163 NTU Management Review Vol. 31 No. 2 Aug. 2021 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 × Treatmenti -0.0038 -0.0089 -0.0110 -0.0183 -0.0086 -0.0146 -0.0034 -0.0118 (0.8529) (0.6838) (0.5168) (0.3114) (0.5372) (0.3275) (0.8113) (0.4365) LN (1+NetSalest-1) 0.0006 0.0004 0.0013 0.0012 0.0010 0.0010 0.0016* 0.0017* (0.6859) (0.8091) (0.2786) (0.3223) (0.2640) (0.3203) (0.0628) (0.0707) RDt-1 0.0000 -0.0001 0.0001 0.0000 0.0002 0.0001 0.0003 0.0003 (0.9282) (0.8281) (0.8892) (0.9675) (0.6504) (0.7343) (0.3944) (0.5308) Tobin’s Qt-1 -0.0006 -0.0002 -0.0005 0.0022 (0.7524) (0.8916) (0.7378) (0.1561) Observations 505 480 765 728 1,031 984 1,294 1,229 Adjusted R2 0.0102 0.0110 0.0162 0.0187 0.0186 0.0196 0.0318 0.0340 Panel B.2 DID Regression Results for Adjusted Patent Citations in the 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 -0.0003 -0.0002 0.0115 0.0118 0.0100 0.0110 0.0105 0.0101 (0.9894) (0.9916) (0.5588) (0.5568) (0.4893) (0.4572) (0.3768) (0.0507) Treatmenti 0.0084 0.0092 -0.0185 -0.0218 -0.0051 -0.0072 -0.0033 -0.0013 (0.6106) (0.6049) (0.3451) (0.2996) (0.7577) (0.6831) (0.8270) (0.9348) Aftert × Treatmenti -0.0131 -0.0134 0.0006 0.0036 -0.0036 -0.0022 -0.0068 -0.0082 (0.5537) (0.5672) (0.9824) (0.8965) (0.8708) (0.9237) (0.7398) (0.6976) LN (1+NetSalest-1) -0.0019 -0.0019 -0.0043*** -0.0049*** -0.0034*** -0.0043*** -0.0035*** -0.0035*** (0.2042) (0.2381) (0.0077) (0.0057) (0.0075) (0.0030) (0.0018) (0.0053) RDt-1 -0.0001 -0.0001 0.0001 0.0000 0.0001 -0.0001 -0.0001 -0.0001 (0.8032) (0.8450) (0.8172) (0.9608) (0.8829) (0.8145) (0.8257) (0.8592) Table 6 DID Regression Result of Intra-industry: Subsample Analysis for Different R&D Intensity Level (cont.)
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