Deleting Unreported Innovation
نویسندگان
چکیده
Abstract The absence of observable innovation data for a firm often leads us to exclude or classify these firms as non-innovators. We assess the reliability six methods dealing with unreported using several different counterfactuals without reported R&D patents. These tests reveal that excluding imputing them zero innovators and including dummy variable can lead biased parameter estimates observed other explanatory variables. Excluding patents is especially problematic, leading false-positive results in empirical tests. Our suggest multiple imputation handle innovation.
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2021
ISSN: ['1756-6916', '0022-1090']
DOI: https://doi.org/10.1017/s0022109021000764