Two-stage least squares regression results of managerial ability (MARank) and IPRI effect on R&D (LogRD)
| Panel A: All firms | Panel B: Mature Firms | Panel C: Young Firms | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| IPR-A | LogRD | LogRD | IPR-A | LogRD | LogRD | IPR-A | LogRD | LogRD | |
| Variables | First stage | Second stage | First stage | Second stage | First stage | Second stage | |||
| IQ | 0.0786*** (0.000) | 0.0864*** (0.000) | 0.0731*** (0.000) | ||||||
| MARank | −2.155*** (0.000) | 1.006 (0.080) | −2.819*** (0.000) | 0.820 (0.308) | −1.630*** (0.000) | 0.262 (0.809) | |||
| IPR-A | 0.298*** (0.000) | 0.643*** (0.000) | 0.396*** (0.000) | 0.748*** (0.000) | 0.158*** (0.000) | 0.398** (0.010) | |||
| MARank × IPR-A | −0.604*** (0.000) | −0.706*** (0.000) | −0.361 (0.080) | ||||||
| TobinQ | −0.00213 (0.096) | −0.000629 (0.807) | 0.000918 (0.724) | −0.0122*** (0.000) | 0.0418*** (0.000) | 0.0427*** (0.000) | −0.00174 (0.225) | −0.00519* (0.041) | −0.00438 (0.088) |
| Tangibility | −0.143** (0.001) | −0.786*** (0.000) | −0.773*** (0.000) | −0.166** (0.006) | −0.647*** (0.000) | −0.635*** (0.000) | −0.0896 (0.149) | −0.651*** (0.000) | −0.651*** (0.000) |
| AdvIntensity | −0.00264* (0.014) | 0.00333 (0.121) | 0.00384 (0.076) | −0.00399 (0.073) | 0.00568 (0.261) | 0.00819 (0.113) | −0.00224 (0.070) | 0.00217 (0.318) | 0.00222 (0.309) |
| Leverage | 0.102** (0.005) | −0.239** (0.001) | −0.300*** (0.000) | 0.204*** (0.000) | −0.435*** (0.000) | −0.453*** (0.000) | 0.00980 (0.837) | −0.206* (0.015) | −0.237** (0.005) |
| ROA | 0.0491*** (0.000) | −0.104*** (0.000) | −0.132*** (0.000) | 0.0943*** (0.000) | −0.155*** (0.000) | −0.192*** (0.000) | 0.0240 (0.094) | −0.0707** (0.007) | −0.0825** (0.002) |
| Age | 0.103*** (0.000) | 0.244*** (0.000) | 0.227*** (0.000) | ||||||
| GDP | −0.0414*** (0.000) | −0.0636*** (0.000) | −0.0450** (0.002) | −0.0816*** (0.000) | −0.0383 (0.142) | −0.00605 (0.834) | −0.0179* (0.032) | −0.0650*** (0.000) | −0.0579*** (0.000) |
| Inflation | 0.0154* (0.019) | −0.109*** (0.000) | −0.108*** (0.000) | 0.0677*** (0.000) | −0.138*** (0.000) | −0.125*** (0.000) | −0.00690 (0.462) | −0.0497** (0.003) | −0.0560** (0.001) |
| Constant | −0.745*** (0.000) | 0.218 (0.280) | −1.663*** (0.000) | −0.948*** (0.000) | 0.168 (0.622) | −1.874** (0.003) | −0.346** (0.007) | 0.806*** (0.000) | −0.470 (0.575) |
| Year effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2,660 | 2,660 | 2,660 | 1,329 | 1,329 | 1,329 | 1,331 | 1,331 | 1,331 |
| R-sq | 0.826 | 0.578 | 0.571 | 0.862 | 0.658 | 0.644 | 0.804 | 0.395 | 0.395 |
| Adj. R-sq | 0.825 | 0.575 | 0.568 | 0.860 | 0.654 | 0.639 | 0.802 | 0.387 | 0.387 |
| F/Wald Chi2 | 698.9*** | 3,665.30*** | 3,609.23*** | 482.0*** | 2,614.31*** | 2,512.39*** | 317.6*** | 863.51*** | 864.01*** |
| Panel A: All firms | Panel B: Mature Firms | Panel C: Young Firms | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| IPR-A | LogRD | LogRD | IPR-A | LogRD | LogRD | IPR-A | LogRD | LogRD | |
| Variables | First stage | Second stage | First stage | Second stage | First stage | Second stage | |||
| IQ | 0.0786 | 0.0864 | 0.0731 | ||||||
| MARank | −2.155 | 1.006 (0.080) | −2.819 | 0.820 (0.308) | −1.630 | 0.262 (0.809) | |||
| IPR-A | 0.298 | 0.643 | 0.396 | 0.748 | 0.158 | 0.398 | |||
| MARank × IPR-A | −0.604 | −0.706 | −0.361 (0.080) | ||||||
| TobinQ | −0.00213 (0.096) | −0.000629 (0.807) | 0.000918 (0.724) | −0.0122 | 0.0418 | 0.0427 | −0.00174 (0.225) | −0.00519 | −0.00438 (0.088) |
| Tangibility | −0.143 | −0.786 | −0.773 | −0.166 | −0.647 | −0.635 | −0.0896 (0.149) | −0.651 | −0.651 |
| AdvIntensity | −0.00264 | 0.00333 (0.121) | 0.00384 (0.076) | −0.00399 (0.073) | 0.00568 (0.261) | 0.00819 (0.113) | −0.00224 (0.070) | 0.00217 (0.318) | 0.00222 (0.309) |
| Leverage | 0.102 | −0.239 | −0.300 | 0.204 | −0.435 | −0.453 | 0.00980 (0.837) | −0.206 | −0.237 |
| ROA | 0.0491 | −0.104 | −0.132 | 0.0943 | −0.155 | −0.192 | 0.0240 (0.094) | −0.0707 | −0.0825 |
| Age | 0.103 | 0.244 | 0.227 | ||||||
| GDP | −0.0414 | −0.0636 | −0.0450 | −0.0816 | −0.0383 (0.142) | −0.00605 (0.834) | −0.0179 | −0.0650 | −0.0579 |
| Inflation | 0.0154 | −0.109 | −0.108 | 0.0677 | −0.138 | −0.125 | −0.00690 (0.462) | −0.0497 | −0.0560 |
| Constant | −0.745 | 0.218 (0.280) | −1.663 | −0.948 | 0.168 (0.622) | −1.874 | −0.346 | 0.806 | −0.470 (0.575) |
| Year effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2,660 | 2,660 | 2,660 | 1,329 | 1,329 | 1,329 | 1,331 | 1,331 | 1,331 |
| 0.826 | 0.578 | 0.571 | 0.862 | 0.658 | 0.644 | 0.804 | 0.395 | 0.395 | |
| Adj. | 0.825 | 0.575 | 0.568 | 0.860 | 0.654 | 0.639 | 0.802 | 0.387 | 0.387 |
| F/Wald Chi2 | 698.9 | 3,665.30 | 3,609.23 | 482.0 | 2,614.31 | 2,512.39 | 317.6 | 863.51 | 864.01 |
Notes:
This table presents the 2SLS/IV results of MARank, IPR-A, the interaction between MARank and IPR-A, and control variables on LogRD for 2011 to 2020. Year and country dummies are not reported for brevity. P-values are reported in parentheses. The statistical significance is denoted as *p < 0.05; **p < 0.01 and ***p < 0.001, respectively
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