176 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: 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) ROAt -0.3316*** -0.3457*** -0.2965*** -0.3131*** -0.2274*** -0.2510*** -0.2445*** -0.2682*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot -0.0522** -0.0781*** -0.0850*** -0.0904*** (0.0288) (0.0000) (0.0000) (0.0000) Observations 690 690 1,124 1,124 1,538 1,538 1,968 1,968 Adjusted R2 0.4856 0.4885 0.5706 0.5775 0.5543 0.5639 0.5345 0.5455 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 -0.0156 -0.0149 0.0173 0.0175 0.0174 0.0173 0.0137 0.0136 (0.5316) (0.9097) (0.3891) (0.3987) (0.2954) (0.3129) (0.2983) (0.3144) Treatmenti -0.004 -0.0058 0.0001 -0.0001 -0.0009 -0.0013 -0.0030 -0.0016 (0.8549) (0.8106) (0.9966) (0.9972) (0.9660) (0.9537) (0.8691) (0.9364) Aftert × Treatmenti 0.0386 0.0384 -0.0056 -0.0043 -0.0030 -0.0010 -0.0042 -0.0024 (0.2095) (0.2447) (0.8509) (0.8918) (0.9131) (0.9726) (0.8652) (0.9269) LN (1+NetSalest-1) 0.0047* 0.0047 0.0040 0.0038 0.0034 0.0028 0.0003 -0.0004 (0.0813) (0.1193) (0.1419) (0.2163) (0.1944) (0.3300) (0.8787) (0.8551) RDt-1 0.0005 0.0004 0.0015* 0.0014 0.0012 0.0011 0.0008 0.0008 (0.5052) (0.6346) (0.0732) (0.1043) (0.1440) (0.2048) (0.2234) (0.2922) Tobin’s Qt-1 0.0012 -0.0007 -0.0013 -0.0023 (0.7205) (0.8421) (0.6979) (0.4156) Observations 632 592 968 922 1,320 1,261 1,658 1,589 Adjusted R2 0.0245 0.0246 0.0155 0.0139 0.0213 0.0206 0.0166 0.0166 Table 10 DID Regression Result of Inter-industry: Subsample Analysis for Different R&D Intensity Level (cont.)
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