Table 5.

Cross-industry and same-industry patent citation moderating effect test.

Variable	High number of patent citations in the same industry	Low number of patent citations in the same industry	High number of cross-industry patent citations	Low number of cross-industry patent citations
	Exploitative	Exploitative	Exploratory	Exploratory
HG	0.203∗∗	0.063	0.866∗	0.094
	(2.29)	(0.74)	(1.94)	(0.83)
HL	−0.194	−0.682	−0.838	1.023∗
	(-0.24)	(-0.76)	(-0.63)	(1.70)
SIZE	0.189∗∗	0.214∗∗∗	−0.221	0.026
	(2.30)	(2.84)	(-1.38)	(0.35)
LEV	0.423	−0.046	−0.561	−0.391∗
	(1.35)	(-0.18)	(-0.99)	(-1.78)
SOE	−0.232∗	−0.129	0.135	0.138
	(-1.72)	(-1.14)	(0.45)	(1.26)
FIXED	−0.839∗∗	−0.119	0.227	−0.105
	(-2.17)	(-0.37)	(0.31)	(-0.36)
TMTPay1	−0.015	−0.064	0.113	0.081
	(-0.20)	(-0.86)	(0.83)	(1.31)
MFEE	2.625∗∗∗	4.393∗∗∗	3.944∗∗	1.523∗∗∗
	(3.05)	(6.80)	(2.42)	(2.79)
TOP3	−0.011∗∗∗	−0.009∗∗∗	0.014∗	0.011∗∗∗
	(-2.63)	(-2.60)	(1.66)	(3.31)
WW	2.236∗∗	0.480	−2.423	−0.276
	(2.16)	(0.49)	(-1.49)	(-0.38)
FirmAge	−0.326	−0.304	0.819	−0.224
	(-1.25)	(-1.46)	(1.26)	(-0.76)
Year	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes
Constant	−0.582	−2.264∗	−2.539	−1.342
	(-0.38)	(-1.65)	(-0.73)	(-0.86)
R2	0.0398	0.0172	0.0782	0.0606
Wald χ2	86.63	102.85	46.21	68.87