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 |