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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

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

From: Revisiting incremental product innovations in the food-manufacturing industry: an empirical study on the effect of intellectual property rights

 Operating profits [fixed effect model]Annual growth rate of sales (%) [fixed effect model]Annual growth of operating profits [pool model OLS]
[3][4][5][6][7][8]
AllListedAllListedAllListed
Stock of patents23.386 (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 registrations12.365 (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)
Sales0.019 (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)
Constant1726.534 (1997.877)− 1165.088 (6452.649)373.778*** (0.438)387.658*** (0.735)295.475 (193.410)2.023 (1121.214)
Year dummies    YesYes
Observations739484912480726480
Number of firms1559919198  
Adjusted R2 (within).203.218.278.378.058.058
 (between).785.761.070.077  
 (overall).783.760.021.017  
F-value3.10*2.49*20.36***12.48***3.22*2.36*
  1. Cluster robust errors are in parentheses
  2. ***p < 0.1%, **p < 1%, * p < 5%, + p < 10%