(1)

(2)

(3)

lnpatent

lnpatent

lnpatent

Fin

−0.812^***

−0.711^***

−0.752^***

(−6.85)

(−6.21)

(−6.32)

MI

0.610^***

(34.84)

interactMI

−0.354^***

(−4.20)

EI

−0.526^***

(−11.40)

interactEI

0.552^**

(2.27)

ROA

0.567^***

−0.535^***

0.712^***

(4.06)

(−3.75)

(5.05)

Growth

0.057^***

0.090^***

0.061^***

(2.86)

(4.60)

(3.04)

Board

0.858^***

0.625^***

0.746^***

(13.55)

(10.39)

(11.68)

Share

0.100

0.149^**

0.032

(1.39)

(2.16)

(0.45)

OGR

−0.124^***

−0.103^***

−0.115^***

(−8.47)

(−7.18)

(−7.79)

_cons

−1.823^***

−8.844^***

−1.435^***

(−8.63)

(−31.08)

(−6.68)

N

18096

18096

18096

r2

0.170

0.237

0.175

Ind

Yes

Yes

Yes

Year

Yes

Yes

Yes