The 2SLS regression results using instrumental variables
| First stage | Second stage | First stage | Second stage | ||
|---|---|---|---|---|---|
| SO | Patents | Delta | Vega | Patents | |
| (1) | (2) | (3) | (4) | (5) | |
| SO | 1.430*** (9.46) | ||||
| SO_I | 0.977*** (23.77) | ||||
| Delta | −1.372** (−2.04) | ||||
| Vega | 5.552*** (3.70) | ||||
| Delta_I | 0.453*** (2.99) | −0.156** (−2.01) | |||
| Vega_I | 0.545 (1.38) | 0.982*** (4.86) | |||
| R&D | 0.192** (2.28) | 1.114*** (3.65) | 0.393* (1.70) | 0.225* (1.89) | 1.274 (1.62) |
| Dual | 0.043*** (3.04) | 0.283*** (5.54) | 0.082** (2.12) | 0.042** (2.11) | 0.056 (0.40) |
| Cash | −0.041 (−0.93) | −0.019 (−0.12) | −0.025 (−0.18) | 0.077 (1.07) | −1.104** (−2.38) |
| Roe | 0.038** (2.20) | 0.026 (0.43) | 0.703*** (3.10) | −0.120 (−1.03) | 2.517** (2.53) |
| Grow | −0.038*** (−3.22) | −0.233*** (−5.38) | −0.252*** (−7.13) | −0.071*** (−3.90) | −0.247** (−1.37) |
| Size | 0.069*** (9.57) | 0.683*** (24.28) | 0.347*** (14.75) | 0.190*** (15.73) | 0.299 (1.22) |
| Tech | −0.001 (−0.08) | 0.368*** (6.43) | −0.006 (−0.13) | −0.002 (−0.07) | 0.127 (0.85) |
| Industry | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes |
| F-value | 36.12*** | 78.56*** | 19.99*** | 17.88*** | 16.52*** |
| Hausman test | 44.65*** | N/A | 11.78*** | N/A | |
| Adj-R2 (%) | 27.23 | 43.61 | 40.21 | 37.41 | 6.35 |
| n | 3,567 | 3,567 | 933 | 933 | 933 |
| First stage | Second stage | First stage | Second stage | ||
|---|---|---|---|---|---|
| SO | Patents | Delta | Vega | Patents | |
| (1) | (2) | (3) | (4) | (5) | |
| SO | 1.430 | ||||
| SO_I | 0.977 | ||||
| Delta | −1.372 | ||||
| Vega | 5.552 | ||||
| Delta_I | 0.453 | −0.156 | |||
| Vega_I | 0.545 (1.38) | 0.982 | |||
| R&D | 0.192 | 1.114 | 0.393 | 0.225 | 1.274 (1.62) |
| Dual | 0.043 | 0.283 | 0.082 | 0.042 | 0.056 (0.40) |
| Cash | −0.041 (−0.93) | −0.019 (−0.12) | −0.025 (−0.18) | 0.077 (1.07) | −1.104 |
| Roe | 0.038 | 0.026 (0.43) | 0.703 | −0.120 (−1.03) | 2.517 |
| Grow | −0.038 | −0.233 | −0.252 | −0.071 | −0.247 |
| Size | 0.069 | 0.683 | 0.347 | 0.190 | 0.299 (1.22) |
| Tech | −0.001 (−0.08) | 0.368 | −0.006 (−0.13) | −0.002 (−0.07) | 0.127 (0.85) |
| Industry | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes |
| F-value | 36.12 | 78.56 | 19.99 | 17.88 | 16.52 |
| Hausman test | 44.65 | N/A | 11.78 | N/A | |
| Adj- | 27.23 | 43.61 | 40.21 | 37.41 | 6.35 |
| 3,567 | 3,567 | 933 | 933 | 933 | |
Notes:
***p < 0.01; **p < 0.05; *p < 0.1
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.