158 The Impact of the Act for the Development of Biotech and New Pharmaceuticals Industry on Firm Innovation in Taiwan Table 5 DID Regression Result of Intra-industry: Subsample Analysis for Different Operating Items Panel A.1 DID Regression Results for R&D Investment in the Intra-industry Analysis: Pharmaceutical Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert 1.0945 1.4489 0.1463 0.1518 0.5109 0.5106 0.3880 0.3965 (0.2847) (0.1552) (0.6327) (0.8323) (0.3776) (0.3779) (0.4134) (0.4032) Treatmenti 0.9153 2.0482** 0.7319 1.0929 0.9790 0.9375 0.9550 0.7290 (0.3179) (0.0316) (0.3308) (0.1607) (0.1545) (0.1842) (0.1278) (0.2560) Aftert × Treatmenti 1.2582 0.8770 1.9375** 1.8978* 1.5925* 1.5980* 1.7259** 1.7547** (0.2991) (0.4671) (0.0489) (0.0536) (0.0751) (0.0742) (0.0342) (0.0313) LN (TA)t -1.8671*** -1.9708*** -1.3008*** -1.3691*** -1.2887*** -1.2819*** -1.1806*** -1.1328*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) RDt-1 0.1215*** 0.1265*** 0.1423*** 0.1425*** 0.1733*** 0.1731*** 0.2153*** 0.2139*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.5014*** -0.4894*** -0.4562*** -0.4529*** -0.4259*** -0.4262*** -0.3832*** -0.3855*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot 0.0603*** 0.0193* -0.0025 -0.0131* (0.0001) (0.0760) (0.7950) (0.0996) Observations 1,009 1,009 1,508 1,508 2,004 2,004 2,604 2,604 Adjusted R2 0.6848 0.6896 0.6744 0.6749 0.6797 0.6795 0.6559 0.6561 Panel A.2 DID Regression Results for R&D Investment in the Intra-industry Analysis: Nonpharmaceutical Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert 0.9667 0.9603 -0.4504 -0.4521 -0.5938 -0.5917 -0.4110 -0.4054 (0.4181) (0.4219) (0.6327) (0.6318) (0.4698) (0.4719) (0.5408) (0.5465) Treatmenti -0.7413 -0.7252 -1.0261 -1.0168 -0.7747 -0.7628 -0.3770 -0.3704 (0.4625) (0.4730) (0.2624) (0.2681) (0.3809) (0.3896) (0.6336) (0.6397) Aftert × Treatmenti -0.9789 -0.9027 -0.1675 -0.1932 -0.3556 -0.3896 -0.4983 -0.5708 (0.4734) (0.5110) (0.8940) (0.8788) (0.7711) (0.7521) (0.6496) (0.6051) LN (TA)t -1.7651*** -1.7208*** -1.4264*** -1.4365*** -1.7012*** -1.7108*** -1.7368*** -1.7417*** (0.0012) (0.0018) (0.0026) (0.0026) (0.0001) (0.0001) (0.0000) (0.0000)
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