Table 7 Regression results of models (5) to (8).
Variable | Model (5) coefficient | Model (6) coefficient | Model (7) coefficient | Model (8) coefficient |
|---|---|---|---|---|
Explained variable | Q | Q | RD | Q |
C | 40.587 | 40.667 | 14.227 | 37.804 |
(18.666)*** | (18.715)*** | (22.875)*** | (15.821)*** | |
Cr3 | -2.757 | 1.270 | -1.824 | -2.386 |
(-5.368)*** | (0.672) | (-12.424)*** | (-4.513)*** | |
Cr3^2 | -4.426 | |||
(-2.212)** | ||||
RD | 0.200 | |||
(2.864)*** | ||||
size | -3.865 | -3.961 | 0.567 | -3.986 |
(-17.890)*** | (-17.990)*** | (9.169)*** | (-18.156)*** | |
growth | 0.167 | 0.170 | -0.002 | 0.167 |
(3.680)*** | (3.766)*** | (-0.170) | (3.699)*** | |
lev | 1.472 | 1.548 | -0.174 | 1.508 |
(4.521)*** | (4.732)*** | (-1.871)* | (4.631)*** | |
roe | 0.290 | 0.276 | -0.046 | 0.299 |
(2.901)*** | (2.756)*** | (-1.617) | (2.992)*** | |
Observations | 3147 | 3147 | 2552 | 3145 |
R-squared | 0.732 | 0.733 | 0.958 | 0.733 |
F-statistic | 10.595 | 10.6031*** | 87.510*** | 10.618*** |
Hausman Test | Fixed | Fixed | Fixed | Fixed |
