172 The Impact of the Act for the Development of Biotech and New Pharmaceuticals Industry on Firm Innovation in Taiwan 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) RDt-1 0.4383*** 0.4387*** 0.5237*** 0.5250*** 0.5836*** 0.5852*** 0.6254*** 0.6267*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.1489*** -0.1511*** -0.1579*** -0.1590*** -0.1052*** -0.1061*** -0.1117*** -0.1124*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot 0.0012*** 0.0012*** 0.0012*** 0.0012*** (0.0000) (0.0000) (0.0000) (0.0000) Observations 834 834 1,312 1,312 1,768 1,768 2,225 2,225 Adjusted R2 0.5347 0.5493 0.5435 0.5509 0.5522 0.5609 0.5746 0.5813 Panel B.1 DID Regression Results for Adjusted Patent Citations 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 0.0054 0.0122 -0.0291 -0.0263 -0.0109 -0.0090 0.0692** 0.0716** (0.8621) (0.7011) (0.3005) (0.3623) (0.6943) (0.7514) (0.0237) (0.0507) Treatmenti 0.0264 0.0391 -0.0351 -0.0307 -0.0311 -0.0294 0.0647 0.0705 (0.3675) (0.2263) (0.2923) (0.4067) (0.4123) (0.4848) (0.1531) (0.1642) Aftert × Treatmenti -0.0404 -0.0490 0.0311 0.0189 0.0236 0.0150 -0.0437 -0.0488 (0.2573) (0.2090) (0.4247) (0.6613) (0.5912) (0.7573) (0.4096) (0.4067) LN (1+NetSalest-1) 0.0052* 0.0055* 0.0083** 0.0089** 0.0125*** 0.0126*** 0.0304*** 0.0316*** (0.0780) (0.0831) (0.0168) (0.0180) (0.0016) (0.0030) (0.0000) (0.0000) RDt-1 0.0016*** 0.0017*** 0.0026*** 0.0026*** 0.0024*** 0.0024*** 0.0021*** 0.0021*** (0.0008) (0.0010) (0.0000) (0.0000) (0.0000) (0.0000) (0.0001) (0.0002) Tobin’s Qt-1 -0.0018 0.0050 0.0040 0.0018 (0.6086) (0.2172) (0.3623) (0.7291) Observations 496 467 798 755 1,097 1,040 1,370 1,302 Adjusted R2 0.0424 0.0424 0.1229 0.1275 0.1087 0.1144 0.1062 0.1094 Table 9 DID Regression Result of Inter-industry: Subsample Analysis for Different Firm Size (cont.)
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