The Complexity of Technological Innovation Decision-Making in Emerging Industries

Table 9

Robustness test results of the ordinary panel model.

Variable	Number of patent applications	Number of invention patents	Number of noninvention patents
L.FC	−0.045 (0.012)	−0.059 (0.012)	−0.028 (0.013)
L.TobinQ	−0.003 (0.008)	0.002 (0.008)	−0.018 (0.009)
L.Concertr	0.005 (0.002)	0.004 (0.003)	0.006 (0.003)
L.Sgrowth	−0.000 (0.000)	−0.000 (0.000)	−0.000 (0.000)
L.lev	0.017 (0.002)	0.017 (0.002)	0.016 (0.002)
Age	0.003 (0.009)	0.012 (0.010)	−0.004 (0.010)
L.Cflow	−0.004 (0.002)	−0.005 (0.002)	−0.003 (0.004)
Sample size	691	691	691