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Stacked DID estimated results.
| Innovation input | Innovation output | ||
|---|---|---|---|
| Quantity | Quality | ||
| (1) | (2) | (3) | |
| DID | 1.470*** | −0.234** | 0.061** |
| (0.484) | (0.106) | (0.026) | |
| Constant | 8.789*** | 1.418*** | 0.375*** |
| (0.467) | (0.089) | (0.034) | |
| Contral variables | Yes | Yes | Yes |
| Company dummies | Yes | Yes | Yes |
| Year dummies | Yes | Yes | Yes |
| Observations | 1,312 | 1,312 | 1,312 |
| R-squared | 0.794 | 0.729 | 0.398 |
Note: Robust standard errors clustered at the company level in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1.
