(1)

VARIABLES

COC

RD_w

−0.00111**

(−1.988)

SIZE

0.00310***

(4.880)

AT

0.00813***

(5.186)

GRO

0.00557***

(3.818)

ROA

−0.0193**

(−2.095)

HERF

−0.000208***

(−5.964)

YTO

−0.000410**

(−2.013)

Constant

0.0459***

(4.323)

Observations

5606

Ind FE

YES

Year FE

YES

R-squared

0.175

r2_a

0.169

F

30.29