Models for the search activity of firms (R&D intensity change)
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | |
|---|---|---|---|---|---|---|---|
| Neg. attainment discrepancy (NAD) | 0.040** (0.028) | 0.038** (0.039) | 0.052*** (0.008) | 0.028 (0.160) | 0.062 (0.141) | 0.063 (0.159) | |
| Pos. attainment discrepancy (PAD) | 0.011 (0.524) | 0.012 (0.487) | −0.002 (0.910) | 0.040** (0.038) | −0.025 (0.531) | −0.015 (0.690) | |
| Board size | −0.001 (0.190) | −0.001 (0.174) | −0.000 (0.254) | −0.001* (0.093) | −0.001 (0.136) | ||
| Board turnover | −0.001 (0.545) | −0.001 (0.562) | 0.002 (0.477) | −0.001 (0.526) | 0.002 (0.548) | ||
| Board age diversity | −0.000 (0.280) | −0.000*** (0.000) | −0.000 (0.368) | −0.000 (0.265) | −0.000*** (0.001) | ||
| Board size * NAD | −0.005 (0.503) | −0.004 (0.626) | |||||
| Board size * PAD | 0.009 (0.221) | 0.009 (0.112) | |||||
| Board turnover * NAD | 0.055 (0.209) | 0.041 (0.330) | |||||
| Board turnover * PAD | −0.136** (0.022) | −0.139*** (0.009) | |||||
| Board age diversity * NAD | −0.030** (0.022) | −0.031** (0.019) | |||||
| Board age diversity * PAD | 0.032** (0.012) | 0.038*** (0.003) | |||||
| Available slack | 0.002 (0.299) | 0.002 (0.235) | 0.002 (0.287) | 0.002 (0.284) | 0.002 (0.273) | 0.002 (0.331) | 0.002 (0.312) |
| Potential slack | 0.001 (0.166) | 0.001 (0.166) | 0.001 (0.114) | 0.001 (0.182) | 0.001 (0.170) | 0.001 (0.229) | 0.000 (0.437) |
| Total assets (log) | −0.008** (0.018) | −0.008** (0.012) | −0.006 (0.108) | −0.006 (0.135) | −0.007* (0.073) | −0.006 (0.109) | −0.006* (0.100) |
| Sales (change) | −0.026*** (0.000) | −0.028*** (0.000) | −0.028*** (0.000) | −0.027*** (0.000) | −0.028*** (0.000) | −0.028*** (0.000) | −0.027*** (0.000) |
| Altman's Z | −0.000 (0.718) | −0.001 (0.104) | −0.000 (0.156) | −0.001 (0.123) | −0.001* (0.088) | −0.001 (0.138) | −0.001* (0.065) |
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | |
|---|---|---|---|---|---|---|---|
| Neg. attainment discrepancy (NAD) | 0.040** (0.028) | 0.038** (0.039) | 0.052*** (0.008) | 0.028 (0.160) | 0.062 (0.141) | 0.063 (0.159) | |
| Pos. attainment discrepancy (PAD) | 0.011 (0.524) | 0.012 (0.487) | −0.002 (0.910) | 0.040** (0.038) | −0.025 (0.531) | −0.015 (0.690) | |
| Board size | −0.001 (0.190) | −0.001 (0.174) | −0.000 (0.254) | −0.001* (0.093) | −0.001 (0.136) | ||
| Board turnover | −0.001 (0.545) | −0.001 (0.562) | 0.002 (0.477) | −0.001 (0.526) | 0.002 (0.548) | ||
| Board age diversity | −0.000 (0.280) | −0.000*** (0.000) | −0.000 (0.368) | −0.000 (0.265) | −0.000*** (0.001) | ||
| Board size * NAD | −0.005 (0.503) | −0.004 (0.626) | |||||
| Board size * PAD | 0.009 (0.221) | 0.009 (0.112) | |||||
| Board turnover * NAD | 0.055 (0.209) | 0.041 (0.330) | |||||
| Board turnover * PAD | −0.136** (0.022) | −0.139*** (0.009) | |||||
| Board age diversity * NAD | −0.030** (0.022) | −0.031** (0.019) | |||||
| Board age diversity * PAD | 0.032** (0.012) | 0.038*** (0.003) | |||||
| Available slack | 0.002 (0.299) | 0.002 (0.235) | 0.002 (0.287) | 0.002 (0.284) | 0.002 (0.273) | 0.002 (0.331) | 0.002 (0.312) |
| Potential slack | 0.001 (0.166) | 0.001 (0.166) | 0.001 (0.114) | 0.001 (0.182) | 0.001 (0.170) | 0.001 (0.229) | 0.000 (0.437) |
| Total assets (log) | −0.008** (0.018) | −0.008** (0.012) | −0.006 (0.108) | −0.006 (0.135) | −0.007* (0.073) | −0.006 (0.109) | −0.006* (0.100) |
| Sales (change) | −0.026*** (0.000) | −0.028*** (0.000) | −0.028*** (0.000) | −0.027*** (0.000) | −0.028*** (0.000) | −0.028*** (0.000) | −0.027*** (0.000) |
| Altman's Z | −0.000 (0.718) | −0.001 (0.104) | −0.000 (0.156) | −0.001 (0.123) | −0.001* (0.088) | −0.001 (0.138) | −0.001* (0.065) |
Note(s): Robust p-values in parentheses (***p < 0.01, **p < 0.05, *p < 0.1); all variables lagged by one year (except for Sales change); constant and year dummies not reported; n = 363
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