33.
Table 3. Firm patenting levels (1969-1999)
Specification Fixed-Effects Random-Effects
Negative Binomial Negative Binomial
Dependent Variable Patents t Citations t Citations t Citations t Citations t
Model 1 2 3 4 5
ln(CVC Intensity) t-1 10.550 * 13.312 * 9.394 * 9.236 * 9.851 *
(5.095) (5.344) (5.003) (4.969) (5.539)
ln(RD Intensity) t-1 0.123 2.118 *** 2.155 *** 2.059 *** 0.283
(0.164) (0.147) (0.145) (0.144) (0.187)
ln(Assets) t-1 0.195 *** 0.293 *** 0.286 *** 0.266 *** 0.268 ***
(0.008) (0.006) (0.006) (0.006) (0.015)
Patent Stock t-1 0.001 ***
(0.000)
Year dummies Included included Included included included
Observations 18503 a 18503 a 22496 22496 6403 b
Firms 1026 1026 1240 1240 262
Wald χ2 2022 *** 3160 *** 3122 *** 3795 *** 849 ***
Overdispersion test 18000 *** 16000 *** 6998 ***
All independent variables are lagged one year.
Standard errors in parentheses.
* p < 0.10, ** p < 0.01, *** p < 0.001
a
Sample is reduced due to the removal of firms who never patented over the time period
b
Sample is reduced to only those firms who make CVC investments
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