Table 4 Regression results of operating profits, growth of sales, and operating profits (IPRs’ stocks)

Stock of patents

23.386 (15.006)

23.305 (14.169)

0.031 (0.000)

0.010 (0.000)

0.832 (2.438)

0.818 (2.487)

Flow of trademark registrations

12.365 (7.488)

12.214 +  (7.332)

0.008 (0.000)

0.008 (0.000)

2.153 (3.696)

1.825 (3.440)

Stock of design patents (packages and related)

88.926* (42.249)

91.074* (40.207)

0.052 (0.001)

0.088 (0.001)

11.491 (7.417)

11.032 (7.561)

Stock of design patents (food shapes and tableware)

− 121.361 (109.020)

− 121.740 (109.190)

0.151 (0.002)

0.158 (0.002)

− 67.542 (71.494)

− 72.351 (69.286)

Stock of design patents (manufacturing equipment)

− 1759.647 (1109.681)

− 2280.535 +  (1197.168)

1.073* (0.005)

1.673** (0.005)

− 82.142 (218.563)

− 82.296 (244.308)

Log (Number of employees)

275.933 (854.396)

19.485* (0.077)

66.090 (187.746)

Asset intensity

36.977 +  (21.350)

0.193* (0.001)

− 0.549 (3.140)

Sales

0.019 (0.013)

0.019 (0.012)

Log (Sales in the previous year)

− 36.198*** (0.042)

− 48.997*** (0.060)

Sales (million) in the previous year

0.001 (0.002)

0.000 (0.003)

Constant

1726.534 (1997.877)

− 1165.088 (6452.649)

373.778*** (0.438)

387.658*** (0.735)

295.475 (193.410)

2.023 (1121.214)

Year dummies

Yes

Yes

Observations

739

484

912

480

726

480

Number of firms

155

99

191

98

Adjusted R2 (within)

.203

.218

.278

.378

.058

.058

 (between)

.785

.761

.070

.077

 (overall)

.783

.760

.021

.017

F-value

3.10*

2.49*

20.36***

12.48***

3.22*

2.36*