Table 6 Robustness checks with alternative innovation measures

CPQS

− 15.590^***

− 0.041^***

− 53.999^***

− 1.323^***

(2.974)

(0.010)

(13.190

(0.447)

TSHARE

0.004

0.000^*

0.061^*

0.003^*

(0.007)

(0.000)

(0.033)

(0.001)

SHRHFD5

− 4.123^**

− 0.019^***

10.595

0.874^***

(1.877)

(0.007)

(8.180)

(0.319)

TO

− 13.394^***

− 0.029^*

− 30.303

− 1.142

(4.082)

(0.017)

(24.380)

(0.803)

RET

− 1.927^*

− 0.011^***

4.847

0.323^*

(1.071)

(0.004)

(6.040)

(0.165)

FREE

0.030^**

0.000

0.120

0.002

(0.014)

(0.000)

(0.073)

(0.002)

VOL

0.176

0.001

− 0.142

0.003

(0.166)

(0.001)

(0.865)

(0.023)

EARN

2.155

0.012^***

− 11.635^*

− 0.015

(1.411)

(0.005)

(6.283)

(0.126)

INTAN

5.627^***

− 0.002

− 5.954

− 0.170

(1.960)

(0.006)

(4.758)

(0.186)

LEV

− 7.771^***

− 0.018^**

6.355

0.138

(0.988)

(0.004)

(4.498)

(0.200)

ROE

− 13.982^***

− 0.018^***

5.612

− 0.112

(2.583)

(0.004)

(4.588)

(0.163)

Q

0.472^***

0.002^***

− 0.086

− 0.011

(0.084)

(0.000)

(0.399)

(0.011)

BTM

− 2.687^***

− 0.021^***

9.618^***

0.573^***

(0.852)

(0.003)

(3.058)

(0.170)

CAPITAL

7.428^***

0.031^***

29.187^**

0.831^***

(2.317)

(0.009)

(14.760)

(0.410)

SALES

− 0.014^***

0.000

0.007

0.000

(0.003)

(0.000)

(0.008)

(0.000)

lnAGE

− 0.704

0.002

− 4.585^*

− 0.031

(0.546)

(0.002)

(2.762)

(0.091)

CONSTANT

7.331^***

0.014^*

9.832

− 0.168

(1.994)

(0.007)

(7.592)

(0.284)

Year dummies

Yes

Yes

Yes

Yes

Industry dummies

Yes

Yes

Yes

Yes

N

4664

4662

4727

4664

Adj.R²

0.296

0.297

0.045

0.028