MIT Press

Table 5.

Propensity Score Matching Estimates of the Average Effect of Foreign Ownership and Ownership Stakes

	FY2004–2005 to FY2007–2008
	Foreign Firms	Domestic Firms	Technology Spending Indicator	Average Treatment Effect	Bootstrapped Standard Deviation	t-statistics
DFOR50	77	1,549	RD_INT	−.131	.079	−1.658^*
	77	1,549	ROY_INT	.520	.118	4.410^***
	77	1,549	CAPIMP_INT	−.496	2.342	−.212
DFOR25	53	1,336	RD_INT	0.147	0.237	0.619
	53	1,336	ROY_INT	0.403	0.181	2.219^**
	53	1,336	CAPIMP_INT	−0.305	0.424	−0.721
DFOR10	37	1,305	RD_INT	−0.168	0.165	−1.1018
	37	1,305	ROY_INT	−0.018	0.061	−0.299
	37	1,305	CAPIMP_INT	0.615	1.173	0.524
DFOR_EXP	30	1,206	RD_INT	−0.276	0.129	−2.132^**
	30	1,206	ROY_INT	−0.087	.050	−1.1734
	30	1,206	CAPIMP_INT	0.520	1.054	0.493
	FY2009–2010 to FY2013–2014
DFOR50	109	1,499	RD_INT	0.091	0.133	0.685
	109	1,499	ROY_INT	0.526	0.111	4.760^***
	109	1,499	CAPIMP_INT	0.136	0.320	0.426
DFOR25	50	1,340	RD_INT	0.604	0.560	1.079
	50	1,340	ROY_INT	0.220	0.120	1.830^*
	50	1,340	CAPIMP_INT	0.291	0.464	0.627
DFOR10	50	1,340	RD_INT	−.005	0.184	−0.027
	50	1,340	ROY_INT	0.031	0.046	0.672
	50	1,340	CAPIMP_INT	−0.135	0.351	−0.384
DFOR_EXP	26	1,209	RD_INT	2.703	2.836	0.953
	26	1,209	ROY_INT	0.112	0.115	0.974
	26	1,209	CAPIMP_INT	0.034	0.569	0.059

	FY2004–2005 to FY2007–2008
	Foreign Firms	Domestic Firms	Technology Spending Indicator	Average Treatment Effect	Bootstrapped Standard Deviation	t-statistics
DFOR50	77	1,549	RD_INT	−.131	.079	−1.658^*
	77	1,549	ROY_INT	.520	.118	4.410^***
	77	1,549	CAPIMP_INT	−.496	2.342	−.212
DFOR25	53	1,336	RD_INT	0.147	0.237	0.619
	53	1,336	ROY_INT	0.403	0.181	2.219^**
	53	1,336	CAPIMP_INT	−0.305	0.424	−0.721
DFOR10	37	1,305	RD_INT	−0.168	0.165	−1.1018
	37	1,305	ROY_INT	−0.018	0.061	−0.299
	37	1,305	CAPIMP_INT	0.615	1.173	0.524
DFOR_EXP	30	1,206	RD_INT	−0.276	0.129	−2.132^**
	30	1,206	ROY_INT	−0.087	.050	−1.1734
	30	1,206	CAPIMP_INT	0.520	1.054	0.493
	FY2009–2010 to FY2013–2014
DFOR50	109	1,499	RD_INT	0.091	0.133	0.685
	109	1,499	ROY_INT	0.526	0.111	4.760^***
	109	1,499	CAPIMP_INT	0.136	0.320	0.426
DFOR25	50	1,340	RD_INT	0.604	0.560	1.079
	50	1,340	ROY_INT	0.220	0.120	1.830^*
	50	1,340	CAPIMP_INT	0.291	0.464	0.627
DFOR10	50	1,340	RD_INT	−.005	0.184	−0.027
	50	1,340	ROY_INT	0.031	0.046	0.672
	50	1,340	CAPIMP_INT	−0.135	0.351	−0.384
DFOR_EXP	26	1,209	RD_INT	2.703	2.836	0.953
	26	1,209	ROY_INT	0.112	0.115	0.974
	26	1,209	CAPIMP_INT	0.034	0.569	0.059

Note: ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% level, respectively.

Source: Author's calculations.