COMO OS ACIONISTAS ESTATAIS SOB A INTERVENÇÃO DO GOVERNO AFETAM A DECISÃO DE INOVAR NOVAMENTE NAS EMPRESAS APÓS FALHA DE INOVAÇÃO TECNOLÓGICA?

	Modelo de referência de regressão				Teste de endogeneidade (2SLS modelo de regressão)
	ADICIONAL	ADICIONAL	NOVA	NOVA	ADICIONAL	ADICIONAL	NOVA	NOVA
AE1	-1,186		0,238^**		-0,976		0,315^***
	(1,295)		(0,092)		(1,482)		(0,12)
AE2		-6,283		1,008^***		-7,762		1,23^***
		(4,387)		(0,31)		(4,158)		(0,355)
TAMANHO	1,691^***	1,984^***	1,005^***	0,96^***	1,804^***	2,078^***	0,962^***	0,932^***
	(0,626)	(0,664)	(0,045)	(0,047)	(0,578)	(0,574)	(0,037)	(0,039)
PDI	13,924	16,705	-2,482^***	-2,865^***	12,45	17,328^*	-2,285^**	-2,909^***
	(11,707)	(11,936)	(0,834)	(0,844)	(9,578)	(9,577)	(1,023)	(0,979)
CRESCIMENTO	1,544	1,315	0,095	0,13	1,46	1,27	,156	0,171
	(2,568)	(2,565)	(0,183)	(0,181)	(2,745)	(2,845)	(,198)	(0,171)
ROE	-7,228	-9,171	2,105^***	2,398^***	-8,007	-9,891	2,413^***	2,59^***
	(8,090)	(8,221)	(0,576)	(0,582)	(7,609)	(7,83)	(0,637)	(0,675)
TECH	68,307^***	62,554^***	14,975^***	15,882^***	69,359^***	60,192^***	14,101^***	15,666^***
	(23,046)	(23,362)	(1,642)	(1,653)	(20,311)	(21,453)	(1,996)	(2,19)
FALHAINOVA	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
ANO	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
_cons	-33,892	-40,516^***	-4,094^***	-3,064^***	-35,8^***	-42,661^***	-3,345^***	-2,51^***
	(13,393)	(14,299)	(0,954)	(1,011)	(13,062)	(13,022)	(0,826)	(0,87)
R-quadrado	0,103	0,109	0,792	0,796	0,097	0,104	0,779	0,792

	ADICIONAL	ADICIONAL	NOVA	NOVA
AE1	-0,958		0,157^***
	(1,191)		(0,086)
AE2		-6,348		1,055^***
		(4,221)		(0,301)
TAMANHO	1,803^***	2,013^***	0,975^***	0,94^***
	(0,576)	(0,597)	(0,042)	(0,043)
PDI	12,434	16,275	-2,139^***	-2,779^***
	(11,185)	(11,521)	(0,811)	(0,821)
CRESCIMENTO	1,461	1,321	0,142	0,165
	(2,475)	(2,467)	(0,18)	(0,176)
ROE	-7,994	-9,412	2,293^***	2,531^***
	(7,731)	(7,778)	(0,561)	(0,554)
TECH	69,347^***	61,737^***	14,212^***	15,475^***
	(21,895)	(22,271)	(1,588)	(1,586)
FALHAINOVA	Yes	Yes	Yes	Yes
ANO	Yes	Yes	Yes	Yes
_cons	-35,773^***	-41,13^***	-3,593^***	-2,699^***
	(12,675)	(13,292)	(0,919)	(0,979)
Qui-quadrado	20,545	22,326	691,004	731,711

	ADICIONAL	ADICIONAL	NOVA	NOVA
AE1	-0,955		0,216^**
	(1,304)		(0,089)
AE2		-6,120		0,945^***
		(4,386)		(0,296)
TAMANHO	1,769^***	2,057^***	0,976^***	0,934^***
	(0,633)	(0,669)	(0,043)	(0,045)
PDI	7,527	10,229	-1,768^**	-2,068^**
	(12,462)	(12,602)	(0,846)	(0,850)
CRESCIMENTO	1,964	1,752	0,043	0,072
	(2,580)	(2,576)	(0,175)	(0,174)
ROE	-7,793	-9,881	1,955^***	2,255^***
	(8,162)	(8,300)	(0,554)	(0,559)
TECH	54,528^**	48,825^*	17,989^***	18,893^***
	(25,209)	(25,400)	(1,712)	(1,712)
GERENTE	2,195	2,227	-0,412^***	-0,425^***
	(1,510)	(1,498)	(0,103)	(0,101)
PODER	2,909	3,727	1,388^**	1,233^**
	(8,627)	(8,582)	(0,586)	(0,579)
FALHAINOVA	Yes	Yes	Yes	Yes
ANO	Yes	Yes	Yes	Yes
_cons	-33,538^**	-39,938^***	-3,670^***	-2,735^***
	(13,564)	(14,412)	(0,921)	(0,972)
R-quadrado	0,115	0,122	0,813	0,817

	ADICIONAL	ADICIONAL	NOVA	NOVA
AE1	15,213^**		1,046^**
	(6,247)		(0,422)
GOVERNO	-1,961^***	-2,724^***	0,332^***	0,241^***
	(0,645)	(0,532)	(0,044)	(0,036)
AE1^*GOVERNO	-2,22^**		-0,12^**
	(0,862)		(0,058)
AE2		48,293^*		-1,472
		(25,362)		(1,73)
AE2^*GOVERNO		-6,228^*		0,249
		(3,299)		(0,225)
TAMANHO	2,357^***	1,986^***	0,981^***	0,957^***
	(0,559)	(0,591)	(0,038)	(0,04)
PDI	7,647	8,333	-2,05^***	-2,121^***
	(10,298)	(10,725)	(0,696)	(0,732)
CRESCIMENTO	4,006^*	4,321^*	-0,122	-0,107
	(2,28)	(2,316)	(0,154)	(0,158)
ROE	0,996	3,239	1,292^***	1,417^***
	(7,216)	(7,505)	(0,488)	(0,512)
TECH	68,336^***	66,313^***	14,569^***	15,322^***
	(20,241)	(21,043)	(1,368)	(1,436)
FALHAINOVA	Yes	Yes	Yes	Yes
ANO	Yes	Yes	Yes	Yes
_cons	-32,872^**	-20,333	-5,983^***	-4,797^***
	(12,932)	(13,166)	(0,874)	(0,898)
R-quadrado	0,318	0,306	0,858	0,852

\begin{aligned} {ADICIONAL}_{(i, t + 1)} = α + β_{1} {AE 1}_{(i, t)} + β_{2} {TAMANHO}_{(i, t)} + β_{3} {PDI}_{(i, t)} + β_{4} CRESCIMENTO_{(i, t)} + β_{5} R O E_{(i, t)} + β_{6} {TECH}_{(i, t)} + β_{7} {FALHAINOVA}_{(i, t)} + + μ_{(i, t)} \end{aligned}

\begin{aligned} {NEW}_{(i, t + 1)} = α + β_{1} {AE 1}_{(i, t)} + β_{2} {TAMANHO}_{(i, t)} + β_{3} {PDI}_{(i, t)} + β_{4} CRESCIMENTO_{(i, t)} + β_{5} R O E_{(i, t)} + β_{6} {TECH}_{(i, t)} + β_{7} {FALHAINOVA}_{(i, t)} + + μ_{(i, t)} \end{aligned}

\begin{aligned} {ADICIONAL}_{(i, t + 1)} = α + β_{1} {AE 2}_{(i, t)} + β_{2} {TAMANHO}_{(i, t)} + β_{3} {PDI}_{(i, t)} + β_{4} CRESCIMENTO_{(i, t)} + β_{5} R O E_{(i, t)} + β_{6} {TECH}_{(i, t)} + β_{7} {FALHAINOVA}_{(i, t)} + + μ_{(i, t)} \end{aligned}

\begin{aligned} {NEW}_{(i, t + 1)} = α + β_{1} {AE 2}_{(i, t)} + β_{2} {TAMANHO}_{(i, t)} + β_{3} {PDI}_{(i, t)} + β_{4} CRESCIMENTO_{(i, t)} + β_{5} R O E_{(i, t)} + β_{6} {TECH}_{(i, t)} + β_{7} {FALHAINOVA}_{(i, t)} + + μ_{(i, t)} \end{aligned}

\begin{aligned} {ADICIONAL}_{(i, t + 1)} \\ = α + β_{1} {AE 1}_{(i, t)} + β_{2} {GOVERNO}_{(i, t)} + β_{3} AE 1 * {GOVERNO}_{(i, t)} \\ + β_{4} TAMANHO_{(i, t)} + β_{5} P D I_{(i, t)} \\ + β_{6} {CRESCIMENTO}_{(i, t)} + β_{7} {ROE}_{(i, t)} + β_{8} {TECH}_{(i, t)} + β_{g} {FALHAINOVA}_{(i, t)} + μ_{(i, t)} \end{aligned}

\begin{aligned} {NOVA}_{(i, t + 1)} \\ = α + β_{1} {AE 1}_{(i, t)} + β_{2} {GOVERNO}_{(i, t)} + β_{3} AE 1 * {GOVERNO}_{(i, t)} \\ + β_{4} TAMANHO_{(i, t)} + β_{5} P D I_{(i, t)} \\ + β_{6} {CRESCIMENTO}_{(i, t)} + β_{7} {ROE}_{(i, t)} + β_{8} {TECH}_{(i, t)} + β_{g} {FALHAINOVA}_{(i, t)} + μ_{(i, t)} \end{aligned}

\begin{aligned} {ADICIONAL}_{(i, t + 1)} \\ = α + β_{1} {AE 2}_{(i, t)} + β_{2} {GOVERNO}_{(i, t)} + β_{3} AE 1 * {GOVERNO}_{(i, t)} \\ + β_{4} TAMANHO_{(i, t)} + β_{5} P D I_{(i, t)} \\ + β_{6} {CRESCIMENTO}_{(i, t)} + β_{7} {ROE}_{(i, t)} + β_{8} {TECH}_{(i, t)} + β_{g} {FALHAINOVA}_{(i, t)} + μ_{(i, t)} \end{aligned}

\begin{aligned} {NOVA}_{(i, t + 1)} \\ = α + β_{1} {AE 2}_{(i, t)} + β_{2} {GOVERNO}_{(i, t)} + β_{3} AE 1 * {GOVERNO}_{(i, t)} \\ + β_{4} TAMANHO_{(i, t)} + β_{5} P D I_{(i, t)} \\ + β_{6} {CRESCIMENTO}_{(i, t)} + β_{7} {ROE}_{(i, t)} + β_{8} {TECH}_{(i, t)} + β_{g} {FALHAINOVA}_{(i, t)} + μ_{(i, t)} \end{aligned}