Fixed-effect regression models
| Dependent variable: Indebtedness | ||||||
|---|---|---|---|---|---|---|
| Baseline Model (I) | Model A | Model B | Model C | Model D | Model E | |
| Independent variables | ||||||
| R&D Out Comp | 5.928*** (0.442) | 0.683* (0.396) | 1.049*** (0.402) | 0.363 (0.737) | 0.923** (0.416) | |
| Family firm | 0.011 (0.009) | 0.012 (0.009) | ||||
| R&D Out Comp x family firm | −0.801 (0.715) | |||||
| Control variables | ||||||
| External R&D | 0.229** (0.101) | 0.184* (0.108) | 0.192** (0.078) | 0.201** (0.078) | 0.189** (0.074) | 0.343 (0.242) |
| Internal R&D | 0.545*** (0.194) | 0.622*** (0.196) | 0.609*** (0.186) | 0.606*** (0.188) | 0.348 (0.312) | 0.781*** (0.224) |
| Size | 0.003 (0.011) | 0.008 (0.010) | 0.016 (0.009) | 0.016 (0.009) | −0.009 (0.014) | 0.023* (0.013) |
| Age | −0.054* (0.03) | −0.049* (0.028) | −0.053* (0.029) | −0.053* (0.029) | −0.042 (0.035) | −0.062 (0.046) |
| FICs | −0.011 (0.008) | −0.011 (0.007) | −0.009 (0.007) | −0.008 (0.007) | 0.001 (0.012) | −0.013 (0.010) |
| ROA | −0.08*** (0.017) | −0.077*** (0.017) | −0.079*** (0.017) | −0.079*** (0.017) | −0.084*** (0.024) | −0.085*** (0.024) |
| Tangible assets | 0.014 (0.023) | 0.012 (0.021) | −0.008 (0.017) | −0.008 (0.017) | 0.031 (0.026) | −0.026 (0.024) |
| Liquidity | −0.001 (0.013) | −0.004 (0.011) | −0.022*** (0.006) | −0.022*** (0.006) | −0.006 (0.007) | −0.030*** (0.010) |
| Year dummies | Included | Included | Included | Included | Included | Included |
| Intercept | 0.646*** (0.194) | 0.537*** (0.183) | 0.443** (0.013) | 0.442** (0.176) | 0.773*** (0.245) | 0.377 (0.235) |
| N | 8,393 | 8,393 | 8,286 | 8,286 | 3,697 | 4,589 |
| Within R2 | 0.021 | 0.114 | 0.036 | 0.036 | 0.028 | 0.048 |
| F | 7.87*** | 15.37*** | 6.82*** | 6.67*** | 4.00*** | 4.65*** |
| Dependent variable: Indebtedness | ||||||
|---|---|---|---|---|---|---|
| Baseline Model (I) | Model A | Model B | Model C | Model D | Model E | |
| R&D Out Comp | 5.928*** (0.442) | 0.683* (0.396) | 1.049*** (0.402) | 0.363 (0.737) | 0.923** (0.416) | |
| Family firm | 0.011 (0.009) | 0.012 (0.009) | ||||
| R&D Out Comp x family firm | −0.801 (0.715) | |||||
| External R&D | 0.229** (0.101) | 0.184* (0.108) | 0.192** (0.078) | 0.201** (0.078) | 0.189** (0.074) | 0.343 (0.242) |
| Internal R&D | 0.545*** (0.194) | 0.622*** (0.196) | 0.609*** (0.186) | 0.606*** (0.188) | 0.348 (0.312) | 0.781*** (0.224) |
| Size | 0.003 (0.011) | 0.008 (0.010) | 0.016 (0.009) | 0.016 (0.009) | −0.009 (0.014) | 0.023* (0.013) |
| Age | −0.054* (0.03) | −0.049* (0.028) | −0.053* (0.029) | −0.053* (0.029) | −0.042 (0.035) | −0.062 (0.046) |
| FICs | −0.011 (0.008) | −0.011 (0.007) | −0.009 (0.007) | −0.008 (0.007) | 0.001 (0.012) | −0.013 (0.010) |
| ROA | −0.08*** (0.017) | −0.077*** (0.017) | −0.079*** (0.017) | −0.079*** (0.017) | −0.084*** (0.024) | −0.085*** (0.024) |
| Tangible assets | 0.014 (0.023) | 0.012 (0.021) | −0.008 (0.017) | −0.008 (0.017) | 0.031 (0.026) | −0.026 (0.024) |
| Liquidity | −0.001 (0.013) | −0.004 (0.011) | −0.022*** (0.006) | −0.022*** (0.006) | −0.006 (0.007) | −0.030*** (0.010) |
| Year dummies | Included | Included | Included | Included | Included | Included |
| Intercept | 0.646*** (0.194) | 0.537*** (0.183) | 0.443** (0.013) | 0.442** (0.176) | 0.773*** (0.245) | 0.377 (0.235) |
| 8,393 | 8,393 | 8,286 | 8,286 | 3,697 | 4,589 | |
| Within | 0.021 | 0.114 | 0.036 | 0.036 | 0.028 | 0.048 |
| 7.87*** | 15.37*** | 6.82*** | 6.67*** | 4.00*** | 4.65*** | |
Note(s): *p < 0.10. **p < 0.05. ***p < 0.01
Source(s): Table by authors
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