Table 8 R&D Expenditure as Innovation Proxy with Alternative Estimation Methods

CPQS

− 6.972^***

− 3.1166^***

− 3.3109^***

− 3.991^***

− 4.571^***

− 4.551^***

(2.086)

(0.4446)

(0.3906)

(0.411)

(0.328)

(0.316)

TSHARE

− 0.002

0.0023^**

0.0042^***

0.004^***

0.004^***

0.004^***

(0.003)

(0.001)

(0.001)

(0.001)

(0.001)

(0.002)

SHRHFD5

− 1.218^*

− 0.829^***

− 0.334

− 0.411

− 0.600^***

− 0.600^*

(0.655)

(0.256)

(0.251)

(0.250)

(0.206)

(0.350)

TO

− 8.254^***

− 5.769^***

− 6.120^***

− 5.752^***

− 6.811^***

− 6.328^***

(2.091)

(0.979)

(0.713)

(0.564)

(0.688)

(0.701)

RET

0.191

0.928^***

0.910^***

0.797^***

0.768^***

0.683^***

(0.452)

(0.177)

(0.112)

(0.097)

(0.117)

(0.113)

FREE

0.004

0.002

0.004^**

0.008^***

0.011^***

0.008^***

(0.003)

(0.002)

(0.002)

(0.002)

(0.002)

(0.003)

VOL

− 0.042

0.004

0.017

− 0.048

− 0.062

− 0.109^**

(0.072)

(0.026)

(0.029)

(0.033)

(0.039)

(0.047)

EARN

0.413

0.546

0.196

− 0.542

− 0.312

0.360

(2.688)

(0.356)

(0.286)

(0.368)

(0.272)

(0.321)

INTAN

1.029^**

0.472^***

0.987^***

0.902^***

1.135^***

0.682^***

(0.355)

(0.151)

(0.145)

(0.134)

(0.176)

(0.197)

LEV

1.172^***

0.846^***

1.266^***

1.275^***

1.155^***

1.524^***

(0.272)

(0.229)

(0.163)

(0.111)

(0.170)

(0.152)

ROE

− 0.135

1.148^***

0.953^***

1.008^***

0.506^***

0.078

(0.609)

(0.369)

(0.294)

(0.246)

(0.167)

(0.280)

Q

0.060

− 0.045^**

− 0.025

− 0.003

0.008

0.008

(0.036)

(0.018)

(0.018)

(0.012)

(0.016)

(0.014)

BTM

0.281

0.944^***

0.945^***

0.869^***

0.546^**

0.672^***

(0.948)

(0.155)

(0.157)

(0.133)

(0.215)

(0.160)

CAPITAL

0.640

0.825^**

1.129^***

1.053^***

1.741^***

1.666^***

(0.627)

(0.321)

(0.260)

(0.328)

(0.312)

(0.464)

SALES

0.003^**

0.002^***

0.001^***

0.001^**

0.002^**

0.002^**

(0.001)

(0.000)

(0.001)

(0.001)

(0.001)

(0.001)

lnAGE

− 0.032

− 0.033

− 0.112^*

− 0.128^**

− 0.046

− 0.063

(0.032)

(0.074)

(0.066)

(0.060)

(0.069)

(0.068)

CONSTANT

17.409^***

15.588^***

16.235^***

17.360^***

17.950^***

18.910^***

(0.812)

(0.309)

(0.361)

(0.200)

(0.427)

(0.383)

Year dummies

No

Yes

Yes

Yes

Yes

Yes

Industry dummies

Yes

Yes

Yes

Yes

Yes

Yes

N

4664

4664

4664

4664

4664

4664

\({R}^{2}\)/Pseudo \({R}^{2}\)

0.371

0.203

0.202

0.211

0.222

0.244