Table 8 Regression analysis of firm performance to R&D spending with different strategies

R&D (%)

0.0012**

0.0030**

0.0019**

0.0051**

0.0446***

0.0515

(2.08)

(2.42)

(1.96)

(2.37)

(2.57)

(1.38)

R&D² (%)

−0.0002

− 0.0003

− 0.0006

(−1.64)

(− 1.66)

(−0.21)

SIZE

−0.0368***

−0.0362***

− 0.0562***

−0.0551***

− 0.6114***

−0.6091***

(−9.18)

(−9.00)

(−8.25)

(−8.07)

(−5.11)

(−5.07)

LEV

−0.072***

−0.0709***

− 0.0344**

−0.0327*

−1.4219***

−1.4193***

(−6.99)

(−6.89)

(−1.97)

(−1.87)

(−4.67)

(− 4.66)

SALES

0.0408***

0.0404***

0.0643***

0.0637***

−0.0567

−0.0581

(11.51)

(11.39)

(10.67)

(10.55)

(−0.54)

(−0.55)

_cons

0.015

0.005

−0.0466

−0.0637

17.527***

17.4906***

(0.39)

(0.13)

(−0.72)

(−0.97)

(15.33)

(15.12)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Ind

Yes

Yes

Yes

Yes

Yes

Yes

R-squared

0.223

0.225

0.182

0.183

0.532

0.531

No. of obs.

940

940

940

940

907

907

R&D (%)

0.001

0.0038***

0.0031*

0.0094***

0.0124

− 0.0374

(1.62)

(3.19)

(1.93)

(2.98)

(0.67)

(−1.04)

R&D ²(%)

−0.0003***

−0.0006**

0.0048

(−2.75)

(−2.31)

(1.6)

SIZE

−0.0142***

− 0.014***

− 0.0283***

− 0.0279***

− 0.6413***

− 0.6436***

(−4.75)

(−4.7)

(− 3.57)

(− 3.52)

(−7.04)

(−7.07)

LEV

− 0.059***

− 0.0595***

− 0.077***

− 0.0781***

−2.1772***

− 2.1700***

(−7)

(−7.08)

(− 3.44)

(− 3.5)

(−8.44)

(−8.42)

SALES

0.019***

0.0189***

0.0406***

0.0404***

0.0906

0.0908

(7.09)

(7.07)

(5.71)

(5.69)

(1.11)

(1.12)

_cons

−0.021

− 0.0258

− 0.1333**

− 0.144**

16.0283***

16.1259***

(−0.83)

(−1.02)

(−2.00)

(−2.16)

(20.37)

(20.45)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Ind

Yes

Yes

Yes

Yes

Yes

Yes

R-squared

0.211

0.217

0.132

0.136

0.508

0.508

No. of obs.

970

970

970

970

911

911