Table 7 Common institutional ownership...

Table 7

Common institutional ownership and corporate innovation

Variables	lnPatent	lnPatent	lnPatent	lnPatent1	lnPatent1	lnPatent1
	Total amount of innovation			Quality of Innovation
	(1)	(2)	(3)	(4)	(5)	(6)
Coz1	0.331***			0.394***
Coz1	(9.844)			(13.036)
Coz2		0.396***			0.481***
Coz2		(9.208)			(12.430)
Coz3			0.996***			1.175***
Coz3			(8.595)			(11.265)
Age	−0.275***	−0.274***	−0.277***	−0.201***	−0.200***	−0.203***
Age	(-8.353)	(−8.320)	(−8.414)	(−7.181)	(−7.138)	(−7.263)
Lev	0.723***	0.725***	0.734***	0.703***	0.704***	0.716***
Lev	(12.182)	(12.203)	(12.347)	(13.673)	(13.675)	(13.898)
Growth	−0.207***	−0.208***	−0.209***	−0.154***	−0.155***	−0.157***
Growth	(−8.465)	(−8.479)	(−8.534)	(−7.436)	(−7.445)	(−7.518)
Roa	3.030***	3.045***	3.135***	2.342***	2.356***	2.467***
Roa	(15.871)	(15.944)	(16.426)	(14.388)	(14.463)	(15.131)
Tang	−0.102	−0.101	−0.105	−0.254***	−0.253***	−0.257***
Tang	(−1.294)	(−1.286)	(−1.336)	(−3.778)	(−3.771)	(−3.829)
OC	0.220***	0.222***	0.158**	0.071	0.074	−0.002
OC	(3.224)	(3.243)	(2.308)	(1.216)	(1.256)	(−0.043)
Nopr	0.070***	0.071***	0.068***	0.138***	0.139***	0.136***
Nopr	(2.933)	(2.997)	(2.865)	(6.750)	(6.806)	(6.676)
Dual	0.002	0.001	0.003	0.015	0.014	0.016
Dual	(0.082)	(0.039)	(0.137)	(0.767)	(0.710)	(0.838)
lndlr	−0.206	−0.201	−0.193	−0.100	−0.096	−0.083
lndlr	(−1.142)	(−1.112)	(−1.066)	(−0.632)	(−0.605)	(−0.526)
MH	0.308***	0.303***	0.291***	0.139***	0.134***	0.119**
MH	(5.559)	(5.461)	(5.248)	(2.911)	(2.801)	(2.478)
Constant	0.450***	0.441***	0.459***	0.184	0.176	0.193
Constant	(3.210)	(3.145)	(3.268)	(1.539)	(1.467)	(1.614)
Observations	24,412	24,412	24,412	24,412	24,412	24,412
Adj-R²	0.308	0.308	0.307	0.260	0.260	0.259

Variables	lnPatent	lnPatent	lnPatent	lnPatent1	lnPatent1	lnPatent1
	Total amount of innovation			Quality of Innovation
	(1)	(2)	(3)	(4)	(5)	(6)
Coz1	0.331***			0.394***
Coz1	(9.844)			(13.036)
Coz2		0.396***			0.481***
Coz2		(9.208)			(12.430)
Coz3			0.996***			1.175***
Coz3			(8.595)			(11.265)
Age	−0.275***	−0.274***	−0.277***	−0.201***	−0.200***	−0.203***
Age	(-8.353)	(−8.320)	(−8.414)	(−7.181)	(−7.138)	(−7.263)
Lev	0.723***	0.725***	0.734***	0.703***	0.704***	0.716***
Lev	(12.182)	(12.203)	(12.347)	(13.673)	(13.675)	(13.898)
Growth	−0.207***	−0.208***	−0.209***	−0.154***	−0.155***	−0.157***
Growth	(−8.465)	(−8.479)	(−8.534)	(−7.436)	(−7.445)	(−7.518)
Roa	3.030***	3.045***	3.135***	2.342***	2.356***	2.467***
Roa	(15.871)	(15.944)	(16.426)	(14.388)	(14.463)	(15.131)
Tang	−0.102	−0.101	−0.105	−0.254***	−0.253***	−0.257***
Tang	(−1.294)	(−1.286)	(−1.336)	(−3.778)	(−3.771)	(−3.829)
OC	0.220***	0.222***	0.158**	0.071	0.074	−0.002
OC	(3.224)	(3.243)	(2.308)	(1.216)	(1.256)	(−0.043)
Nopr	0.070***	0.071***	0.068***	0.138***	0.139***	0.136***
Nopr	(2.933)	(2.997)	(2.865)	(6.750)	(6.806)	(6.676)
Dual	0.002	0.001	0.003	0.015	0.014	0.016
Dual	(0.082)	(0.039)	(0.137)	(0.767)	(0.710)	(0.838)
lndlr	−0.206	−0.201	−0.193	−0.100	−0.096	−0.083
lndlr	(−1.142)	(−1.112)	(−1.066)	(−0.632)	(−0.605)	(−0.526)
MH	0.308***	0.303***	0.291***	0.139***	0.134***	0.119**
MH	(5.559)	(5.461)	(5.248)	(2.911)	(2.801)	(2.478)
Constant	0.450***	0.441***	0.459***	0.184	0.176	0.193
Constant	(3.210)	(3.145)	(3.268)	(1.539)	(1.467)	(1.614)
Observations	24,412	24,412	24,412	24,412	24,412	24,412
Adj-R²	0.308	0.308	0.307	0.260	0.260	0.259

Note(s): *, **, *** denote statistical significance at the 10%, 5%, and 1% levels, respectively

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