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Financial Innovation

Table 12 Regression results of the overall sample: Patents are cited

From: Near is more: learning efficiency in research and development innovation among interlocking firms

 

Y = Patent3t+1

X = CoPatent3t

X = KmPatent3t

(1)

(2)

Intercept

− 12.3367***

− 12.3161***

(− 20.60)

(− 20.49)

Xt

0.1595***

0.0824***

(7.96)

(8.12)

Control variables

YES

YES

Firm & Year FE

YES

YES

Adj R2

28.37%

27.12%

Obs

3246

3246

  1. This table presents the regression results of the overall sample in regression (5). We have replaced RD1 for Patent3. Column (1) and (2) respectively shows the regression results of two explanatory variables on the dependent variable. Firm fixed effects and year fixed effects are controlled in the regression. The T statistic is in parentheses under the coefficient. *, **, and *** mean statistical significance at 5%, 1%, and 0.1% respectively
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