TABLE 4.
Regression results of PSM-DID.
| Innovation input | Innovation output | |||||
|---|---|---|---|---|---|---|
| Quantity | Quality | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Pro | 0.951** | 0.995** | −0.160* | −0.167** | 0.0541** | 0.0556** |
| (0.430) | (0.405) | (0.0842) | (0.0849) | (0.0272) | (0.0280) | |
| Constant | 6.018*** | 5.994*** | 1.936*** | 1.632*** | 0.405*** | 0.199* |
| (0.101) | (1.534) | (0.0233) | (0.194) | (0.00784) | (0.106) | |
| Covariates | Yes | Yes | Yes | Yes | Yes | Yes |
| Control variables | No | Yes | No | Yes | No | Yes |
| Company dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Year dummies | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,245 | 1,245 | 1,245 | 1,245 | 1,245 | 1,245 |
| R-squared | 0.748 | 0.779 | 0.733 | 0.735 | 0.405 | 0.410 |
Note: Robust standard errors clustered at the company level in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1.