| VARIABLES | 1 | 2 | 3 |
| Patents | |||
| L. DIF | 0.1483*** |
|
|
| (0.0567) |
|
| |
| L. Breadth |
| 0.2472*** |
|
|
| (0.0630) |
| |
| L. Depth |
|
| −0.0035 |
|
|
| (0.0465) | |
| Lev | 0.0059*** | 0.0055*** | 0.0062*** |
| (0.0015) | (0.0015) | (0.0014) | |
| Age | −0.3241 | −0.5619*** | 0.1626 |
| (0.2099) | (0.2088) | (0.1936) | |
| Equity | −0.1043 | −0.1050 | −0.0945 |
| (0.0939) | (0.0938) | (0.0942) | |
| Financial | −0.0026 | −0.0028 | −0.0023 |
| (0.0052) | (0.0052) | (0.0052) | |
| Size | 0.0125 | 0.0072 | 0.0159 |
| (0.0308) | (0.0308) | (0.0307) | |
| Audit | 0.0699 | 0.0709 | 0.0653 |
| (0.0655) | (0.0650) | (0.0662) | |
| Constant | 0.1537 | 0.5031 | −0.6302 |
| (0.7887) | (0.7769) | (0.7557) | |
| Industry FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Observations | 12,666 | 12,666 | 12,666 |
| R-squared | 0.008 | 0.009 | 0.007 |
| Number of id | 2291 | 2291 | 2291 |