Innovation

KZ指数

Innovation

DIF

0.013^***

−0.002^**

0.013^***

(4.98)

(−2.00)

(4.90)

KZ指数

−0.099^**

(−2.52)

SIZE

1.494^***

0.048

1.499^***

(3.62)

(0.31)

(3.64)

PPE

13.938^***

4.993^***

14.434^***

(6.64)

(6.23)

(6.85)

LEV

−5.791^***

8.230^***

−4.974^***

(−11.81)

(43.96)

(−8.47)

Capital

0.948^***

−0.111^**

0.937^***

(6.56)

(−2.01)

(6.48)

Mbr

−7.928^***

−1.832^***

−8.110^***

(−18.06)

(−10.93)

(−18.24)

Growth

0.397^***

0.023

0.400^***

(3.66)

(0.55)

(3.68)

Equity

−2.497^***

−0.781^***

−2.574^***

(−4.38)

(−3.59)

(−4.51)

ROA

−8.383^***

−9.647^***

−9.340^***

(−7.74)

(−23.31)

(−8.14)

AGE

−0.060^***

0.004

−0.060^***

(−4.51)

(0.74)

(−4.48)

LnTI

−1.339^***

−0.469^***

−1.385^***

(−3.33)

(−3.05)

(−3.44)

Merge

0.864^***

−0.091^*

0.855^***

(6.39)

(−1.77)

(6.33)

Ind

0.034^**

0.004

0.034^***

(2.56)

(0.71)

(2.59)

FB

0.142

0.026

0.144

(1.01)

(0.49)

(1.03)

Constant

1.885

8.838^***

2.762

(0.81)

(9.94)

(1.17)

Observations

4,472

4,472

4,472

R-squared

0.417

0.495

0.418

F test

0

0

0

r2_a

0.412

0.491

0.413

F

85.77

117.7

83.78