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Table 6 Robustness test of alternative measures of RD2

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

  Y = RD2t+1
X = CoRD2t X = KmRD2t
(1) (2)
Intercept 0.0523*** 0.0538***
(11.15) (11.29)
Xt 0.0852*** 0.0003***
(5.26) (3.6)
RD_indt 0.8559*** 0.8642***
(35.39) (35.74)
Sizet − 0.0019*** − 0.0019***
(− 8.19) (− 8.04)
ROAt 0.0187** 0.0186**
(3.03) (3.02)
LEVt − 0.0219*** − 0.0228***
(− 13.68) (− 14.29)
SOEt − 0.0035*** − 0.0036***
(− 7.41) (− 7.8)
BMt 0.0027** 0.0025**
(3.23) (2.98)
Divt 0.0048 0.0045
(1.12) (1.04)
ADt − 0.0218* − 0.0242*
(− 2.11) (− 2.33)
HHIt 0.0028 0.0025
(0.55) (0.49)
Sales_gt − 0.0011** − 0.0010**
(− 3.03) (− 2.95)
Casht − 0.0024 − 0.0025
(− 1.36) (− 1.45)
Firm & Year FE YES YES
Adj R2 34.02% 33.85%
Obs 8922 8922
  1. This table presents the regression results of the overall sample in regression (5). Column (1) and (2) respectively shows the regression results of two explanatory variables on dependent variable RD2. 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