Fixed-effect regression models (external R&D > 0)
| Dependent variable: Indebtedness | ||||
|---|---|---|---|---|
| Baseline Model (II) | Model F | Model G | Model H | |
| Independent variables | ||||
| R&D Out Comp | 2.632*** (0.510) | 0.389 (0.310) | 1.102** (0.429) | |
| Family firm | 0.018 (0.191) | 0.028 (0.020) | ||
| R&D Out Comp x family firm | −1.543** (0.616) | |||
| Control variables | ||||
| External R&D | 0.151** (0.070) | 0.148** (0.073) | 0.105** (0.043) | 0.125*** (0.042) |
| Internal R&D | −0.004 (0.159) | 0.108 (0.161) | 0.040 (0.148) | 0.011 (0.158) |
| Size | −0.003 (0.014) | 0.002 (0.014) | 0.008 (0.014) | 0.008 (0.014) |
| Age | 0.019 (0.044) | 0.028 (0.043) | 0.038 (0.043) | 0.038 (0.043) |
| FICs | −0.017* (0.009) | −0.017* (0.009) | −0.017** (0.009) | −0.017** (0.009) |
| ROA | −0.139*** (0.033) | −0.139*** (0.033) | −0.139*** (0.032) | −0.138*** (0.032) |
| Tangible assets | −0.035 (0.031) | −0.027 (0.030) | −0.033 (0.029) | −0.033 (0.030) |
| Liquidity | −0.021* (0.012) | −0.021* (0.012) | −0.024** (0.011) | −0.024** (0.011) |
| Year dummies | Included | Included | Included | Included |
| Intercept | 0.561* (0.298) | 0.430 (0.294) | 0.307 (0.290) | 0.298 (0.289) |
| N | 2,332 | 2,332 | 2,309 | 2,309 |
| Within R2 | 0.030 | 0.069 | 0.039 | 0.043 |
| F | 3.09*** | 4.45*** | 3.16*** | 3.42*** |
| Dependent variable: Indebtedness | ||||
|---|---|---|---|---|
| Baseline Model (II) | Model F | Model G | Model H | |
| R&D Out Comp | 2.632*** (0.510) | 0.389 (0.310) | 1.102** (0.429) | |
| Family firm | 0.018 (0.191) | 0.028 (0.020) | ||
| R&D Out Comp x family firm | −1.543** (0.616) | |||
| External R&D | 0.151** (0.070) | 0.148** (0.073) | 0.105** (0.043) | 0.125*** (0.042) |
| Internal R&D | −0.004 (0.159) | 0.108 (0.161) | 0.040 (0.148) | 0.011 (0.158) |
| Size | −0.003 (0.014) | 0.002 (0.014) | 0.008 (0.014) | 0.008 (0.014) |
| Age | 0.019 (0.044) | 0.028 (0.043) | 0.038 (0.043) | 0.038 (0.043) |
| FICs | −0.017* (0.009) | −0.017* (0.009) | −0.017** (0.009) | −0.017** (0.009) |
| ROA | −0.139*** (0.033) | −0.139*** (0.033) | −0.139*** (0.032) | −0.138*** (0.032) |
| Tangible assets | −0.035 (0.031) | −0.027 (0.030) | −0.033 (0.029) | −0.033 (0.030) |
| Liquidity | −0.021* (0.012) | −0.021* (0.012) | −0.024** (0.011) | −0.024** (0.011) |
| Year dummies | Included | Included | Included | Included |
| Intercept | 0.561* (0.298) | 0.430 (0.294) | 0.307 (0.290) | 0.298 (0.289) |
| 2,332 | 2,332 | 2,309 | 2,309 | |
| Within | 0.030 | 0.069 | 0.039 | 0.043 |
| 3.09*** | 4.45*** | 3.16*** | 3.42*** | |
Note(s): *p < 0.10. **p < 0.05. ***p < 0.01
Source(s): Table by authors
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