Table 2. Open in new tab Longitudinal...

Variables	Poisson with firm-fixed effects and robust standard errors
Product market competition		−4.540***	−3.478**	−3.861**	−3.490**
	(1.758)	(1.738)	(1.793)	(1.756)
Openness to external knowledge			1.253****	1.146****	1.048****
		(0.241)	(0.235)	(0.234)
Product market competition × openness to external knowledge			0.995****		0.889****
		(0.248)		(0.264)
Exogenous sunk costs				−0.094***	−0.087***
			(0.034)	(0.033)
Product market competition × exogenous sunk costs				−1.447****	−1.333****
			(0.287)	(0.298)
Firm market share	−6.346**	−6.380***	−6.298***	−5.128**	−5.341**
(2.691)	(2.229)	(2.225)	(2.485)	(2.494)
R&D intensity	0.001	0.001	0.001**	0.001*	0.001*
(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Patent stock	−0.000	−0.000	−0.000	0.000	0.000
(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Previous year licensing	−0.017	−0.018	−0.054*	−0.044*	−0.065**
(0.028)	(0.028)	(0.033)	(0.026)	(0.031)
Market growth	−0.025*	−0.025*	−0.025*	−0.025*	−0.025*
(0.013)	(0.013)	(0.014)	(0.014)	(0.014)
Number of firms	0.011***	−0.000	0.002	−0.004	−0.003
(0.004)	(0.006)	(0.006)	(0.006)	(0.005)
Year-fixed effects	YES	YES	YES	YES	YES
Number of observations	2427	2427	2427	2427	2427
χ²	117.653****	110.568****	175.389****	353.307****	376.772****
Log likelihood	−1428.654	−1423.436	−1395.155	−1391.651	−1381.147

Variables

Poisson with firm-fixed effects and robust standard errors

Model 1

Model 2

Model 3

Model 4

Model 5

Product market competition

−4.540***

−3.478**

−3.861**

−3.490**

(1.758)

(1.738)

(1.793)

(1.756)

Openness to external knowledge

1.253****

1.146****

1.048****

(0.241)

(0.235)

(0.234)

Product market competition × openness to external knowledge

0.995****

0.889****

(0.248)

(0.264)

Exogenous sunk costs

−0.094***

−0.087***

(0.034)

(0.033)

Product market competition × exogenous sunk costs

−1.447****

−1.333****

(0.287)

(0.298)

Firm market share

−6.346**

−6.380***

−6.298***

−5.128**

−5.341**

(2.691)

(2.229)

(2.225)

(2.485)

(2.494)

R&D intensity

0.001

0.001**

0.001*

(0.000)

Patent stock

−0.000

0.000

(0.000)

Previous year licensing

−0.017

−0.018

−0.054*

−0.044*

−0.065**

(0.028)

(0.033)

(0.026)

(0.031)

Market growth

−0.025*

(0.013)

(0.014)

Number of firms

0.011***

−0.000

0.002

−0.004

−0.003

(0.004)

(0.006)

(0.005)

Year-fixed effects

YES

Number of observations

2427

χ²

117.653****

110.568****

175.389****

353.307****

376.772****

Log likelihood

−1428.654

−1423.436

−1395.155

−1391.651

−1381.147

Variables	Poisson with firm-fixed effects and robust standard errors
Product market competition		−4.540***	−3.478**	−3.861**	−3.490**
	(1.758)	(1.738)	(1.793)	(1.756)
Openness to external knowledge			1.253****	1.146****	1.048****
		(0.241)	(0.235)	(0.234)
Product market competition × openness to external knowledge			0.995****		0.889****
		(0.248)		(0.264)
Exogenous sunk costs				−0.094***	−0.087***
			(0.034)	(0.033)
Product market competition × exogenous sunk costs				−1.447****	−1.333****
			(0.287)	(0.298)
Firm market share	−6.346**	−6.380***	−6.298***	−5.128**	−5.341**
(2.691)	(2.229)	(2.225)	(2.485)	(2.494)
R&D intensity	0.001	0.001	0.001**	0.001*	0.001*
(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Patent stock	−0.000	−0.000	−0.000	0.000	0.000
(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Previous year licensing	−0.017	−0.018	−0.054*	−0.044*	−0.065**
(0.028)	(0.028)	(0.033)	(0.026)	(0.031)
Market growth	−0.025*	−0.025*	−0.025*	−0.025*	−0.025*
(0.013)	(0.013)	(0.014)	(0.014)	(0.014)
Number of firms	0.011***	−0.000	0.002	−0.004	−0.003
(0.004)	(0.006)	(0.006)	(0.006)	(0.005)
Year-fixed effects	YES	YES	YES	YES	YES
Number of observations	2427	2427	2427	2427	2427
χ²	117.653****	110.568****	175.389****	353.307****	376.772****
Log likelihood	−1428.654	−1423.436	−1395.155	−1391.651	−1381.147

Table 2.

Open in new tab

Longitudinal analysis of firms’ licensing behaviors

Variables	Poisson with firm-fixed effects and robust standard errors
Variables	Model 1	Model 2	Model 3	Model 4	Model 5
Product market competition		−4.540***	−3.478**	−3.861**	−3.490**
Product market competition		(1.758)	(1.738)	(1.793)	(1.756)
Openness to external knowledge			1.253****	1.146****	1.048****
Openness to external knowledge			(0.241)	(0.235)	(0.234)
Product market competition × openness to external knowledge			0.995****		0.889****
Product market competition × openness to external knowledge			(0.248)		(0.264)
Exogenous sunk costs				−0.094***	−0.087***
Exogenous sunk costs				(0.034)	(0.033)
Product market competition × exogenous sunk costs				−1.447****	−1.333****
Product market competition × exogenous sunk costs				(0.287)	(0.298)
Firm market share	−6.346**	−6.380***	−6.298***	−5.128**	−5.341**
Firm market share	(2.691)	(2.229)	(2.225)	(2.485)	(2.494)
R&D intensity	0.001	0.001	0.001**	0.001*	0.001*
R&D intensity	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Patent stock	−0.000	−0.000	−0.000	0.000	0.000
Patent stock	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Previous year licensing	−0.017	−0.018	−0.054*	−0.044*	−0.065**
Previous year licensing	(0.028)	(0.028)	(0.033)	(0.026)	(0.031)
Market growth	−0.025*	−0.025*	−0.025*	−0.025*	−0.025*
Market growth	(0.013)	(0.013)	(0.014)	(0.014)	(0.014)
Number of firms	0.011***	−0.000	0.002	−0.004	−0.003
Number of firms	(0.004)	(0.006)	(0.006)	(0.006)	(0.005)
Year-fixed effects	YES	YES	YES	YES	YES
Number of observations	2427	2427	2427	2427	2427
χ²	117.653****	110.568****	175.389****	353.307****	376.772****
Log likelihood	−1428.654	−1423.436	−1395.155	−1391.651	−1381.147

Variables	Poisson with firm-fixed effects and robust standard errors
Variables	Model 1	Model 2	Model 3	Model 4	Model 5
Product market competition		−4.540***	−3.478**	−3.861**	−3.490**
Product market competition		(1.758)	(1.738)	(1.793)	(1.756)
Openness to external knowledge			1.253****	1.146****	1.048****
Openness to external knowledge			(0.241)	(0.235)	(0.234)
Product market competition × openness to external knowledge			0.995****		0.889****
Product market competition × openness to external knowledge			(0.248)		(0.264)
Exogenous sunk costs				−0.094***	−0.087***
Exogenous sunk costs				(0.034)	(0.033)
Product market competition × exogenous sunk costs				−1.447****	−1.333****
Product market competition × exogenous sunk costs				(0.287)	(0.298)
Firm market share	−6.346**	−6.380***	−6.298***	−5.128**	−5.341**
Firm market share	(2.691)	(2.229)	(2.225)	(2.485)	(2.494)
R&D intensity	0.001	0.001	0.001**	0.001*	0.001*
R&D intensity	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Patent stock	−0.000	−0.000	−0.000	0.000	0.000
Patent stock	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Previous year licensing	−0.017	−0.018	−0.054*	−0.044*	−0.065**
Previous year licensing	(0.028)	(0.028)	(0.033)	(0.026)	(0.031)
Market growth	−0.025*	−0.025*	−0.025*	−0.025*	−0.025*
Market growth	(0.013)	(0.013)	(0.014)	(0.014)	(0.014)
Number of firms	0.011***	−0.000	0.002	−0.004	−0.003
Number of firms	(0.004)	(0.006)	(0.006)	(0.006)	(0.005)
Year-fixed effects	YES	YES	YES	YES	YES
Number of observations	2427	2427	2427	2427	2427
χ²	117.653****	110.568****	175.389****	353.307****	376.772****
Log likelihood	−1428.654	−1423.436	−1395.155	−1391.651	−1381.147

P < 0.10;

P < 0.05;

***

P < 0.01;

****

P < 0.001, at a two-sided test.

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