The Complexity of Technological Innovation Decision-Making in Emerging Industries

Table 4

The classification test result of the level of the external financing dependence in the industry.

Variable	R&D concentration		R&D intensity		Number of patent applications
	Low external financing dependence	Medium- and high-level external financing dependence	Low external financing dependence	Medium- and high-level external financing dependence	Low external financing dependence	Medium- and high-level external financing dependence
L.FC	0.107	−0.034	−0.060	−0.116	−0.003	−0.021
	(0.113)	(0.014)	(0.117)	(0.033)	(0.088)	(0.013)
All controls	Controlled	Controlled	Controlled	Controlled	Controlled	Controlled
Sample size	14	743	14	743	14	614