162 The Impact of the Act for the Development of Biotech and New Pharmaceuticals Industry on Firm Innovation in Taiwan Panel A.2 DID Regression Result for R&D Investment in Inter-industry Analysis: High R&D Intensity Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert -1.2504 -1.3138 -2.6875** -2.5527** -2.1872** -2.0000** -1.7754** -1.4404* (0.4433) (0.4196) (0.6327) (0.0301) (0.0214) (0.0327) (0.0222) (0.0601) Treatmenti 2.8124* 2.4456* 2.1704* 1.7589 2.4529** 2.0608* 2.6533** 2.2893** (0.0561) (0.0990) (0.0911) (0.1677) (0.0366) (0.0751) (0.0135) (0.0307) Aftert × Treatmenti -1.2792 -1.4119 0.3047 -0.2847 -0.1899 -0.8479 -0.5431 -1.2447 (0.5014) (0.4574) (0.8514) (0.8602) (0.8980) (0.5625) (0.6877) (0.3515) LN (TA)t -1.2524** -1.4187** -1.1075*** -1.2407*** -1.2395*** -1.4262*** -1.0844*** -1.1568*** (0.0286) (0.0142) (0.0069) (0.0023) (0.0002) (0.0000) (0.0001) (0.0000) RDt-1 0.1344*** 0.1330*** 0.1671*** 0.1727*** 0.2057*** 0.2070*** 0.2513*** 0.2480*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.4505*** -0.4484*** -0.4149*** -0.4124*** -0.3762*** -0.3733*** -0.3241*** -0.3276*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot -0.0427* -0.0674*** -0.0798*** -0.0764*** (0.0723) (0.0001) (0.0000) (0.0000) Observations 520 520 775 775 1,049 1,049 1,406 1,406 Adjusted R2 0.6598 0.6613 0.6445 0.6518 0.6456 0.656 0.6185 0.6295 Panel B.1 DID Regression Results for Adjusted Patent Citations in the Inter-industry Analysis: Low R&D Intensity Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert 0.0218 0.0261 0.0282** 0.0340** 0.0199* 0.0234** 0.0119 0.0150 (0.2603) (0.2000) (0.0423) (0.0185) (0.0542) (0.0280) (0.2128) (0.0507) Treatmenti 0.0299* 0.0363** 0.0282** 0.0363*** 0.0299*** 0.0372*** 0.0232** 0.0271** (0.0521) (0.0293) (0.0248) (0.0081) (0.0038) (0.0010) (0.0264) (0.0188) Table 6 DID Regression Result of Intra-industry: Subsample Analysis for Different R&D Intensity Level (cont.)
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