R & D spending and sales
| Variable | Sales (25th) | Sales (50th) | Sales (75th) |
|---|---|---|---|
| Finance | 0.1944 (0.9649) | 0.4812** (2.5312) | 0.9722*** (4.3491) |
| Crime | −0.0104 (−0.0556) | −0.0664 (−0.3777) | −0.1505 (−0.7282) |
| R & D spending | −0.099 (-0.5485) | 0.6483*** (3.8053) | 0.5567*** (2.7788) |
| Region | 1.2561*** (8.6737) | 1.0393*** (7.6055) | 0.7747*** (4.8211) |
| Human capital | 0.0031 (1.313) | 0.0073*** (3.3074) | 0.0116*** (4.459) |
| Age | −0.0001 (−0.2323) | 0.0005 (1.3218) | 0.00001 (0.102) |
| Market share | 0.0093*** (3.4448) | 0.012*** (4.7015) | 0.0099*** (3.2875) |
| Constant | 12.9293*** (58.1248) | 13.477*** (64.2058) | 14.1333*** (57.2585) |
| Variable | Sales (25th) | Sales (50th) | Sales (75th) |
|---|---|---|---|
| Finance | 0.1944 (0.9649) | 0.4812** (2.5312) | 0.9722*** (4.3491) |
| Crime | −0.0104 (−0.0556) | −0.0664 (−0.3777) | −0.1505 (−0.7282) |
| R & D spending | −0.099 (-0.5485) | 0.6483*** (3.8053) | 0.5567*** (2.7788) |
| Region | 1.2561*** (8.6737) | 1.0393*** (7.6055) | 0.7747*** (4.8211) |
| Human capital | 0.0031 (1.313) | 0.0073*** (3.3074) | 0.0116*** (4.459) |
| Age | −0.0001 (−0.2323) | 0.0005 (1.3218) | 0.00001 (0.102) |
| Market share | 0.0093*** (3.4448) | 0.012*** (4.7015) | 0.0099*** (3.2875) |
| Constant | 12.9293*** (58.1248) | 13.477*** (64.2058) | 14.1333*** (57.2585) |
Note(s): t-statistics are in parenthesis. ** and *** indicate significance at the 5% and 1% levels, respectively
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