Table 6 Endogeneity tests.
(1) | (2) | (3) | |
|---|---|---|---|
VARIABLES | lnCitepatent | lnCitepatent | lnCitepatent |
DT_txt_lag1 | 0.295*** | 0.258*** | |
(0.0401) | (0.0398) | ||
lnage_lag1 | −0.129*** | −0.129*** | |
(0.0146) | (0.0146) | ||
soe_lag1 | 0.00192 | 0.00433 | |
(0.0104) | (0.0103) | ||
lnsize_lag1 | 0.0613*** | 0.0592*** | |
(0.00475) | (0.00475) | ||
lnboard_lag1 | 0.124*** | 0.123*** | |
(0.0313) | (0.0312) | ||
indp_lag1 | 0.0247 | 0.0200 | |
(0.0953) | (0.0952) | ||
top10_lag1 | −0.00908 | −0.00143 | |
(0.0309) | (0.0309) | ||
Lev_lag1 | −0.0863** | −0.0770** | |
(0.0341) | (0.0341) | ||
liquid_lag1 | 0.00175 | 0.00228 | |
(0.00211) | (0.00211) | ||
ROA_lag1 | 0.797*** | 0.795*** | |
(0.0820) | (0.0819) | ||
Constant | 0.422*** | −0.831*** | −0.806*** |
(0.00472) | (0.129) | (0.129) | |
Observations | 18,672 | 18,672 | 18,672 |
R-squared | 0.257 | 0.273 | 0.275 |
