VARIABLES

Innovation

FC

Innovation

DIF

0.013^***

−0.000^*

0.013^***

(4.98)

(−1.94)

(4.87)

FC

−4.639^***

(−4.07)

SIZE

1.494^***

0.060^***

1.773^***

(3.62)

(11.11)

(4.25)

PPE

13.938^***

0.038

14.113^***

(6.64)

(1.36)

(6.74)

LEV

−5.791^***

0.144^***

−5.124^***

(−11.81)

(22.33)

(−9.93)

Capital

0.948^***

−0.016^***

0.874^***

(6.56)

(−8.44)

(6.01)

Mbr

−7.928^***

−0.002

−7.937^***

(−18.06)

(−0.34)

(−18.11)

Growth

0.397^***

−0.008^***

0.361^***

(3.66)

(−5.44)

(3.32)

Equity

−2.497^***

−0.017^**

−2.577^***

(−4.38)

(−2.31)

(−4.52)

ROA

−8.383^***

−0.019

−8.469^***

(−7.74)

(−1.32)

(−7.83)

AGE

−0.060^***

0.000

−0.059^***

(−4.51)

(1.19)

(−4.44)

LnTI

−1.339^***

−0.061^***

−1.620^***

(−3.33)

(−11.46)

(−3.97)

Merge

0.864^***

−0.004^**

0.845^***

(6.39)

(−2.30)

(6.26)

Ind

0.034^**

0.000^**

0.036^***

(2.56)

(2.30)

(2.71)

FB

0.142

−0.002

0.134

(1.01)

(−0.86)

(0.96)

Constant

1.885

−0.049

1.656

(0.81)

(−1.61)

(0.71)

Observations

4,472

4,472

4,472

R-squared

0.417

0.193

0.419

F test

0

0

0

r2_a

0.412

0.187

0.414

F

85.77

28.73

84.24