Table 4 Additional analysis ROA_HIGH p...

Table 4

Additional analysis

	ROA_HIGH	p-value	ROA_LOW	p-value
PROINV	20.772^***	0.000(***)	−15.337^***	0.0001(***)
TECHCAP	0.182^***	0.004(***)	−0.024	0.105
PROINV*TECHCAP	20.522	0.382	17.567^***	0.000(***)
SIZE	−0.007	0.824	0.005	0.370
AGE	0.003	0.285	0.002^***	0.000(***)
LEV	0.154^***	0.000(***)	−0.000	0.963
ROE	0.033	0.137	0.001	0.201
Year FE	Yes		Yes
R²	0.784		0.179
N	78		183

	ROA_HIGH	p-value	ROA_LOW	p-value
PROINV	20.772^***	0.000(***)	−15.337^***	0.0001(***)
TECHCAP	0.182^***	0.004(***)	−0.024	0.105
PROINV*TECHCAP	20.522	0.382	17.567^***	0.000(***)
SIZE	−0.007	0.824	0.005	0.370
AGE	0.003	0.285	0.002^***	0.000(***)
LEV	0.154^***	0.000(***)	−0.000	0.963
ROE	0.033	0.137	0.001	0.201
Year FE	Yes		Yes
R²	0.784		0.179
N	78		183

Note(s): This table reports additional regression results on the relation product innovation and technological capabailities on High_ROA and Low_ROA. High_ROA measured using the highest average value of the mean value in descriptive statistics, and Low_ROA measured using the low average value of the mean value in descriptive statistics. 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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