| VARIABLES | 1 | 2 | 3 |
| Innovation | |||
| L. DIF | 0.0450*** |
|
|
| (0.0124) |
|
| |
| L. Breadth |
| 0.0566*** |
|
|
| (0.0132) |
| |
| L. Depth |
|
| 0.0161 |
|
|
| (0.0107) | |
| LEV | 0.0007** | 0.0006* | 0.0008** |
| (0.0003) | (0.0003) | (0.0003) | |
| Age | −0.1689*** | −0.1879*** | −0.0776* |
| (0.0470) | (0.0457) | (0.0434) | |
| Equity | −0.0409** | −0.0401** | −0.0406** |
| (0.0191) | (0.0191) | (0.0192) | |
| Financial | −0.0016 | −0.0017 | −0.0015 |
| (0.0010) | (0.0010) | (0.0010) | |
| Size | −0.0018 | −0.0028 | −0.0003 |
| (0.0066) | (0.0066) | (0.0066) | |
| Audit | 0.0065 | 0.0067 | 0.0058 |
| (0.0150) | (0.0149) | (0.0151) | |
| Constant | 0.4666*** | 0.4886*** | 0.3048* |
| (0.1687) | (0.1653) | (0.1605) | |
| Industry FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Observations | 11,558 | 11,558 | 11,558 |
| R-squared | 0.012 | 0.013 | 0.010 |
| Number of id | 2247 | 2247 | 2247 |