(1)

(2)

(3)

(4)

Ln (Inven + 1)

Ln (Inven + Utility + 1)

Ln (R&D)

Innovation Efficiency

Ln Score

0.290^***

0.387^***

0.297^***

0.003^*

(3.88)

(4.40)

(3.13)

(1.85)

Firm Size

0.098^***

0.078^**

0.530^***

−0.003^***

(3.46)

(2.34)

(14.38)

(−4.67)

Firm Age

−0.181^*

−0.285^**

−0.886^***

−0.001^***

(−1.71)

(−2.28)

(−6.55)

(−4.26)

Leverage

0.463^**

0.741^***

0.312

0.001^***

(2.48)

(3.36)

(1.32)

(2.67)

ROA

2.076^***

2.174^***

3.168^***

0.004^***

(4.48)

(3.99)

(5.38)

(3.72)

Book to Market

−0.083^***

−0.104^***

−0.136^***

−0.002^***

(−2.79)

(−2.94)

(−3.57)

(−2.65)

SOE

−0.254

−0.276

0.393^*

−0.0002

(−1.46)

(−1.34)

(1.78)

(−0.58)

Constant

−1.584^***

−1.429^***

−6.766^***

0.003^***

(−3.61)

(−2.76)

(−12.15)

(3.51)

Year Effect

YES

YES

YES

YES

Firm Effect

YES

YES

YES

YES

N

4706

4706

4706

4706

Adj-R²

0.282

0.318

0.499

0.105