Table 9 Patents as Innovation Proxy with Alternative Estimation Methods

CPQS

− 29.826^***

− 80.986^**

− 4.720^***

− 5.682^***

(4.990)

(38.300)

(1.070)

(0.997)

TSHARE

0.043

0.211^**

0.006^***

0.004

(0.034)

(0.101)

(0.002)

(0.003)

SHRHFD5

21.048^***

82.374^***

2.365^***

3.189^***

(5.047)

(28.111)

(0.642)

(0.709)

TO

− 53.083^**

− 113.338

− 5.174^**

− 5.785^***

(18.774)

(69.183)

(2.231)

(1.905)

RET

10.125^*

22.891^**

1.057^***

1.513^***

(4.604)

(10.308)

(0.387)

(0.402)

FREE

0.069^*

0.135

0.007

0.010^**

(0.034)

(0.190)

(0.005)

(0.005)

VOL

1.128^*

1.522

0.024

0.023

(0.556)

(2.539)

(0.082)

(0.091)

EARN

31.919

37.788

− 0.066

0.254

(29.826)

(28.340)

(0.928)

(1.030)

INTAN

− 6.052

− 18.050

− 0.533

0.588

(3.490)

(17.763)

(0.404)

(0.500)

LEV

− 0.973

− 2.240

0.225

0.244

(2.491)

(17.189)

(0.373)

(0.412)

ROE

− 11.448

− 25.277

− 0.211

− 0.523

(14.551)

(23.090)

(0.721)

(0.641)

Q

− 1.006^**

− 0.430

− 0.059

− 0.060^*

(0.404)

(1.175)

(0.037)

(0.035)

BTM

7.947^*

48.242^***

1.526^***

2.329^***

(4.344)

(15.080)

(0.335)

(0.449)

CAPITAL

23.366^***

84.600^**

2.318^***

3.088^***

(4.687)

(35.920)

(0.807)

(0.999)

SALES

− 0.009

− 0.001

− 0.000

− 0.001

(0.008)

(0.034)

(0.001)

(0.002)

lnAGE

− 1.336

1.863

− 0.064

− 0.109

(1.016)

(8.078)

(0.172)

(0.164)

CONSTANT

0.443

− 111.958^***

0.700

0.839

(5.041)

(36.974)

(0.770)

(0.830)

Year dummies

No

Yes

Yes

Yes

Industry dummies

Yes

Yes

Yes

Yes

N

4719

4719

4727

4727

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

0.124

0.020

0.086

0.013

/lnalpha

2.935

alpha

18.818