Table 2 Regression analysis Predict sign...

Table 2

Regression analysis

	Predict sign	ROA	p-value	ROA	p-value
(1) PROINV	+	18.434^***	0.000(***)
(2) TECHCAP	+			0.057	0.135
(3) SIZE	+	0.005	0.677	−0.010	0.428
(4) AGE	+	0.003^**	0.023(**)	0.008^***	0.003(***)
(5) LEV	+	0.178^***	0.000(***)	0.174^***	0.000(***)
(6) ROE	+	0.013	0.162	0.021	0.198
Year FE		Yes		Yes
R²		0.575		0.382
N		261		261

	Predict sign	ROA	p-value	ROA	p-value
(1) PROINV	+	18.434^***	0.000(***)
(2) TECHCAP	+			0.057	0.135
(3) SIZE	+	0.005	0.677	−0.010	0.428
(4) AGE	+	0.003^**	0.023(**)	0.008^***	0.003(***)
(5) LEV	+	0.178^***	0.000(***)	0.174^***	0.000(***)
(6) ROE	+	0.013	0.162	0.021	0.198
Year FE		Yes		Yes
R²		0.575		0.382
N		261		261

Note(s): This table reports regression results on the relation product innovation and technological capabilities on firm performance. Detailed definitions of variables are provided in research method section. All regressions control for year fixed effects. Standard errors clustered at the firm and year and t-statistics are reported in parentheses. ***, ** and * denote significance at the 1, 5 and 10% level, respectively

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