Table 6. Second stage results for system (9’), OLS and 2SLS.
|
Dependent |
OLS |
2SLS |
OLS |
2SLS | |||||
|
K ∆2 ln — 2 L Lit |
Coeff |
Robust St.E. |
Coeff |
Robust St.E. |
Coeff |
Robust St.E. |
Coeff |
Robust St.E. | |
|
Innovative firms |
Non Innovative firms | ||||||||
|
α1 (K/L ratio) |
0.256*** |
0.0265 |
0.199*** |
0.0302 |
«2 |
0.087*** |
0.0212 |
0.085*** |
0.0239 |
|
β1 (constant) |
20.164*** |
3.204 |
20.46*** |
3.146 |
β2 |
-6.68 |
7.755 |
-6.67 |
7.698 |
|
Yi (age) |
-0.307*** |
0.0465 |
-0.313*** |
0.0453 |
Y2 |
0.061 |
0.1375 |
0.061 |
0.1366 |
|
μ1 (temporary |
-0.114*** |
0.023 |
-0.123*** |
0.0234 |
μ2 |
-0.273** |
0.120 |
-0.272** |
0.1194 |
|
-σεiω |
2.597* |
1.526 |
3.659** |
1.528 |
σε2ω |
-1.557 |
3.152 |
-1.545 |
3.1343 |
|
R2 |
0.215 |
0.099 |
R2 |
0.208 |
0.099 | ||||
|
Sargan test |
3.429 |
.413 | |||||||
|
N |
5859 |
5859 |
N |
1914 |
1914 | ||||
Note. All regressions include size, sector, area and group dummies. The first stage refers to column 1 and 2 of
Table 5. The 2SLS method instruments the growth rate of the capital stock per worker with the lagged K/L in
levels and the lagged investment intensity.
As a robustness check we replicate the estimates of equation (4) for the sub-sample of managers
who are supposed to take decisions within the board. We select those firms whose board contains
competence-specific managers, who are supposed to influence the decision to introduce innovations
in the firm, eventually. The sign and size of the main coefficients are confirmed. We omit reporting
them here for brevity.
We finally implement the Maximum Likelihood Endogenous Switching model which allows us to
obtain consistent and efficient estimates.
22
More intriguing information
1. Handling the measurement error problem by means of panel data: Moment methods applied on firm data2. The name is absent
3. Individual tradable permit market and traffic congestion: An experimental study
4. The demand for urban transport: An application of discrete choice model for Cadiz
5. Dual Track Reforms: With and Without Losers
6. The name is absent
7. The name is absent
8. Telecommuting and environmental policy - lessons from the Ecommute program
9. AGRIBUSINESS EXECUTIVE EDUCATION AND KNOWLEDGE EXCHANGE: NEW MECHANISMS OF KNOWLEDGE MANAGEMENT INVOLVING THE UNIVERSITY, PRIVATE FIRM STAKEHOLDERS AND PUBLIC SECTOR
10. A MARKOVIAN APPROXIMATED SOLUTION TO A PORTFOLIO MANAGEMENT PROBLEM