166 The Impact of the Act for the Development of Biotech and New Pharmaceuticals Industry on Firm Innovation in Taiwan Table 7 DID Estimator: Inter-industry Analysis Panel A: DID Estimator for R&D Investment: Inter-industry Analysis t-1 t+1 Differences t-2 t+2 Differences t-3 t+3 Differences Treated 14.3224 14.7030 0.3806 13.5214 14.6223 1.1010 13.0075 13.4002 0.3927 (0.8686) (0.5928) (0.8183) Control 1 17.9489 12.0816 -5.8673*** 17.1562 11.8311 -5.3251** 17.0038 11.5033 -5.5005** (0.0067) (0.0253) (0.0305) Control 2 18.5454 12.4521 -6.0932*** 18.0979 12.6801 -5.4178** 16.4575 11.3838 -5.0738** (0.0027) (0.0108) (0.0141) Control 3 16.6494 12.0499 -4.5995*** 15.8808 12.0349 -3.8458** 14.8170 11.0165 -3.8004** (0.0018) (0.0108) (0.0109) Control 4 16.6250 11.7890 -4.8361*** 16.4159 11.5156 -4.9003*** 15.0083 10.4198 -4.5885*** (0.0002) (0.0010) (0.0019) Diff.1 -3.6265 2.6214 6.2479*** -3.6349 2.7912 6.4261*** -3.9962 1.8970 5.8932*** (0.0056) (0.0030) (0.0084) Diff.2 -4.2230 2.2509 6.4739*** -4.5765 1.9422 6.5188*** -3.4500 2.0165 5.4665*** (0.0019) (0.0027) (0.0039) Diff.3 -2.3271 2.6531 4.9802** -2.3594 2.5874 4.9468*** -1.8094 2.3837 4.1931*** (0.0178) (0.0084) (0.0066) Diff.4 -2.3027 2.9140 5.2167** -2.8945 3.1067 6.0013*** -2.0007 2.9804 4.9812*** (0.0153) (0.0023) (0.0038) Panel B: DID Estimator for Adjusted Patent Citations: Inter-industry Analysis t-1 t+1 Differences t-2 t+2 Differences t-3 t+3 Differences Treated 0.0253 0.0648 0.0395 0.0348 0.0477 0.0129 0.0689 0.0796 0.0107 (0.2171) (0.5468) (0.7261) Control 1 0.3258 0.1355 -0.1902 0.0810 0.0927 0.0117 0.0675 0.0562 -0.0113 (0.2517) (0.8471) (0.8743) Control 2 0.4472 0.2254 -0.2218* 0.2933 0.1812 -0.1122 0.0818 0.0805 -0.0014 (0.0606) (0.2705) (0.9762) Control 3 0.4852 0.1749 -0.3103*** 0.2827 0.1790 -0.1037 0.1420 0.1772 0.0353 (0.0035) (0.1852) (0.4879) Control 4 0.4164 0.1465 -0.2699*** 0.2266 0.1454 -0.0813 0.1279 0.1516 0.0237 (0.0081) (0.1657) (0.5809) Diff.1 -0.3004 -0.0707 0.2297 -0.0462 -0.0450 0.0012 0.0013 0.0234 0.0220 (0.1731) (0.9851) (0.7702) Diff.2 -0.4219 -0.1606 0.2613** -0.2585 -0.1334 0.1251 -0.0130 -0.0009 0.0121 (0.0308) (0.2313) (0.8358)
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