155 NTU Management Review Vol. 31 No. 2 Aug. 2021 Table 4 DID Regression Result: Intra-industry Analysis Panel A: DID Regression Results for R&D Investment: Intra-industry Analysis One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert -2.0664** -1.9547** -2.0441*** -1.9966*** -2.2199*** -2.1781*** -1.7430*** -1.7228*** (0.0232) (0.0312) (0.0012) (0.0016) (0.0000) (0.0000) (0.0001) (0.0001) Treatmenti -3.4668*** -2.7768*** -2.6599*** -2.1885*** -2.6303*** -2.1488*** -2.0912*** -1.7150*** (0.0000) (0.0009) (0.0001) (0.0013) (0.0000) (0.0007) (0.0003) (0.0032) Aftert × Treatmenti 3.9568*** 3.9036*** 3.5181*** 3.5151*** 3.1617*** 3.1731*** 2.8590*** 2.8811*** (0.0003) (0.0004) (0.0001) (0.0001) (0.0002) (0.0001) (0.0002) (0.0002) LN (TA)t -1.4952*** -1.4720*** -1.2323*** -1.2478*** -0.8971*** -0.9764*** -0.6687*** -0.7396*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) RDt-1 0.1601*** 0.1623*** 0.2039*** 0.2060*** 0.2442*** 0.2461*** 0.2701*** 0.2716*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.4388*** -0.4344*** -0.3842*** -0.3813*** -0.3642*** -0.3604*** -0.3367*** -0.3337*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot 0.0424*** 0.0326*** 0.0318*** 0.0259*** (0.0006) (0.0009) (0.0002) (0.0003) Observations 1,350 1,350 2,019 2,019 2,689 2,689 3,474 3,474 Adjusted R2 0.6287 0.6317 0.6179 0.6198 0.6141 0.6161 0.5989 0.6003 Panel B: DID Regression Results for Adjusted Patent Citations: Intra-industry Analysis One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert -0.0210 -0.0177 -0.0381** -0.0378** -0.0145 -0.0134 0.0016 0.0026 (0.2324) (0.3256) (0.0169) (0.0211) (0.2616) (0.3065) (0.8751) (0.0507) Treatmenti 0.0102 0.0199 -0.0153 -0.0084 -0.0047 0.0061 0.0026 0.0148 (0.4913) (0.2118) (0.3315) (0.6229) (0.7443) (0.6924) (0.8443) (0.2905) Aftert × Treatmenti -0.0006 -0.0074 0.0169 0.0132 0.0027 -0.0050 -0.0071 -0.0146 (0.9769) (0.7223) (0.4215) (0.5529) (0.8860) (0.8065) (0.6848) (0.4246) LN (1+NetSalest-1) 0.0026* 0.0036** 0.0004 0.0013 0.0004 0.0020 -0.0001 0.0017 (0.0813) (0.0262) (0.7847) (0.4355) (0.7384) (0.1607) (0.9222) (0.1775) RDt-1 0.0006 0.0007* 0.0006 0.0007* 0.0005 0.0007* 0.0006* 0.0009*** (0.1040) (0.0713) (0.1440) (0.0977) (0.2244) (0.0895) (0.0671) (0.0098) Tobin’s Qt-1 -0.0006 -0.0008 -0.0003 -0.0008 (0.6629) (0.5914) (0.8329) (0.5517)
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