Table 11. The effect of academic freedom (AF) on innovation output (forward citations) when only considering years after 1980.
| Model | (1) | (2) | (3) | (4) | (5) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dependent variable | Forward citationst+5 (ln) | Forward citationst+5 (ln) | Forward citationst+5 (ln) | Forward citationst+5 (ln) | Forward citationst+5 (ln) | |||||
| Statistic | Coeff. | (SE) | Coeff. | (SE) | Coeff. | (SE) | Coeff. | (SE) | Coeff. | (SE) |
| Independent variables | ||||||||||
| AF (z) | 0.137 | (0.033)*** | ||||||||
| AF (IV: Democracyt-5, z) | 0.637 | (0.086)*** | ||||||||
| AF (IV: Democracy stockt-10, z) | 0.650 | (0.083)*** | ||||||||
| AF (IV: AFt-5, z) | 0.335 | (0.052)*** | ||||||||
| AF (IV: AF stockt-10, z) | 0.372 | (0.051)*** | ||||||||
| Controls | ||||||||||
| Patent applications (ln) | Yes | Yes | Yes | Yes | Yes | |||||
| Year/country dummies | Yes | Yes | Yes | Yes | Yes | |||||
| Countries (observations) | 157 | (4,719) | 157 | (4,571) | 157 | (4,453) | 156 | (4,576) | 156 | (4,424) |
| R2 (R2 adjusted) | 0.913 | (0.909) | 0.907 | (0.903) | 0.907 | (0.903) | 0.913 | (0.909) | 0.912 | (0.909) |
Notes: The estimates are obtained from pooled OLS regressions. All variables are described in Table 1. Robust standard errors in parentheses.
* p < 0.10
** p < 0.05
*** p < 0.01.