Innovation

Innovation

Innovation

Innovation

DIF

0.013^***

(4.98)

DIF_B

0.012^***

(5.14)

DIF_C

0.008^***

(4.35)

DIF_D

0.009^**

(1.97)

SIZE

1.494^***

1.489^***

1.514^***

1.481^***

(3.62)

(3.61)

(3.67)

(3.58)

PPE

13.938^***

13.942^***

13.997^***

13.651^***

(6.64)

(6.64)

(6.66)

(6.49)

LEV

−5.791^***

−5.774^***

−5.835^***

−5.909^***

(−11.81)

(−11.78)

(−11.90)

(−12.04)

Capital

0.948^***

0.946^***

0.946^***

0.950^***

(6.56)

(6.55)

(6.54)

(6.56)

Mbr

−7.928^***

−7.916^***

−7.954^***

−8.051^***

(−18.06)

(−18.03)

(−18.11)

(−18.33)

Growth

0.397^***

0.391^***

0.404^***

0.392^***

(3.66)

(3.60)

(3.71)

(3.60)

Equity

−2.497^***

−2.476^***

−2.539^***

−2.536^***

(−4.38)

(−4.34)

(−4.45)

(−4.44)

ROA

−8.383^***

−8.384^***

−8.429^***

−8.518^***

(−7.74)

(−7.74)

(−7.77)

(−7.84)

AGE

−0.060^***

−0.061^***

−0.060^***

−0.059^***

(−4.51)

(−4.55)

(−4.47)

(−4.39)

LnTI

−1.339^***

−1.344^***

−1.344^***

−1.282^***

(−3.33)

(−3.34)

(−3.34)

(−3.18)

Merge

0.864^***

0.869^***

0.866^***

0.916^***

(6.39)

(6.44)

(6.40)

(6.79)

Ind

0.034^**

0.034^**

0.034^***

0.036^***

(2.56)

(2.57)

(2.62)

(2.76)

FB

0.142

0.138

0.144

0.135

(1.01)

(0.98)

(1.02)

(0.96)

Constant

1.885

2.204

1.857

1.351

(0.81)

(0.95)

(0.80)

(0.58)

Observations

4,472

4,472

4,472

4,472

R-squared

0.417

0.417

0.416

0.414

F test

0

0

0

0

r2_a

0.412

0.413

0.412

0.410

F

85.77

85.85

85.50

84.81