Table 10 Economic consequences (1) (2)...

Table 10

Economic consequences

	(1)	(2)	(3)	(4)
DepVar =	Patent1	Patent2	TQ1	TQ2
Status	0.357**	0.387***	0.291***	0.353***
Status	(2.58)	(3.11)	(2.79)	(2.96)
Duality	0.040	−0.017	0.036	0.056*
Duality	(1.18)	(−0.61)	(1.36)	(1.84)
Lev	0.090	−0.143	−0.214**	−0.456***
Lev	(0.90)	(−1.48)	(−2.35)	(−4.35)
ROA	0.262	−0.022	2.904***	2.986***
ROA	(1.19)	(−0.12)	(11.81)	(10.99)
Growth	0.008	−0.016	−0.018	0.042**
Growth	(0.49)	(−1.05)	(−1.26)	(2.51)
Cash	0.252*	−0.107	0.936***	0.725***
Cash	(1.88)	(−0.92)	(7.66)	(5.38)
Size	0.130***	0.119***	−0.355***	−0.374***
Size	(4.81)	(5.27)	(−22.05)	(−20.87)
Firsthold	−0.242*	−0.000	0.201**	0.120
Firsthold	(−1.81)	(−0.00)	(2.11)	(1.13)
Manhold	−0.146	−0.107	−0.650***	−0.690***
Manhold	(−1.53)	(−1.18)	(−8.46)	(−7.68)
Listage	−0.054**	−0.070***	0.145***	0.163***
Listage	(−2.20)	(−3.14)	(7.38)	(7.42)
Boardsize	−0.088	0.126	0.047	0.057
Boardsize	(−0.81)	(1.29)	(0.60)	(0.64)
IndR	−0.746*	0.498	0.790***	0.924***
IndR	(−1.76)	(1.16)	(2.83)	(2.93)
Bm	−0.182**	0.020
Bm	(−1.99)	(0.25)
SOE	0.198***	0.195***	−0.142***	−0.233***
SOE	(3.55)	(3.82)	(−3.58)	(−5.29)
Constant	−1.773***	−2.860***	9.303***	9.917***
Constant	(−2.83)	(−5.36)	(23.35)	(22.80)
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
N	18,709	18,709	18,709	18,709
Adj-R²	0.083	0.081	0.303	0.305

	(1)	(2)	(3)	(4)
DepVar =	Patent1	Patent2	TQ1	TQ2
Status	0.357**	0.387***	0.291***	0.353***
Status	(2.58)	(3.11)	(2.79)	(2.96)
Duality	0.040	−0.017	0.036	0.056*
Duality	(1.18)	(−0.61)	(1.36)	(1.84)
Lev	0.090	−0.143	−0.214**	−0.456***
Lev	(0.90)	(−1.48)	(−2.35)	(−4.35)
ROA	0.262	−0.022	2.904***	2.986***
ROA	(1.19)	(−0.12)	(11.81)	(10.99)
Growth	0.008	−0.016	−0.018	0.042**
Growth	(0.49)	(−1.05)	(−1.26)	(2.51)
Cash	0.252*	−0.107	0.936***	0.725***
Cash	(1.88)	(−0.92)	(7.66)	(5.38)
Size	0.130***	0.119***	−0.355***	−0.374***
Size	(4.81)	(5.27)	(−22.05)	(−20.87)
Firsthold	−0.242*	−0.000	0.201**	0.120
Firsthold	(−1.81)	(−0.00)	(2.11)	(1.13)
Manhold	−0.146	−0.107	−0.650***	−0.690***
Manhold	(−1.53)	(−1.18)	(−8.46)	(−7.68)
Listage	−0.054**	−0.070***	0.145***	0.163***
Listage	(−2.20)	(−3.14)	(7.38)	(7.42)
Boardsize	−0.088	0.126	0.047	0.057
Boardsize	(−0.81)	(1.29)	(0.60)	(0.64)
IndR	−0.746*	0.498	0.790***	0.924***
IndR	(−1.76)	(1.16)	(2.83)	(2.93)
Bm	−0.182**	0.020
Bm	(−1.99)	(0.25)
SOE	0.198***	0.195***	−0.142***	−0.233***
SOE	(3.55)	(3.82)	(−3.58)	(−5.29)
Constant	−1.773***	−2.860***	9.303***	9.917***
Constant	(−2.83)	(−5.36)	(23.35)	(22.80)
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
N	18,709	18,709	18,709	18,709
Adj-R²	0.083	0.081	0.303	0.305

Note(s): T-statistics in parentheses are based on standard errors adjusted for firm-level clustering; *, ** and *** indicate significance at the 10, 5, and 1% levels, respectively

Source(s): Table by authors

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