Table 14

Change the sample period (2014–2019)

Return on assetsReturn on equity
ROAi,t+1ROAi,t+2ROAi,t+3ROEi,t+1ROEi,t+2ROEi,t+3
OTCi,t−0.006***−0.006**−0.011***−0.010***−0.013***−0.024***
(−3.15)(−2.36)(−3.27)(−3.19)(−2.70)(−3.78)
RDCi,t−0.007***−0.008***−0.005**−0.013***−0.016***−0.011***
(−6.61)(−4.76)(−2.12)(−6.71)(−5.59)(−2.74)
ROAi,t0.559***0.464***0.408***   
(32.20)(20.67)(13.90)   
ROEi,t   0.495***0.362***0.320***
   (29.59)(14.70)(11.05)
Sizei,t0.006***0.006***0.005***0.013***0.013***0.013***
(10.78)(6.14)(4.07)(11.60)(7.47)(5.42)
Levi,t−0.032***−0.035***−0.030***−0.0050.0010.012
(−10.41)(−7.42)(−4.61)(−0.96)(0.11)(1.03)
MBi,t0.012***0.008***0.005**0.023***0.018***0.014***
(10.89)(4.36)(2.31)(11.07)(5.33)(3.11)
Growthi,t0.008***−0.005−0.018***0.022***0.000−0.026***
(3.76)(−1.30)(−4.27)(5.21)(0.07)(−3.40)
RDinti,t0.498***0.598***0.644***1.043***1.363***1.334***
(12.57)(10.71)(8.05)(15.08)(13.79)(9.76)
Constant−0.132***−0.100***−0.085***−0.288***−0.274***−0.261***
(−10.28)(−4.98)(−3.00)(−11.79)(−6.99)(−4.86)
Fixed Effects
IndustryYESYESYESYESYESYES
YearYESYESYESYESYESYES
# of Obs.10,1157,3705,07610,1157,3505,058
Adj. R20.4980.3370.2470.4050.2520.187

Note(s): All variables are defined in Appendix. The robust t statistics shown in parentheses are based on the firm-clustered standard errors. *, ** and *** represent the statistical significance level of 10%, 5% and 1%, respectively

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