Table 2.
Results of benchmark regression.
| Variable | (1) | (2) |
|---|---|---|
| lnPatent | lnPatent | |
| Treat × Policy | 0.092∗∗ | 0.084∗∗ |
| (0.039) | (0.038) | |
| Policy | 0.346∗∗∗ | −0.102∗∗∗ |
| (0.030) | (0.035) | |
| Treat | −0.118∗∗∗ | −0.075∗∗ |
| (0.043) | (0.037) | |
| Size | 0.532∗∗∗ | |
| (0.024) | ||
| Capital | −0.029∗∗∗ | |
| (0.007) | ||
| Big | −0.002∗ | |
| (0.001) | ||
| Debt | −0.173∗ | |
| (0.103) | ||
| Tobin's Q | 0.117∗∗∗ | |
| (0.013) | ||
| Cash | 0.002 | |
| (0.013) | ||
| ROA | −0.073 | |
| (0.235) | ||
| Constant | 0.295 | −11.068∗∗∗ |
| (0.184) | (0.544) | |
| Year | Yes | Yes |
| Industry | Yes | Yes |
| N | 18775 | 18216 |
| R 2 | 0.179 | 0.360 |
Note. ∗p < 0.1;∗∗p < 0.05;∗∗∗p < 0.01.