臺大管理論叢第31卷第2期

159 NTU Management Review Vol. 31 No. 2 Aug. 2021 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) RDt-1 0.4421*** 0.4450*** 0.5135*** 0.5125*** 0.5375*** 0.5363*** 0.5680*** 0.5652*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.1356*** -0.1351*** -0.1359*** -0.1359*** -0.1104*** -0.1102*** -0.0883*** -0.0885*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot 0.0101 -0.0029 -0.0031 -0.0072 (0.5505) (0.8553) (0.8300) (0.5431) Observations 257 257 388 388 519 519 661 661 Adjusted R2 0.563 0.5618 0.5586 0.5574 0.5334 0.5325 0.5319 0.5314 Panel B.1 DID Regression Results for Adjusted Patent Citations 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 0.0194 0.0219 0.0278** 0.0291** 0.0216*** 0.0225*** 0.0179** 0.0183** (0.1653) (0.1276) (0.0117) (0.0102) (0.0076) (0.0064) (0.0104) (0.0507) Treatmenti 0.0349*** 0.0415*** 0.0252** 0.0308*** 0.0287*** 0.0345*** 0.0270*** 0.0316*** (0.0035) (0.0012) (0.0209) (0.0089) (0.0014) (0.0004) (0.0020) (0.0009) Aftert × Treatmenti -0.0135 -0.0193 -0.0160 -0.0206 -0.0150 -0.0198 -0.0141 -0.0198 (0.3977) (0.2494) (0.2693) (0.1795) (0.2081) (0.1177) (0.2244) (0.1097) LN (1+NetSalest-1) 0.0007 0.0007 0.0009 0.0008 0.0009 0.0008 0.0013* 0.0012* (0.5029) (0.5653) (0.3316) (0.4059) (0.2445) (0.3119) (0.0579) (0.0958) RDt-1 0.0000 0.0000 0.0006** 0.0005** 0.0005** 0.0005** 0.0005*** 0.0005** (0.9018) (0.9934) (0.0298) (0.0489) (0.0116) (0.0209) (0.0072) (0.0197) Tobin’s Qt-1 -0.0003 -0.0004 -0.0004 0.0004 (0.7849) (0.6862) (0.6309) (0.6149) Observations 676 651 1,013 980 1,358 1,321 1,777 1,720 Adjusted R2 0.0142 0.0160 0.0212 0.0218 0.0221 0.0234 0.0324 0.0332 Table 5 DID Regression Result of Intra-industry: Subsample Analysis for Different Operating Items (cont.)

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