Table 5 Results of the panel fixed...

Table 5

Results of the panel fixed effects regression on sales growth

Variables	Model 1	Model 2
FEMALE X R&D	0.952**	0.780**
FEMALE X R&D	(0.403)	(0.378)
R&D	1.047***	1.204***
R&D	(0.160)	(0.159)
AGE		−1.691***
AGE		(0.171)
SIZE		−0.291***
SIZE		(0.0355)
GRADUATES		0.883
GRADUATES		(0.992)
Constant	1.103*	−6.310
Constant	(0.654)	(6.145)
Year FE	Yes	Yes
R²	0.130	0.179
N	9,337	9,337

Variables	Model 1	Model 2
FEMALE X R&D	0.952**	0.780**
FEMALE X R&D	(0.403)	(0.378)
R&D	1.047***	1.204***
R&D	(0.160)	(0.159)
AGE		−1.691***
AGE		(0.171)
SIZE		−0.291***
SIZE		(0.0355)
GRADUATES		0.883
GRADUATES		(0.992)
Constant	1.103*	−6.310
Constant	(0.654)	(6.145)
Year FE	Yes	Yes
R²	0.130	0.179
N	9,337	9,337

Note(s): This table presents the results for the FE panel regression with Sales Growth as a dependent variable, obtained through Equation (1). The clustered standard errors are in parentheses. R² reported is the “within” R², from the mean-deviated regression. *, ** and *** indicate the level of significance at 0.1, 0.5 and 0.01, respectively

Source(s): Authors’ own creation

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