Advantage Management Strategy in Competition via Technological Race Perspective: Empirical Evidence from the Taiwanese Manufacturing Industry

Table 6

Simultaneous equations econometrics approach.

	Panel	2SLS	Tobit
Constant	1330.8; (0.0021)***	1395.5; (0.0036)***	1395.6; (0.0095)***
R&D_E (−1)^†	0.34403; (0.0000)***	0.35038; (0.0000)***	0.34304; (0.0099)***
Mks (−3)	1827.73; (0.0098)***	1871.58; (0.0096)***	1871.58; (0.0099)***
Cap (−3)	0.02334; (0.0893)*	0.01496; (0.0936)*	0.00110; (0.0999)*
R&D_T (−2)	1.57519; (0.0052)***	1.37347; (0.0062)***	1.10365; (0.0097)***
Ler (−3)	1512.7; (0.0935)*	1565.2; (0.0833)*	1565.1; (0.0991)*
Pat (−3)	−2.01825; (0.0588)*	−1.93092; (0.0902)*	0.77388; (0.0853)*
Tur (−2)	0.15110; (0.0892)*	0.16098; (0.0230)**	0.12511; (0.0998)*
Dummy time	0.13415; (0.0208)**	0.76467; (0.0845)*	0.76467; (0.0974)*
Dummy of the technology sector	0.13718; (0.0605)*	0.72172; (0.0867)*	0.72172; (0.0998)*
Adj -squared	0.769571	0.770088	—

Notes: values within brackets ***, **, and * indicate significance at the 1%, 5%, and 10% level, respectively. (−) represents year(s) of time lag.