171 NTU Management Review Vol. 31 No. 2 Aug. 2021 Table 9 DID Regression Result of Inter-industry: Subsample Analysis for Different Firm Size Panel A.1 DID Regression Results for R&D Investment in the Inter-industry Analysis: Small Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert -2.6563 -2.6443 -3.5811*** -3.4917*** -3.1244*** -2.9833*** -2.5278*** -2.3399*** (0.6559) (0.1597) (0.0059) (0.0074) (0.0030) (0.0046) (0.0053) (0.0098) Treatmenti -2.5368 -2.6266 -3.0630** -3.3108** -2.5942* -3.0755** -1.1068 -1.7929 (0.1623) (0.1552) (0.0458) (0.0328) (0.0681) (0.0324) (0.4134) (0.1898) Aftert × Treatmenti 5.7595** 5.7399** 5.6477*** 5.4853*** 3.9550** 3.7895** 2.2866 2.1258 (0.0188) (0.0194) (0.0053) (0.0068) (0.0308) (0.0384) (0.1806) (0.2123) LN (TA)t -2.6272*** -2.6131*** -1.7853*** -1.7428*** -1.4603*** -1.4334*** -0.6776** -0.6314** (0.0002) (0.0002) (0.0008) (0.0010) (0.0006) (0.0008) (0.0242) (0.0355) RDt-1 0.4280*** 0.4268*** 0.4836*** 0.4794*** 0.5712*** 0.5634*** 0.6058*** 0.5950*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.2912*** -0.2936*** -0.2408*** -0.2471*** -0.1954*** -0.2055*** -0.1787*** -0.1923*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot -0.0047 -0.0152 -0.0251** -0.0322*** (0.7906) (0.2800) (0.0299) (0.0016) Observations 671 671 1,072 1,072 1,483 1,483 1,865 1,865 Adjusted R2 0.4839 0.4832 0.4832 0.4833 0.5288 0.5300 0.5355 0.5377 Panel A.2 DID Regression Results for R&D Investment in the Inter-industry Analysis: Large Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert -0.4008 -0.6233 -0.3073 -0.3891 -0.6343 -0.7051 0.1333 0.0782 (0.6559) (0.4819) (0.6832) (0.6025) (0.2851) (0.2302) (0.7997) (0.8808) Treatmenti -2.6529*** -2.5552*** -3.0679*** -3.0077*** -2.5046*** -2.4400*** -2.3140*** -2.2546*** (0.0006) (0.0007) (0.0001) (0.0001) (0.0002) (0.0003) (0.0005) (0.0006) Aftert × Treatmenti 2.5006** 2.8499*** 2.6654** 2.8517*** 2.6098*** 2.7881*** 2.2241** 2.3671*** (0.0201) (0.0073) (0.0118) (0.0067) (0.0058) (0.0030) (0.0162) (0.0099) LN (TA)t -1.1017*** -1.0102*** -1.0538*** -0.9993*** -1.0786*** -1.0165*** -0.9345*** -0.8857*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000)
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