Regression analysis of managerial ability effect on R&D [equation (1)]
| Panel A: All firms | Panel B: Mature firms | Panel C: Young firms | |
|---|---|---|---|
| Variables | LogRD | LogRD | LogRD |
| MARank | −0.822*** (0.000) | −0.735*** (0.000) | −0.707*** (0.000) |
| TobinQ | −0.00174 (0.373) | 0.00516 (0.402) | −0.000985 (0.647) |
| Tangibility | 0.322*** (0.001) | 0.403** (0.008) | 0.195 (0.128) |
| AdvIntensity | 0.0000434 (0.978) | −0.00273 (0.428) | 0.000357 (0.843) |
| Leverage | −0.291*** (0.000) | −0.123 (0.311) | −0.343*** (0.000) |
| ROA | −0.0542** (0.002) | −0.0246 (0.453) | −0.0609** (0.006) |
| Age | 0.421* (0.023) | ||
| Constant | 0.139 (0.589) | 0.745*** (0.000) | 0.508*** (0.000) |
| Year effect | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes |
| N | 2,660 | 1,329 | 1,331 |
| R-sq | 0.213 | 0.181 | 0.226 |
| adj. R-sq | 0.120 | 0.062 | 0.122 |
| F-statistics | 40.13*** | 17.09*** | 22.81*** |
| Panel A: All firms | Panel B: Mature firms | Panel C: Young firms | |
|---|---|---|---|
| Variables | LogRD | LogRD | LogRD |
| MARank | −0.822 | −0.735 | −0.707 |
| TobinQ | −0.00174 (0.373) | 0.00516 (0.402) | −0.000985 (0.647) |
| Tangibility | 0.322 | 0.403 | 0.195 (0.128) |
| AdvIntensity | 0.0000434 (0.978) | −0.00273 (0.428) | 0.000357 (0.843) |
| Leverage | −0.291 | −0.123 (0.311) | −0.343 |
| ROA | −0.0542 | −0.0246 (0.453) | −0.0609 |
| Age | 0.421 | ||
| Constant | 0.139 (0.589) | 0.745 | 0.508 |
| Year effect | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes |
| N | 2,660 | 1,329 | 1,331 |
| 0.213 | 0.181 | 0.226 | |
| adj. | 0.120 | 0.062 | 0.122 |
| 40.13 | 17.09 | 22.81 |
Notes: This table reports the fixed-effects regression results of the effect of MARank on LogRD from 2014 to 2018. The p-values are in parentheses. The statistical significance is denoted as *p < 0.05; **p < 0.01 and ***p < 0.001
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