Table 3. Returns to innovations...

Table 3.

Returns to innovations

Observations	Period	ATE	SE
First-time process only innovators
1,480 (27,238)	t/t + 1	0.016*	0.009
1,131 (22,325)	t + 1/t + 2	0.001	0.013
1,061 (16,858)	t + 2/t + 3	0.017*	0.009
First-time product only innovators
62 (27,238)	t/t + 1	0.002	0.060
51 (22, 325)	t + 1/t + 2	0.121*	0.064
49 (16,858)	t + 2/t + 3	0.015	0.045
First-time process and product innovators
71 (27,238)	t/t + 1	−0.014	0.044
59 (22, 325)	t + 1/t + 2	0.229	0.281
55 (16,858)	t + 2/t + 3	0.075*	0.040

Observations	Period	ATE	SE
First-time process only innovators
1,480 (27,238)	t/t + 1	0.016*	0.009
1,131 (22,325)	t + 1/t + 2	0.001	0.013
1,061 (16,858)	t + 2/t + 3	0.017*	0.009
First-time product only innovators
62 (27,238)	t/t + 1	0.002	0.060
51 (22, 325)	t + 1/t + 2	0.121*	0.064
49 (16,858)	t + 2/t + 3	0.015	0.045
First-time process and product innovators
71 (27,238)	t/t + 1	−0.014	0.044
59 (22, 325)	t + 1/t + 2	0.229	0.281
55 (16,858)	t + 2/t + 3	0.075*	0.040

Notes:

ATE stands for average treatment effect for FTI process, product or process-product innovators over non-innovators. The first column reports the number of FTI (process, product or both) and the number of control observations in parentheses. * indicate significance at the 10%

Source: Authors’ own work

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