|
| (1) | (2) | (3) |
| lnpatent2 | lnpatent | lnpatent | |
| Fin | −0.547*** |
| −0.786*** |
| (−5.58) |
| (−6.56) | |
| L.fin |
| −0.371*** |
|
|
| (−2.58) |
| |
| ROA | 0.037 | −0.148 | 0.590*** |
| (0.31) | (−0.97) | (4.08) | |
| Growth | 0.068*** | −0.027 | 0.063*** |
| (3.98) | (−1.25) | (2.98) | |
| Board | 0.750*** | 0.606*** | 0.842*** |
| (13.56) | (6.38) | (12.70) | |
| Share | 0.095 | −0.125 | 0.069 |
| (1.49) | (−0.83) | (0.93) | |
| OGR | −0.116*** | 0.090*** | −0.147*** |
| (−9.82) | (3.20) | (−7.90) | |
| _cons | −1.896*** | −0.997*** | −1.175*** |
| (−11.24) | (−2.69) | (−5.64) | |
| N | 18096 | 13780 | 16796 |
| r2 | 0.123 | 0.156 | 0.154 |
| Ind | Yes | Yes | Yes |
| Year | Yes | Yes | Yes |