(31.148)

(2.290)

(31.292)

Big4

0.054

0.005

0.057

(0.724)

(0.951)

(0.774)

Staff

0.450^***

−0.006^***

0.446^***

(16.516)

(−3.054)

(16.368)

Constant

0.041

−0.012

0.033

(0.080)

(−0.310)

(0.064)

N

6391

6391

6391

Adj.R2

0.299

0.208

0.301

Firm FE

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

F

131.0

80.77

126.1