Table 7 Estimation results of top executive’s attributes and R&D intensity.

	Full sample		Large firms		Medium-sized firms		Small-sized firms
	Estimate	Std.Err	Estimate	Std.Err	Estimate	Std.Err	Estimate	Std.Err
Conscientiousness	0.019	0.016	0.063	0.117	0.037	0.019*	−0.008	0.027
Uniqueness	−0.001	0.015	0.138	0.194	0.013	0.017	−0.038	0.025
Execution Skills	−0.059	0.020***	−0.075	0.103	−0.068	0.023***	−0.039	0.038
Extraversion	−0.054	0.015***	0.002	0.079	−0.037	0.019**	−0.094	0.026***
Neuroticism	0.037	0.016**	0.074	0.104	0.027	0.018	0.058	0.031*
Openness	0.176	0.024***	0.276	0.110**	0.117	0.024***	0.280	0.057***
Decisiveness	−0.049	0.018***	−0.093	0.083	−0.016	0.018	−0.091	0.043**
Agreeableness	0.040	0.014***	0.110	0.088	0.024	0.012*	0.055	0.028**
Financial Prudence	−0.001	0.017	0.042	0.101	−0.023	0.017	0.036	0.037
Firm size	0.016	0.008**	0.068	0.04*	−0.009	0.008	0.001	0.012
Firm age	−0.003	0.001***	−0.005	0.002**	−0.004	0.001***	−0.001	0.001
Profitability	−0.007	0.002***	−0.007	0.011	−0.015	0.003***	−0.002	0.002
Capital intensity	−0.017	0.004***	−0.046	0.018**	−0.007	0.006	−0.015	0.007**
R&D missing	−1.267	0.041***	−2.140	0.142***	−0.959	0.04***	−1.685	0.105***
Unlisted	−1.230	0.106***	−0.508	0.064***	−1.785	0.244***
Medium-sized firms	0.213	0.059***
Small-sized firms	0.383	0.069***
Sector	Yes		Yes		Yes		Yes
Year	Yes		Yes		Yes		Yes
Location	Yes		Yes		Yes		Yes
Obs.	85,175		5469		48,636		31,070

The significance levels are as follows: * denotes p < 0.1, ** denotes p < 0.05, and *** denotes p < 0.01.

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