| VARIABLES | FE |
| Patent | 0.0626*** |
|
| (0.00171) |
| risk | −0.0309 |
|
| (0.0779) |
| Constant | −0.116*** |
|
| (0.00820) |
| Observations | 39,130 |
| Number of stkcd | 4,556 |
| R-squared | 0.038 |
| Hausman | 316.5 |
| p-value | 0 |