Exclusion of firms with no patent applications during the sample period
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| Explore | Exploit | Balance | |
| Digital | 0.242*** (0.030) | 0.136*** (0.028) | 0.072*** (0.015) |
| Constant term | −0.125 (0.337) | 0.470 (0.332) | 1.181*** (0.149) |
| Control variable | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes |
| Sample size | 16,927 | 16,927 | 16,927 |
| Adjusted R2 | 0.173 | 0.245 | 0.071 |
| Variable | (1) | (2) | (3) |
|---|---|---|---|
| 0.242*** (0.030) | 0.136*** (0.028) | 0.072*** (0.015) | |
| Constant term | −0.125 (0.337) | 0.470 (0.332) | 1.181*** (0.149) |
| Control variable | Control | Control | Control |
| Industry/year fixed effects | Yes | Yes | Yes |
| Sample size | 16,927 | 16,927 | 16,927 |
| Adjusted | 0.173 | 0.245 | 0.071 |
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