Table 7.

Test results based on different high-tech characteristic.

Variables	High-tech enterprise		Non- high-tech enterprise
	Exploratory	Exploitative	Exploratory	Exploitative
DT	0.038***	0.017***	0.024**	0.013***
	(0.005)	(0.003)	(0.006)	(0.003)
Controls	YES	YES	YES	YES
Year	YES	YES	YES	YES
Industry	YES	YES	YES	YES
_cons	− 0.219	− 0.185	− 0.252*	− 0.162
	(0.168)	(0.124)	(0.117)	(0.136)
Obs	4905	5608	6817	7327
$R^2$	0.149	0.196	0.153	0.221

t-statistics in parentheses: *p < 0.1, **p < 0.05, ***p < 0.01.