Table 9 The regression results of the risk mitigation effect of transaction-oriented financial assets on firms’ patents.
Variable | OLS | Poisson | NB | ||||||
|---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
SF | 0.1183** (2.34) | 0.2533*** (5.42) | 0.2716*** (4.86) | ||||||
SF1 | 01540* (1.67) | 0.3160*** (5.92) | 0.3257*** (5.58) | ||||||
SF2 | 0.0958* (1.84) | 0.3078** (2.28) | 0.3090 (1.43) | ||||||
RISK | 0.0010*** (3.01) | 0.0010*** (2.99) | 0.0010*** (3.04) | 1.2981*** (4.31) | 1.2728*** (4.24) | 1.3644*** (4.49) | 1.1428*** (3.34) | 1.1244*** (3.29) | 1.2035*** (3.53) |
SIZE | 0.1580*** (4.97) | 0.1585*** (4.98) | 0.1572*** (4.94) | 0.07120*** (6.04) | 0.0726**8 (6.10) | 0.0623*** (5.24) | 0.0744 (4.52) | 0.0745*** (4.53) | 0.0641*** (3.91) |
DBR | −0.4652*** (−2.91) | −0.4624*** (−2.90) | −0.4246*** (−2.64) | −0.3134*** (−4.72) | −0.3022*** (−4.57) | −0.2244*** (−3.37) | −0.3638*** (−3.72) | −0.3485*** (−3.59) | −0.2597*** (−2.64) |
EBIT | 0.8646** (2.23) | 0.8682** (2.25) | 0.9412** (2.43) | 0.3690* (1.95) | 0.3659* (1.93) | 0.3983** (2.13) | 0.3711 (1.57) | 0.3684 (1.56) | 0.4181* (1.77) |
AM | 0.3056 (1.07) | 0.2983 (1.05) | 0.3007 (1.05) | −0.3213** (−2.08) | −0.3336** (−2.16) | −0.3262** (−2.12) | −0.3376 (−1.46) | −0.3509 (−1.51) | −0.3460 (−1.49) |
TOBIN’Q | −0.0108 (−1.07) | −0.0108 (−1.07) | −0.0105 (−1.27) | −0.0003 (−0.07) | −0.0008 (−0.17) | −0.0022 (−0.50) | −0.0022 (−0.32) | −0.0029 (−0.43) | −0.0037 (−0.54) |
CONC | −0.0059*** (−2.84) | −0.0059*** (−2.85) | −0.0058*** (−2.80) | −0.0033*** (−4.53) | −0.0034*** (−4.65) | −0.0030*** (−4.14) | −0.0030*** (−2.94) | −0.0031*** (−3.03) | −0.0027*** (−2.68) |
AGE | −0.3131*** (−3.14) | −0.3090*** (−3.10) | −0.3216*** (−3.23) | −0.1988*** (−7.62) | −0.1958*** (−7.51) | −0.2254*** (−8.72) | −0.2078*** (−5.13) | −0.2048*** (−5.07) | −0.2368*** (−5.90) |
Year and Industry | Control | Control | Control | Control | Control | Control | Control | Control | Control |
Prob > F | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
.R2 | 0.1707 | 0.1710 | 0.1691 | 0.0088 | 0.0093 | 0.0074 | 0.0023 | 0.0024 | 0.0018 |
Numbers of obs | 9383 | 9383 | 9383 | 9383 | 9383 | 9383 | 9383 | 9383 | 9383 |
