| VARIABLES | (1) R&D | (2) R&D |
| Degree | 0.129*** | 0.128*** |
|
| (3.61) | (3.55) |
| Age | −0.079*** | −0.079*** |
|
| (−3.70) | (−3.72) |
| Size | 0.633*** | 0.634*** |
|
| (14.30) | (14.35) |
| SA | −0.675 | −0.683 |
|
| (−1.34) | (−1.36) |
| Lev | −0.039 | −0.050 |
|
| (−0.12) | (−0.16) |
| ROA | −0.137 |
|
|
| (−0.31) |
|
| Cash | 0.858** | 0.847** |
|
| (2.45) | (2.41) |
| Equity | −0.008** | −0.008** |
|
| (−2.27) | (−2.26) |
| Growth | −0.101 | −0.101 |
|
| (−1.29) | (−1.31) |
| ROE |
| −0.026 |
|
|
| (−1.51) |
| Constant | 2.630 | 2.567 |
|
| (1.37) | (1.34) |
| Observations | 944 | 944 |
| R-squared | 0.239 | 0.239 |