DEBT measures and innovation activity
| Dep. variable: DEBT | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Panel A: Debt and innovation | |||
| INNOV | 0.022 (4.64)*** | 0.021 (4.76)*** | 0.021 (4.78)*** |
| ASST | 0.669 (85.6)*** | 0.663 (83.4)*** | 0.663 (83.37)*** |
| EBITDA | 0.186 (23.14)*** | 0.182 (22.62)*** | 0.182 (22.57)*** |
| TANG | 0.007–1.27 | 0.012 (2.18)** | 0.012 (2.24)** |
| INTANG | 0.003–0.67 | 0.004–0.92 | 0.004–0.9 |
| DUMREGION | NO | YES | YES |
| DUMSECTOR | NO | YES | YES |
| IND × LOMB | 0.032 (0.93)* | ||
| CONST | 1.54 (24.16)*** | 1.45 (15.71)*** | 1.44 (15.49)*** |
| R2 | 0.893 | 0.898 | 0.898 |
| P > F | 0.000 | 0.000 | 0.000 |
| RMSE | 0.319 | 0.313 | 0.313 |
| N | 1,826 | 1,826 | 1,826 |
| Dep. variable: DEBT | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| INNOV | 0.022 (4.64)*** | 0.021 (4.76)*** | 0.021 (4.78)*** |
| ASST | 0.669 (85.6)*** | 0.663 (83.4)*** | 0.663 (83.37)*** |
| EBITDA | 0.186 (23.14)*** | 0.182 (22.62)*** | 0.182 (22.57)*** |
| TANG | 0.007–1.27 | 0.012 (2.18)** | 0.012 (2.24)** |
| INTANG | 0.003–0.67 | 0.004–0.92 | 0.004–0.9 |
| 0.032 (0.93)* | |||
| CONST | 1.54 (24.16)*** | 1.45 (15.71)*** | 1.44 (15.49)*** |
| 0.893 | 0.898 | 0.898 | |
| 0.000 | 0.000 | 0.000 | |
| 0.319 | 0.313 | 0.313 | |
| 1,826 | 1,826 | 1,826 | |
| Dep. variable: LEV | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Panel B: Leverage and innovation | |||
| INNOV_A | −26.32 (−10.26)*** | −26.34 (−10.23)*** | −26.34 (−10.24)*** |
| EBITDA_A | 1.36 (191)*** | 1.36 (191)*** | 1.36 (191)*** |
| TANG_A | 0.29 (47.2)*** | 0.29 (47.2)*** | 0.29 (47.2)*** |
| INTANG_A | 0.65 (34.1)*** | 0.65 (34.2)*** | 0.65 (34.2)*** |
| DUMREGION | NO | YES | YES |
| DUMSECTOR | NO | YES | YES |
| IND × LOMB | −0.124 (−0.9) | ||
| CONST | 0.58 (18.8)*** | 0.69 (2.82)*** | 0.73 (2.91)*** |
| R2 | 0.889 | 0.890 | 0.890 |
| P > F | 0.000 | 0.000 | 0.000 |
| RMSE | 2.549 | 2.547 | 2.547 |
| N | 6,991 | 6,991 | 6,991 |
| Dep. variable: LEV | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| INNOV_A | −26.32 (−10.26)*** | −26.34 (−10.23)*** | −26.34 (−10.24)*** |
| EBITDA_A | 1.36 (191)*** | 1.36 (191)*** | 1.36 (191)*** |
| TANG_A | 0.29 (47.2)*** | 0.29 (47.2)*** | 0.29 (47.2)*** |
| INTANG_A | 0.65 (34.1)*** | 0.65 (34.2)*** | 0.65 (34.2)*** |
| −0.124 (−0.9) | |||
| CONST | 0.58 (18.8)*** | 0.69 (2.82)*** | 0.73 (2.91)*** |
| 0.889 | 0.890 | 0.890 | |
| 0.000 | 0.000 | 0.000 | |
| 2.549 | 2.547 | 2.547 | |
| 6,991 | 6,991 | 6,991 | |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
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