Table 3. FENB regression.
| Variable | Model (1) | Model (2) | Model (3) | Model (4) | Model (5) a |
|---|---|---|---|---|---|
| Independent Variables | |||||
| Collab.Innov. | 0.0039*** (0.0005) |
||||
| Firm-University | 0.0072*** (0.0011) |
||||
| Firm-GRI | 0.0049*** (0.0010) |
||||
| Inter-firm | 0.0226*** (0.0025) |
||||
| Inter-ICT firm | 0.0603*** (0.0100) |
||||
| Control Variables | |||||
| Ln(FirmSize) | 0.0848 (0.0586) |
0.1263* (0.0589) |
0.0756 (0.0599) |
0.1150* (0.0581) |
0.0988 (0.0571) |
| Ln(R&D Exp.) | 0.1135** (0.0433) |
0.0980* (0.0439) |
0.1176** (0.0438) |
0.0966* (0.0431) |
0.1058* (0.0431) |
| Ln(Productivity) | -0.0214 (0.0838) |
0.0060 (0.0835) |
-0.0268 (0.0840) |
-0.0327 (0.0835) |
-0.0300 (0.0823) |
| Conglomerate Affiliates | -0.5393* (0.2531) |
-0.5436* (0.2528) |
-0.5380* (0.2529) |
-0.5490* (0.2536) |
-0.5653* (0.2322) |
| Firm Age | -0.0132 (0.0072) |
-0.0150* (0.0072) |
-0.0126 (0.0072) |
-0.0170* (0.0072) |
-0.0155* (0.0071) |
| Large Firms | -0.0507 (0.1918) |
-0.0804 (0.1910) |
-0.0480 (0.1914) |
-0.0677 (0.1916) |
(Omitted) |
| IPO | -0.4243*** (0.1277) |
-0.3908** (0.1275) |
-0.4364*** (0.1291) |
-0.5127*** (0.1291) |
-0.4223*** (0.1269) |
| Year | 0.1294*** (0.0106) |
0.1266*** (0.0105) |
0.1298*** (0.0105) |
0.1302*** (0.0105) |
0.1299*** (0.0101) |
| Constant | -261.2291*** (21.0624) |
-255.7600*** (20.9549) |
-262.0004*** (20.9034) |
-262.7715*** (20.9869) |
-262.1929*** (20.1728) |
| Observations | 3,849 | 3849 | 3849 | 3849 | 3849 |
| Log Likelihood | -2635.7803 | -2641.7682 | -2643.8136 | -2632.6903 | -2641.7891 |
| LR Chi-squared | 834.02*** | 822.04*** | 817.95*** | 840.20*** | 822.00*** |
| Prob > Chi-squared | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Note:
* p<0.05;
** p<0.01;
*** p<0.001;
Standard errors in parentheses.
a In the case of Model (5), the log-likelihood estimation failed until the maximum iteration in the model estimation. Instead, the model is estimated excluding the Large Firms variable.