| VARIABLES | 1 | 2 | 3 | 4 | 5 | 6 |
| East | Middle | West | East | Middle | West | |
| Innovation | ||||||
| L. DIF | 0.0450*** | 0.0706** | −0.0497 |
|
|
|
| (−0.015) | (−0.0124) | (−0.0389) |
|
|
| |
| L. Breadth |
|
|
| 0.0711*** | 0.0822** | −0.0528 |
|
|
|
| (0.0163) | (−0.0246) | (−0.034) | |
| Lev | 0.0009** | 0.0009 | −0.0006 | 0.0007* | 0.0008 | −0.0006 |
| (−0.0004) | (−0.0009) | (−0.0009) | (−0.0004) | (−0.0009) | (−0.0009) | |
| Age | −0.1698*** | −0.2465** | 0.1689 | −0.2226*** | −0.2681*** | 0.1686 |
| (−0.0548) | (−0.1058) | (−0.1621) | (−0.053) | (−0.1018) | (−0.1401) | |
| Equity | −0.0626** | −0.0346 | 0.0065 | −0.0617** | −0.0321 | 0.0039 |
| (−0.0243) | (−0.0462) | (−0.042) | (−0.0243) | (−0.0457) | (−0.0418) | |
| Financial | −0.0021* | −0.0017 | 0.0015 | −0.0021* | −0.0017 | 0.0016 |
| (−0.0012) | (−0.0025) | (−0.0026) | (−0.0012) | (−0.0025) | (−0.0026) | |
| Size | −0.0111 | 0.0118 | 0.0157 | −0.0128 | 0.0103 | 0.0168 |
| (−0.0079) | (−0.0159) | (−0.0195) | (−0.0079) | (−0.0159) | (−0.0195) | |
| Audit | 0.0041 | 0.0321 | −0.0207 | 0.0054 | 0.0313 | −0.0196 |
| (−0.0195) | (−0.0362) | (−0.0206) | (−0.0193) | (−0.0361) | (−0.0213) | |
| Constant | 0.7499*** | 0.217 | −0.528 | 0.8152*** | 0.2616 | −0.5311 |
| (−0.1986) | (−0.4565) | (−0.4563) | (−0.1943) | (−0.4414) | (−0.4421) | |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 8094 | 2026 | 1438 | 8094 | 2026 | 1438 |
| R-squared | 0.019 | 0.009 | 0.007 | 0.021 | 0.012 | 0.008 |
| Number of id | 1574 | 400 | 283 | 1574 | 400 | 283 |