Table 6 Regression results of models (1) to (4).
Variable | Model (1) coefficient | Model (2) coefficient | Model (3) coefficient | Model (4) coefficient |
|---|---|---|---|---|
Explained variable | Q | Q | RD | Q |
C | 36.948 | 36.820 | 11.919 | 34.017 |
(18.345)*** | (18.236)*** | (20.400)*** | (15.667)*** | |
Cr1 | -2.061 | -0.394 | -1.472 | -1.668 |
(-3.143)*** | (-0.202) | (-7.730)** | (-2.517)** | |
Cr1^2 | -2.646 | |||
(-0.909) | ||||
RD | 0.250 | |||
(3.629)*** | ||||
Size | -3.565 | -3.575 | 0.758 | -3.760 |
(-17.349)*** | (-17.372)*** | (12.720)*** | (-17.764)*** | |
Growth | 0.144 | 0.145 | -0.017 | 0.149 |
(3.192)*** | (3.200)*** | (-1.280) | (3.296)*** | |
lev | 1.525 | 1.552 | -0.137 | 1.559 |
(4.662)*** | (4.725)*** | (-1.450) | (4.775)*** | |
roe | 0.248 | 0.246 | -0.073 | 0.265 |
(2.481)** | (2.460)** | (-2.520)** | (2.661)*** | |
Observations | 3147 | 3147 | 3145 | 3145 |
R-squared | 0.730 | 0.731 | 0.956 | 0.732 |
F-statistic | 10.487*** | 10.471*** | 84.253*** | 10.537*** |
Hausman Test | Fixed | Fixed | Fixed | Fixed |
