Table 21 Long-term Innovation Effect on the Patents

CPQS

− 26.521^***

− 32.044^***

− 42.603^***

− 50.408^**

− 20.697

(8.754)

(10.176)

(12.008)

(20.552)

(18.156)

TSHARE

0.046

0.051

0.053

0.066

0.123^**

(0.030)

(0.032)

(0.036)

(0.043)

(0.050)

SHRHFD5

18.441^**

17.765

22.118^*

23.652

20.192

(8.110)

(11.004)

(11.616)

(14.770)

(14.905)

TO

− 26.389^*

− 13.872

− 14.732

-13.559

− 23.508

(15.114)

(12.964)

(13.753)

(18.610)

(24.343)

RET

10.429^**

7.733^*

13.038^***

3.057

− 8.851^**

(4.378)

(4.041)

(3.644)

(5.286)

(4.092)

FREE

0.050

0.048

0.031

− 0.018

− 0.032

(0.056)

(0.065)

(0.063)

(0.089)

(0.084)

VOL

1.028

0.629

− 0.792

− 1.865^*

0.800

(0.804)

(0.771)

(0.612)

(0.958)

(0.935)

EARN

0.939

− 2.609

− 15.377

3.240

15.082

(5.082)

(7.026)

(25.841)

(31.808)

(48.701)

INTAN

-4.939

− 7.018^**

− 13.983^***

− 22.075^***

− 20.794^***

(3.172)

(3.560)

(4.612)

(4.536)

(5.274)

LEV

− 0.390

− 6.484

− 11.449^**

− 12.020^*

− 12.399^*

(4.124)

(4.415)

(5.344)

(6.415)

(7.175)

ROE

5.856

14.920^*

23.160

21.615

26.602

(5.028)

(8.081)

(18.408)

(20.080)

(23.859)

Q

− 0.690^**

− 0.924^**

− 1.202^***

− 1.000^***

− 0.484

(0.300)

(0.393)

(0.383)

(0.370)

(0.443)

BTM

9.261^***

7.544^**

7.236^*

8.092

4.622

(2.679)

(3.408)

(3.822)

(5.973)

(7.647)

CAPITAL

13.633

16.231

18.244

17.079

23.194

(10.691)

(13.234)

(15.921)

(17.349)

(20.230)

SALES

0.002

0.005

0.025^*

0.047^*

0.045^*

(0.008)

(0.010)

(0.015)

(0.024)

(0.025)

lnAGE

0.224

0.890

0.948

2.325

3.025

(2.061)

(2.434)

(2.929)

(3.509)

(3.703)

CONSTANT

− 3.459

− 5.003

5.486

0.009

− 17.658

(5.954)

(7.849)

(8.391)

(9.453)

(10.827)

Year dummies

Yes

Yes

Yes

Yes

Yes

Industry dummies

Yes

Yes

Yes

Yes

Yes

N

3950

3228

2535

1980

1505

Adj.R²

0.028

0.028

0.033

0.037

0.032