| VARIABLES | 1 | 2 | 3 | 4 | 5 | 6 |
| Whole | High | Others | Whole | High | Others | |
| Innovation | ||||||
| L. DIF | 0.0450*** | 0.0948*** | 0.0306** |
|
|
|
| (−0.0124) | (−0.0322) | (−0.013) |
|
|
| |
| L. Breadth |
|
|
| 0.0566*** | 0.1205*** | 0.0403*** |
|
|
|
| (−0.0132) | (−0.0356) | (−0.0136) | |
| Lev | 0.0007** | 0.0005 | 0.0008** | 0.0006* | 0.0004 | 0.0008** |
| (−0.0003) | (−0.0007) | (−0.0004) | (−0.0003) | (−0.0007) | (−0.0004) | |
| Age | −0.1689*** | −0.3717*** | −0.0993** | −0.1879*** | −0.4068*** | −0.1182** |
| (−0.047) | (−0.1195) | (−0.0493) | (−0.0457) | (−0.1171) | (−0.048) | |
| Equity | −0.0409** | −0.0207 | −0.0437** | −0.0401** | −0.0167 | −0.0434** |
| (−0.0191) | (−0.0458) | (−0.0215) | (−0.0191) | (−0.0461) | (−0.0215) | |
| Financial | −0.0016 | −0.0018 | −0.0015 | −0.0017 | −0.002 | −0.0015 |
| (−0.001) | (−0.0027) | (−0.0011) | (−0.001) | (−0.0027) | (−0.0011) | |
| Size | −0.0018 | −0.0089 | 0 | −0.0028 | −0.0139 | −0.0005 |
| (−0.0066) | (−0.0174) | (−0.0069) | (−0.0066) | (−0.0177) | (−0.0069) | |
| Audit | 0.0065 | 0.023 | 0.0064 | 0.0067 | 0.0256 | 0.0064 |
| (−0.015) | (−0.0489) | (−0.0136) | (−0.0149) | (−0.0488) | (−0.0135) | |
| Constant | 0.4666*** | 0.8920** | 0.2926 | 0.4886*** | 0.9730** | 0.3136* |
| (−0.1687) | (−0.4112) | (−0.1825) | (−0.1653) | (−0.4101) | (−0.1783) | |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 11,558 | 2859 | 8699 | 11,558 | 2859 | 8699 |
| R-squared | 0.012 | 0.018 | 0.011 | 0.013 | 0.021 | 0.011 |
| Number of id | 2247 | 585 | 1713 | 2247 | 585 | 1713 |