Table 11. Robustness test results using...

Table 11.

Robustness test results using different innovation output indicators

Innovation output quality	Model (1)	Model (2)	Model (3)
			Non	Range	T	Exep	Premium	Perf
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
SO	0.426*** (7.26)
Post	−0.028 (−0.44)
SO*post	0.226*** (2.76)
Delta		0.047 (0.52)	0.068 (0.77)	0.017 (0.18)	0.045 (0.50)	0.007 (0.08)	0.046 (0.51)	0.038 (0.43)
Vega		0.680*** (3.87)	−1.292 (−1.65)	1.100*** (3.89)	0.459* (1.88)	0.080 (0.36)	0.245 (0.48)	1.174*** (5.68)
Elements			0.430 (1.55)	0.068** (2.16)	−0.111 (−1.00)	0.026 (0.24)	−0.062 (−0.36)	0.232 (1.95)
Vega*elements			2.110**	−0.143** (−2.09)	0.336 (1.29)	1.061*** (4.25)	0.477 (0.90)	−1.227*** (−4.84)
Innovation output efficiency	Model (1)	Model (2)	Model (3)
	Model (1)	Model (2)	Non	Range	T	Exep	Premium	Perf
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
SO	0.013*** (3.65)
Post	−0.007* (−1.77)
SO*post	0.016*** (3.12)
Delta		−0.001 (−0.04)	0.001 (0.21)	−0.003 (−0.57)	−0.001 (−0.14)	−0.001 (−0.11)	−0.001 (−0.05)	0.001 (0.03)
Vega		0.045*** (4.41)	−0.108** (−2.37)	0.091*** (5.58)	0.019 (1.36)	0.007 (0.59)	0.022 (0.74)	0.070*** (5.90)
Elements			−0.013 (−0.81)	0.007*** (3.93)	−0.015** (−2.28)	−0.001 (−0.22)	−0.003 (−0.33)	−0.003 (−0.39)
Vega*elements			0.168*** (3.42)	−0.016*** (−3.93)	0.039*** (2.61)	0.065*** (4.50)	0.025 (0.82)	−0.072*** (−4.97)

Notes:

***p < 0.01; **p < 0.05; *p < 0.1

Innovation outputquality	Model (1)	Model (2)	Model (3)
			Non	Range	T	Exep	Premium	Perf
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
SO	0.426*** (7.26)
Post	−0.028 (−0.44)
SO*post	0.226*** (2.76)
Delta		0.047 (0.52)	0.068 (0.77)	0.017 (0.18)	0.045 (0.50)	0.007 (0.08)	0.046 (0.51)	0.038 (0.43)
Vega		0.680*** (3.87)	−1.292 (−1.65)	1.100*** (3.89)	0.459* (1.88)	0.080 (0.36)	0.245 (0.48)	1.174*** (5.68)
Elements			0.430 (1.55)	0.068** (2.16)	−0.111 (−1.00)	0.026 (0.24)	−0.062 (−0.36)	0.232 (1.95)
Vega*elements			2.110**	−0.143** (−2.09)	0.336 (1.29)	1.061*** (4.25)	0.477 (0.90)	−1.227*** (−4.84)
Innovation outputefficiency	Model (1)	Model (2)	Model (3)
	Model (1)	Model (2)	Non	Range	T	Exep	Premium	Perf
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
SO	0.013*** (3.65)
Post	−0.007* (−1.77)
SO*post	0.016*** (3.12)
Delta		−0.001 (−0.04)	0.001 (0.21)	−0.003 (−0.57)	−0.001 (−0.14)	−0.001 (−0.11)	−0.001 (−0.05)	0.001 (0.03)
Vega		0.045*** (4.41)	−0.108** (−2.37)	0.091*** (5.58)	0.019 (1.36)	0.007 (0.59)	0.022 (0.74)	0.070*** (5.90)
Elements			−0.013 (−0.81)	0.007*** (3.93)	−0.015** (−2.28)	−0.001 (−0.22)	−0.003 (−0.33)	−0.003 (−0.39)
Vega*elements			0.168*** (3.42)	−0.016*** (−3.93)	0.039*** (2.61)	0.065*** (4.50)	0.025 (0.82)	−0.072*** (−4.97)

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