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Table 6 Regression analysis of R&D spending for firms with different strategies

From: R&D spending, strategic position and firm performance

  

If R&D (%) > 0

(1)

(2)

(3)

(4)

Coef./t

Coef./t

Coef./t

Coef./t

PD_Strategy

0.1347*

0.3701***

0.2228***

0.4285***

(1.82)

(5.75)

(2.94)

(6.35)

CL_Strategy

−0.3475***

−0.4505***

−0.3459***

−0.3947***

(−4.70)

(−6.98)

(−4.51)

(−5.77)

SIZE

−0.1171***

− 0.2340***

− 0.1761***

−0.2422***

(−4.05)

(−9.05)

(−5.77)

(−8.67)

LEV

−4.3432***

−3.1322***

−3.8661***

−3.1823***

(−24.62)

(−19.86)

(−20.91)

(−18.88)

_cons

7.6466***

8.6405***

9.0213***

8.9103***

(12.67)

(13.97)

(14.19)

(13.27)

Year

No

Yes

No

Yes

Ind

No

Yes

No

Yes

R-squared

0.127

0.348

0.122

0.312

No. of obs.

8386

8386

7602

7602

  1. Notes. This table shows the regression results of R&D spending on different strategies and other control variables. Year and Industry dummies are included to control for the fixed effects in columns (2) and (4). Columns (3) and (4) use the subsample with positive R&D spending. T-statistics are reported in the parentheses. Coefficients marked ***, ** and * are significant at the 1%, 5% and 10% levels, respectively