Variables

1

2

3

4

5

6

Whole

Small

Large

Whole

Small

Large

Innovation

L. DIF

0.0450***

0.0556***

0.0182

(−0.0124)

(−0.0151)

(−0.0228)

L. Breadth

0.0566***

0.0714**

0.0272

(0.0132)

(−0.0154)

(−0.027)

Lev

0.0007**

0.0007**

0.0011

0.0006*

0.0006*

0.001

(0.0003)

(−0.0004)

(−0.0008)

(0.0003)

(−0.0004)

(−0.0008)

Age

−0.1689***

−0.2372***

0.0044

−0.1879***

−0.2632***

−0.0169

(0.0470)

(−0.058)

(−0.0793)

(0.0457)

(−0.0546)

(−0.0847)

Equity

−0.0409**

−0.0501**

−0.0345

−0.0401**

−0.0491**

−0.0343

(0.0191)

(−0.0233)

(−0.0349)

(0.0191)

(−0.0233)

(−0.0348)

Financial

−0.0016

−0.0018

−0.0022

−0.0017

−0.0018

−0.0024

(0.0010)

(−0.0011)

(−0.0031)

(0.0010)

(−0.0011)

(−0.0032)

Size

−0.0018

0.0099

−0.0139

−0.0028

0.008

−0.0143

(0.0066)

(−0.0083)

(−0.0174)

(0.0066)

(−0.0083)

(−0.0174)

Audit

0.0065

0.0042

0.0097

0.0067

0.0044

0.0101

(0.0150)

(−0.0193)

(−0.0256)

(0.0149)

(−0.019)

(−0.0256)

Constant

0.4666***

0.3847*

0.3454

0.4886***

0.4295**

0.3734

(−0.1687)

(−0.2166)

(−0.3623)

(0.1653)

(−0.2127)

(−0.3632)

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Observations

11,558

8749

2809

11558

8749

2809

R-squared

0.012

0.015

0.004

0.013

0.016

0.005

Number of id

2247

1882

718

2247

1882

718