Innovation

Innovation

Innovation

Innovation

L.DIF

0.011^***

(3.66)

L.DIF_B

0.010^***

(3.93)

L.DIF_C

0.007^***

(2.97)

L.DIF_D

0.005

(0.98)

SIZE

1.440^***

1.448^***

1.439^***

1.431^***

(3.13)

(3.15)

(3.13)

(3.11)

PPE

17.079^***

17.068^***

17.157^***

16.982^***

(7.51)

(7.51)

(7.54)

(7.45)

LEV

−5.821^***

−5.796^***

−5.867^***

−5.919^***

(−10.92)

(−10.87)

(−11.01)

(−11.10)

Capital

1.007^***

1.000^***

1.012^***

1.008^***

(6.23)

(6.19)

(6.26)

(6.23)

Mbr

−7.819^***

−7.798^***

−7.845^***

−7.928^***

(−16.35)

(−16.31)

(−16.40)

(−16.58)

Growth

0.423^***

0.418^***

0.425^***

0.411^***

(3.49)

(3.45)

(3.50)

(3.39)

Equity

−3.118^***

−3.092^***

−3.168^***

−3.186^***

(−4.87)

(−4.83)

(−4.95)

(−4.97)

ROA

−7.941^***

−7.918^***

−7.996^***

−8.083^***

(−6.98)

(−6.96)

(−7.02)

(−7.09)

AGE

−0.046^***

−0.046^***

−0.045^***

−0.043^**

(−2.68)

(−2.72)

(−2.64)

(−2.54)

LnTI

−1.188^***

−1.208^***

−1.172^***

−1.143^**

(−2.65)

(−2.70)

(−2.61)

(−2.55)

Merge

0.937^***

0.939^***

0.945^***

0.990^***

(6.22)

(6.24)

(6.27)

(6.59)

Ind

0.043^***

0.043^***

0.044^***

0.046^***

(2.97)

(2.96)

(3.03)

(3.16)

FB

0.066

0.062

0.068

0.052

(0.42)

(0.40)

(0.44)

(0.33)

Constant

1.234

1.570

1.183

0.913

(0.48)

(0.61)

(0.46)

(0.35)

Observations

3,537

3,537

3,537

3,537

R-squared

0.419

0.419

0.418

0.417

F test

0

0

0

0

r2_a

0.413

0.413

0.412

0.411

F

70.13

70.22

69.91

69.53