Note(s): This table presents the results of the effect of the economic consequences analysis. The dependent variable in column (1) is invention patents (Innovation_t+1). The dependent variable in column (2) is firm value measured by Tobin's Q (Tobinq_t+1). The key independent variable is the establishment of local SASACs (GZW). We report in parentheses t-statistics based on standard errors that are robust to heteroskedasticity. ***p < 0.01; **p < 0.05; *p < 0.10; two-tailed test. See Appendix A for other variable definitions