175 NTU Management Review Vol. 31 No. 2 Aug. 2021 Panel A.1 DID Regression Results for R&D Investment 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) Treatmenti -0.689 1.9281* -0.3714 1.2276 0.4937 1.5582** 0.6711 1.2455* (0.5063) (0.0839) (0.6438) (0.1542) (0.4709) (0.0326) (0.2802) (0.0589) Aftert × Treatmenti 3.0262** 2.3428* 3.6293*** 3.3018*** 3.0472*** 2.8048*** 2.3919*** 2.2496*** (0.0351) (0.0964) (0.0010) (0.0025) (0.0011) (0.0025) (0.0042) (0.0071) LN (TA)t -0.4707 -0.4486 -0.7691*** -0.8312*** -0.5744*** -0.6115*** -0.5526*** -0.5702*** (0.2082) (0.2203) (0.0036) (0.0015) (0.0043) (0.0023) (0.0008) (0.0006) RDt-1 0.2557*** 0.2704*** 0.3018*** 0.3137*** 0.3344*** 0.3439*** 0.3853*** 0.3913*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.2801*** -0.2495*** -0.1872*** -0.1680*** -0.1345*** -0.1221*** -0.1077*** -0.1001*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot 0.0817*** 0.0517*** 0.0344*** 0.0179*** (0.0000) (0.0000) (0.0001) (0.0099) Observations 720 720 1,094 1,094 1,482 1,482 1,857 1,857 Adjusted R2 0.3521 0.3798 0.307 0.3211 0.2875 0.2952 0.2857 0.2879 Panel A.2 DID Regression Results for R&D Investment 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 -0.8044 -0.1764 -2.6868** -2.0907 -1.7973 -1.4135 -0.7549 -0.2784 (0.6610) (0.0557) (0.0470) (0.1209) (0.1074) (0.2012) (0.4485) (0.7778) Treatmenti -6.1900*** -6.8924*** -7.0898*** -8.1367*** -4.4423*** -5.9052*** -4.3913*** -5.8374*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0005) (0.0000) (0.0005) (0.0000) Aftert × Treatmenti 2.2862 1.478 4.3563** 3.4420* 3.4653** 2.7279 2.5106 1.6675 (0.2885) (0.4975) (0.0209) (0.0673) (0.0474) (0.1154) (0.1454) (0.3288) LN (TA)t -1.2869** -1.2031* -1.3909*** -1.4913*** -1.1939*** -1.2449*** -0.6463** -0.7218** (0.0367) (0.0505) (0.0020) (0.0009) (0.0006) (0.0003) (0.0451) (0.0237) RDt-1 0.3676*** 0.3654*** 0.4727*** 0.4645*** 0.5548*** 0.5391*** 0.5476*** 0.5320*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Table 10 DID Regression Result of Inter-industry: Subsample Analysis for Different R&D Intensity Level (cont.)
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