Silviase/jgov_v1.4_full_ann huggingface dataset:
付表 1：回帰分析の推定結果(フローベース・従業員 300 人超)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D flow	0.472	0.457	0.406	0.438	0.443	0.442
( 0.030 )***	( 0.034 )***	( 0.030 )***	( 0.030 )***	( 0.030 )***	( 0.030 )***
Spillover 1	1.11E-04
( 1.75E-05 )***
Spillover 2	8.05E-07
( 8.45E-08 )***
Spillover 3	2.82E-12
( 3.11E-13 )***
Spillover 4	3.37E-05
Constant	-0.111	-0.041	-0.080	-0.087	-0.080	( 3.46E-06 )***
( 0.008 )***	( 0.011 )***	( 0.012 )***	( 0.012 )***	( 0.012 )***	( 0.012 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	10940	10940	10940	10940	10940	10940
R-squared	0.104	0.123	0.140	0.148	0.148	0.149
Fixed Effect
R&D flow	1.189	0.981	0.748	0.740	0.751
( 0.041 )***	( 0.043 )***	( 0.044 )***	( 0.044 )***	( 0.044 )***
Spillover 1	1.63E-04
( 1.17E-05 )***
Spillover 2	2.01E-06
( 8.48E-08 )***
Spillover 3	7.43E-12
( 3.02E-13 )***
Spillover 4	8.51E-05
( 3.52E-06 )***
Constant	-0.201	-0.204	-0.252	-0.240	-0.254
( 0.010 )***	( 0.010 )***	( 0.010 )***	( 0.010 )***	( 0.010 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	10940	10940	10940	10940	10940
Number of ID	1771	1771	1771	1771	1771
R-squared within	0.142	0.159	0.191	0.195	0.193
R-squared between	0.047	0.057	0.030	0.028	0.031
R-squared overall	0.086	0.112	0.113	0.111	0.114
Random Effect
R&D flow	0.675	0.558	0.592	0.598	0.596
( 0.027 )***	( 0.028 )***	( 0.027 )***	( 0.027 )***	( 0.027 )***
Spillover 1	1.40E-04
( 8.59E-06 )***
Spillover 2	1.22E-06
( 5.61E-08 )***
Spillover 3	4.38E-12
( 1.99E-13 )***
Spillover 4	5.14E-05
( 2.32E-06 )***
Constant	-0.134	-0.174	-0.223	-0.189	-0.222
( 0.010 )***	( 0.009 )***	( 0.010 )***	( 0.010 )***	( 0.010 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	10940	10940	10940	10940	10940
Number of ID	1771	1771	1771	1771	1771
R-squared within	0.131	0.151	0.183	0.186	0.184
R-squared between	0.057	0.066	0.043	0.042	0.045
R-squared overall	0.101	0.127	0.127	0.126	0.128

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表 2：回帰分析の推定結果(フローベース・従業員 300 人以下)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D flow	0.424	0.410	0.363	0.311	0.318	0.309
( 0.044 )***	( 0.049 )***	( 0.048 )***	( 0.046 )***	( 0.046 )***	( 0.046 )***
Spillover 1	2.21E-05
( 4.37E-06 )***
Spillover 2	2.08E-07
( 2.15E-08 )***
Spillover 3	6.88E-13
( 6.71E-14 )***
Spillover 4	8.84E-06
Constant	-0.106	-0.034	-0.059	-0.088	-0.076	-0.090
( 0.013 )***	( 0.018 )*	( 0.018 )***	( 0.019 )***	( 0.018 )***	( 0.019 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	7315	7315	7315	7315	7315	7315
R-squared	0.065	0.074	0.081	0.124	0.124	0.125
Fixed Effect
R&D flow	1.302	1.190	0.613	0.637	0.585
( 0.063 )***	( 0.065 )***	( 0.067 )***	( 0.067 )***	( 0.067 )***
Spillover 1	3.55E-05
( 4.81E-06 )***
Spillover 2	5.62E-07
( 2.39E-08 )***
Spillover 3	1.90E-12
( 8.02E-14 )***
Spillover 4	2.44E-05
( 1.01E-06 )***
Constant	-0.096	-0.100	-0.234	-0.264	-0.237
( 0.014 )***	( 0.014 )***	( 0.014 )***	( 0.015 )***	( 0.014 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	7315	7315	7315	7315	7315
Number of ID	1421	1421	1421	1421	1421
R-squared within	0.107	0.115	0.183	0.184	0.187
R-squared between	0.013	0.026	0.241	0.239	0.238
R-squared overall	0.048	0.057	0.098	0.097	0.098
Random Effect
R&D flow	0.613	0.523	0.412	0.424	0.410
( 0.040 )***	( 0.040 )***	( 0.037 )***	( 0.037 )***	( 0.037 )***
Spillover 1	2.86E-05
( 3.21E-06 )***
Spillover 2	2.49E-07
( 1.11E-08 )***
Spillover 3	8.19E-13
( 3.68E-14 )***
Spillover 4	1.07E-05
( 4.72E-07 )***
Constant	-0.124	-0.157	-0.206	-0.164	-0.205
( 0.015 )***	( 0.014 )***	( 0.014 )***	( 0.014 )***	( 0.014 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	7315	7315	7315	7315	7315
Number of ID	1421	1421	1421	1421	1421
R-squared within	0.092	0.100	0.160	0.160	0.163
R-squared between	0.025	0.048	0.250	0.249	0.247
R-squared overall	0.063	0.074	0.115	0.114	0.115

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表 3：回帰分析の推定結果(ストックベース・従業員 300 人超)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D stock	0.186	0.182	0.182	0.141	0.189	0.112
( 0.061 )***	( 0.062 )***	( 0.062 )***	( 0.054 )***	( 0.067 )***	( 0.036 )***
Spillover 1	1.05E-05
( 9.11E-06 )
Spillover 2	-9.43E-07
( 3.04E-07 )***
Spillover 3	9.88E-13
( 3.20E-12 )
Spillover 4	1.42E-04
Constant	-0.034	0.065	0.063	0.119	0.199	0.109
( 0.028 )	( 0.031 )**	( 0.031 )**	( 0.035 )***	( 0.019 )***	( 0.022 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	4491	4491	4491	4491	4491	4491
R-squared	0.127	0.154	0.154	0.164	0.155	0.194
Fixed Effect
R&D stock	0.202	0.203	0.162	0.222	0.075
( 0.013 )***	( 0.013 )***	( 0.016 )***	( 0.014 )***	( 0.015 )***
Spillover 1	1.38E-05
( 8.16E-06 )*
Spillover 2	-7.11E-07
( 1.50E-07 )***
Spillover 3	2.09E-12
( 5.96E-13 )***
Spillover 4	2.03E-04
( 1.32E-05 )***
Constant	-0.048	-0.049	-0.006	-0.075	0.029
( 0.022 )**	( 0.022 )**	( 0.024 )	( 0.024 )*	( 0.022 )
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	4491	4491	4491	4491	4491
Number of ID	1259	1259	1259	1259	1259
R-squared within	0.137	0.138	0.143	0.140	0.196
R-squared between	0.079	0.080	0.092	0.081	0.088
R-squared overall	0.126	0.127	0.135	0.127	0.163
Random Effect
R&D stock	0.187	0.187	0.148	0.199	0.106
( 0.011 )***	( 0.011 )***	( 0.012 )***	( 0.011 )***	( 0.012 )***
Spillover 1	1.57E-05
( 7.35E-06 )**
Spillover 2	-8.57E-07
( 1.32E-07 )***
Spillover 3	1.55E-12
( 4.92E-13 )***
Spillover 4	1.58E-04
( 1.00E-05 )***
Constant	-0.041	-0.042	0.007	-0.059	0.012
( 0.020 )**	( 0.020 )**	( 0.021 )	( 0.021 )***	( 0.020 )
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	4491	4491	4491	4491	4491
Number of ID	1259	1259	1259	1259	1259
R-squared within	0.136	0.137	0.142	0.139	0.193
R-squared between	0.082	0.084	0.097	0.084	0.099
R-squared overall	0.127	0.128	0.135	0.128	0.168

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表4：回帰分析の推定結果(ストックベース・従業員300人以下)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D stock	0.135	0.124	0.118	0.113	0.084	0.080
(4.66E-02)***	(0.043)***	(0.040)***	(0.043)***	(0.034)**	(0.033)**
Spillover 1	2.83E-06
(4.93E-07)***
Spillover 2	1.27E-07
(1.61E-07)
Spillover 3	6.57E-13
(2.90E-13)**
Spillover 4	1.24E-05
(8.32E-06)
Constant	-0.099	0.027	0.022	0.233	-0.006	-0.018
(0.021)***	(0.031)	(0.031)	(0.032)***	(0.033)	(0.035)
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	2697	2697	2697	2697	2697	2697
R-squared	0.051	0.074	0.090	0.076	0.093	0.092
Fixed Effect
R&D stock	0.221	0.215	0.212	0.175	0.176
(0.042)***	(0.041)***	(0.043)***	(0.043)***	(0.043)***
Spillover 1	2.93E-06
(4.11E-07)***
Spillover 2	6.50E-08
(5.61E-08)
Spillover 3	5.02E-13
(1.01E-13)***
Spillover 4	8.16E-06
(2.04E-06)***
Constant	-0.072	-0.074	-0.082	-0.080	-0.051
(0.033)**	(0.032)**	(0.034)**	(0.033)*	(0.033)*
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	2697	2697	2697	2697	2697
Number of ID	857	857	857	857	857
R-squared within	0.062	0.087	0.062	0.074	0.070
R-squared between	0.020	0.020	0.021	0.055	0.054
R-squared overall	0.045	0.064	0.047	0.067	0.064
Random Effect
R&D stock	0.149	0.145	0.140	0.106	0.102
(0.032)***	(0.032)***	(0.032)***	(0.032)***	(0.032)***
Spillover 1	2.91E-06
(3.90E-07)***
Spillover 2	9.81E-08
(5.09E-08)*
Spillover 3	6.52E-13
(8.92E-14)***
Spillover 4	1.20E-05
(1.77E-06)***
Constant	-0.046	-0.049	-0.062	-0.061	-0.021
(0.029)	(0.028)***	(0.030)**	(0.028)***	(0.028)
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	2697	2697	2697	2697	2697
Number of ID	857	857	857	857	857
R-squared within	0.059	0.084	0.060	0.072	0.067
R-squared between	0.035	0.036	0.037	0.081	0.087
R-squared overall	0.051	0.069	0.053	0.073	0.071

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表 5：回帰分析の推定結果(フローベース・資本金 10 億円以上)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D flow	0.477	0.461	0.420	0.470	0.470	0.473
( 0.034 )***	( 0.039 )***	( 0.035 )***	( 0.036 )***	( 0.036 )***	( 0.036 )***
Spillover 1	8.80E-05
( 1.82E-05 )***
Spillover 2	4.34E-07
( 6.32E-08 )***
Spillover 3	1.49E-12
( 2.04E-13 )***
Spillover 4	1.82E-05
Constant	-0.094	-0.020	-0.047	-0.048	-0.043	-0.049
( 0.009 )***	( 0.013 )***	( 0.014 )***	( 0.013 )***	( 0.013 )***	( 0.013 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	9693	9693	9693	9693	9693	9693
R-squared	0.085	0.098	0.110	0.130	0.130	0.131
Fixed Effect
R&D flow	1.241	1.095	0.973	0.958	0.970
( 0.048 )***	( 0.050 )***	( 0.048 )***	( 0.048 )***	( 0.048 )***
Spillover 1	1.16E-04
( 1.17E-05 )***
Spillover 2	8.51E-07
( 3.91E-08 )***
Spillover 3	3.10E-12
( 1.38E-13 )***
Spillover 4	3.64E-05
( 1.64E-06 )***
Constant	-0.184	-0.186	-0.211	-0.203	-0.212
( 0.012 )***	( 0.012 )***	( 0.012 )***	( 0.012 )***	( 0.012 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	9693	9693	9693	9693	9693
Number of ID	1506	1506	1506	1506	1506
R-squared within	0.121	0.131	0.169	0.171	0.170
R-squared between	0.048	0.070	0.051	0.047	0.052
R-squared overall	0.070	0.085	0.106	0.104	0.106
Random Effect
R&D flow	0.594	0.504	0.590	0.593	0.593
( 0.043 )***	( 0.037 )***	( 0.028 )***	( 0.028 )***	( 0.028 )***
Spillover 1	1.06E-04
( 1.82E-05 )***
Spillover 2	5.23E-07
( 2.60E-08 )***
Spillover 3	1.81E-12
( 9.04E-14 )***
Spillover 4	2.21E-05
( 1.08E-06 )***
Constant	-0.106	-0.157	-0.188	-0.137	-0.187
( 0.010 )***	( 0.010 )***	( 0.011 )***	( 0.011 )***	( 0.011 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	9693	9693	9693	9693	9693
Number of ID	1506	1506	1506	1506	1506
R-squared within	0.105	0.118	0.159	0.160	0.160
R-squared between	0.061	0.093	0.059	0.056	0.060
R-squared overall	0.084	0.101	0.115	0.114	0.116

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表6：回帰分析の推定結果(フローベース・資本金10億円未満)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D flow	0.429	0.407	0.366	0.351	0.356	0.350
( 0.034 )***	( 0.037 )***	( 0.036 )***	( 0.038 )***	( 0.038 )***	( 0.038 )***
Spillover 1	2.24E-05
( 4.10E-06 )***
Spillover 2	1.54E-07
( 3.50E-08 )***
Spillover 3	5.10E-13
( 1.15E-13 )***
Spillover 4	6.52E-06
Constant	-0.128	-0.060	-0.078	-0.083	0.011	-0.083
( 0.010 )***	( 0.013 )***	( 0.013 )***	( 0.014 )***	( 0.015 )	( 0.014 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	8562	8562	8562	8562	8562	8562
R-squared	0.090	0.103	0.112	0.134	0.134	0.134
Fixed Effect
R&D flow	1.122	1.003	0.633	0.687	0.602
( 0.050 )***	( 0.051 )***	( 0.054 )***	( 0.053 )***	( 0.054 )***
Spillover 1	3.91E-05
( 4.15E-06 )***
Spillover 2	4.93E-07
( 2.33E-08 )***
Spillover 3	1.55E-12
( 7.59E-14 )***
Spillover 4	2.19E-05
( 9.89E-07 )***
Constant	-0.080	-0.083	-0.176	-0.190	-0.181
( 0.011 )***	( 0.011 )***	( 0.012 )***	( 0.012 )***	( 0.012 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	8562	8562	8562	8562	8562
Number of ID	1477	1477	1477	1477	1477
R-squared within	0.131	0.141	0.182	0.179	0.187
R-squared between	0.016	0.030	0.235	0.237	0.231
R-squared overall	0.072	0.085	0.093	0.095	0.091
Random Effect
R&D flow	0.680	0.593	0.513	0.524	0.510
( 0.051 )***	( 0.049 )***	( 0.034 )***	( 0.034 )***	( 0.034 )***
Spillover 1	3.15E-05
( 3.62E-06 )***
Spillover 2	2.25E-07
( 1.06E-08 )***
Spillover 3	7.27E-13
( 3.47E-14 )***
Spillover 4	9.71E-06
( 4.52E-07 )***
Constant	-0.158	-0.170	-0.200	-0.184	-0.200
( 0.011 )***	( 0.011 )***	( 0.011 )***	( 0.011 )***	( 0.011 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	8562	8562	8562	8562	8562
Number of ID	1477	1477	1477	1477	1477
R-squared within	0.123	0.134	0.167	0.165	0.170
R-squared between	0.022	0.040	0.229	0.231	0.226
R-squared overall	0.086	0.099	0.115	0.115	0.115

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表 7：回帰分析の推定結果(ストックベース・資本金 10 億円以上)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D stock	0.140	0.132	0.132	0.134	0.129	0.124
( 0.058 )**	( 0.055 )**	( 0.055 )**	( 0.056 )**	( 0.051 )**	( 0.050 )**
Spillover 1	-3.06E-06
( 8.36E-06 )
Spillover 2	4.95E-07
( 3.34E-07 )
Spillover 3	3.05E-12
( 6.77E-13 )***
Spillover 4	6.38E-05
Constant	-0.021	0.101	0.102	0.124	0.061	( 1.04E-05 )***
( 0.027 )***	( 0.029 )***	( 0.029 )***	( 0.024 )***	( 0.031 )*	( 0.027 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	4090	4090	4090	4090	4090	4090
R-squared	0.077	0.106	0.106	0.109	0.126	0.134
Fixed Effect
R&D stock	0.152	0.152	0.153	0.145	0.135
( 0.018 )***	( 0.018 )***	( 0.018 )***	( 0.017 )***	( 0.017 )***
Spillover 1	-4.70E-06
( 5.78E-06 )
Spillover 2	2.64E-07
( 1.52E-07 )*
Spillover 3	3.56E-12
( 3.94E-13 )***
Spillover 4	8.53E-05
( 7.24E-06 )***
Constant	-0.005	-0.005	-0.002	-0.046	-0.057
( 0.018 )	( 0.018 )	( 0.019 )	( 0.019 )**	( 0.019 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	4090	4090	4090	4090	4090
Number of ID	1106	1106	1106	1106	1106
R-squared within	0.083	0.083	0.084	0.107	0.124
R-squared between	0.058	0.057	0.065	0.079	0.065
R-squared overall	0.077	0.077	0.079	0.096	0.102
Random Effect
R&D stock	0.141	0.141	0.143	0.138	0.131
( 0.014 )***	( 0.014 )***	( 0.014 )***	( 0.014 )***	( 0.014 )***
Spillover 1	-1.79E-06
( 5.39E-06 )
Spillover 2	4.39E-07
( 1.34E-07 )***
Spillover 3	3.15E-12
( 3.25E-13 )***
Spillover 4	6.85E-05
( 5.83E-06 )***
Constant	-0.028	-0.028	-0.053	-0.070	-0.011
( 0.022 )	( 0.022 )	( 0.024 )**	( 0.023 )***	( 0.022 )
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	4090	4090	4090	4090	4090
Number of ID	1106	1106	1106	1106	1106
R-squared within	0.082	0.082	0.083	0.107	0.122
R-squared between	0.062	0.062	0.073	0.081	0.071
R-squared overall	0.077	0.077	0.080	0.097	0.104

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表 8：回帰分析の推定結果(ストックベース・資本金 10 億円未満)

Pooled OLS	<1>	<2>	<3>	<4>	<5>	<6>
R&D stock	0.259	0.257	0.256	0.253	0.257	0.238
( 0.051 )***	( 0.053 )***	( 0.054 )***	( 0.050 )***	( 0.061 )***	( 0.056 )***
Spillover 1	2.86E-06
( 5.07E-07 )***
Spillover 2	-5.19E-08
( 1.32E-07 )
Spillover 3	4.15E-13
( 2.69E-13 )
Spillover 4	8.32E-06
Constant	-0.116	-0.025	-0.029	0.023	-0.041	0.022
( 0.019 )***	( 0.025 )**	( 0.025 )	( 0.034 )	( 0.026 )	( 0.034 )
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	3098	3098	3098	3098	3098	3098
R-squared	0.143	0.166	0.185	0.167	0.175	0.175
Fixed Effect
R&D stock	0.286	0.286	0.285	0.287	0.275
( 0.018 )***	( 0.018 )***	( 0.018 )***	( 0.018 )***	( 0.018 )***
Spillover 1	3.01E-06
( 3.50E-07 )***
Spillover 2	-1.59E-08
( 4.55E-08 )
Spillover 3	3.18E-13
( 8.41E-14 )***
Spillover 4	4.35E-06
( 1.76E-06 )**
Constant	-0.089	-0.093	-0.085	-0.101	-0.082
( 0.026 )**	( 0.025 )***	( 0.027 )***	( 0.026 )***	( 0.026 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	3098	3098	3098	3098	3098
Number of ID	926	926	926	926	926
R-squared within	0.167	0.195	0.167	0.173	0.170
R-squared between	0.049	0.049	0.050	0.065	0.065
R-squared overall	0.142	0.163	0.142	0.151	0.149
Random Effect
R&D stock	0.262	0.261	0.257	0.261	0.244
( 0.016 )***	( 0.015 )***	( 0.016 )***	( 0.016 )***	( 0.016 )***
Spillover 1	2.94E-06
( 3.31E-07 )***
Spillover 2	-5.67E-08
( 4.11E-08 )
Spillover 3	4.02E-13
( 7.38E-14 )***
Spillover 4	7.57E-06
( 1.50E-06 )***
Constant	-0.078	-0.082	-0.067	-0.094	-0.066
( 0.023 )***	( 0.023 )***	( 0.024 )***	( 0.023 )***	( 0.023 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	3098	3098	3098	3098	3098
Number of ID	926	926	926	926	926
R-squared within	0.166	0.194	0.166	0.171	0.167
R-squared between	0.056	0.055	0.059	0.076	0.083
R-squared overall	0.143	0.164	0.144	0.153	0.153

注：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表9：回帰分析の推定結果(フローベース・スピルオーバーを産業内外に分割)

Pooled OLS	<3>	<4>	<5>	<6>
R&D flow	0.412	0.427	0.428	0.427
( 0.026 )***	( 0.027 )***	( 0.027 )***	( 0.027 )***
Spillover 1	Intra	1.06E-05
( 1.26E-05 )
Inter	3.08E-05
( 4.61E-06 )***
Spillover 2	Intra	-4.52E-07
( 2.12E-07 )**
Inter	1.80E-07
( 2.39E-08 )***
Spillover 3	Intra	-5.32E-13
( 4.44E-13 )
Inter	5.82E-13
( 7.69E-14 )***
Spillover 4	Intra	-1.86E-05
( 1.31E-05 )
Inter	7.68E-06
( 1.13E-06 )***
Constant	-0.084	-0.084	-0.081	-0.084
( 0.010 )***	( 0.010 )***	( 0.009 )***	( 0.010 )***
Year dummy	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes
Number of Observations	18255	18255	18255	18255
R-squared	0.105	0.121	0.120	0.121
Fixed Effect	Random Effect
<3>	<4>	<5>	<6>	<3>	<4>	<5>	<6>
R&D flow	1.081	0.843	0.865	0.835	0.558	0.554	0.557	0.556
( 0.035 )***	( 0.036 )***	( 0.036 )***	( 0.036 )***	( 0.022 )***	( 0.021 )***	( 0.021 )***	( 0.021 )***
Spillover 1	Intra	1.09E-04	2.46E-05
( 2.26E-05 )***	( 1.31E-05 )*
Inter	4.42E-05	3.84E-05
( 4.45E-06 )***	( 3.07E-06 )***
Spillover 2	Intra	6.21E-07	5.37E-08
( 3.68E-07 )*	( 1.91E-07 )
Inter	5.77E-07	2.21E-07
( 2.10E-08 )***	( 9.56E-09 )***
Spillover 3	Intra	3.45E-12	8.65E-13
( 9.16E-13 )***	( 4.64E-13 )*
Inter	1.88E-12	7.18E-13
( 6.86E-14 )***	( 3.11E-14 )***
Spillover 4	Intra	-1.98E-05	1.59E-06
( 2.27E-05 )	( 1.09E-05 )
Inter	2.61E-05	9.48E-06
( 9.69E-07 )***	( 4.39E-07 )***
Constant	-0.201	-0.241	-0.228	-0.243	-0.132	-0.181	-0.176	-0.181
( 0.009 )***	( 0.009 )***	( 0.009 )***	( 0.009 )***	( 0.008 )***	( 0.008 )***	( 0.008 )***	( 0.008 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of Observations	18255	18255	18255	18255	18255	18255	18255	18255
Number of ID	2920	2920	2920	2920	2920	2920	2920	2920
R-squared within	0.128	0.164	0.163	0.167	0.117	0.143	0.142	0.145
R-squared between	0.048	0.169	0.170	0.166	0.065	0.176	0.176	0.173
R-squared overall	0.078	0.083	0.083	0.081	0.094	0.104	0.104	0.104

注：***は有意水準1%(*は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表 10：回帰分析の推定結果(ストックベース・スピルオーバーを産業内外に分割)

Pooled OLS	<3>	<4>	<5>	<6>
R&D stock	0.179	0.182	0.179	0.169
( 0.054 )***	( 0.054 )***	( 0.056 )***	( 0.051 )***
Spillover 1	Intra	-9.13E-06
( 2.73E-06 )***
Inter	5.13E-06
( 5.39E-07 )***
Spillover 2	Intra	-3.20E-07
Inter	( 3.42E-07 )
Inter	2.93E-08
Inter	( 1.44E-07 )
Spillover 3	Intra	1.17E-12
Inter	( 5.04E-13 )**
Inter	5.76E-13
Inter	( 2.76E-13 )**
Spillover 4	Intra	3.73E-05
Inter	( 1.58E-05 )**
Inter	1.27E-05
Inter	( 8.03E-06 )
Constant	-0.129	-0.042	-0.140	-0.137
( 0.014 )***	( 0.024 )*	( 0.015 )***	( 0.015 )***
Year dummy	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes
Number of Observations	7188	7188	7188	7188
R-squared	0.104	0.096	0.104	0.106
Fixed Effect	Random Effect
<3>	<4>	<5>	<6>	<3>	<4>	<5>	<6>
R&D stock	0.203	0.208	0.204	0.193	0.181	0.184	0.181	0.171
( 0.013 )***	( 0.013 )***	( 0.013 )***	( 0.013 )***	( 0.010 )***	( 0.011 )***	( 0.010 )***	( 0.010 )***
Spillover 1	Intra	-1.19E-05	-9.86E-06
( 4.14E-06 )***	( 3.75E-06 )***
Inter	5.84E-06	5.26E-06
( 8.86E-07 )***	( 7.79E-07 )***
Spillover 2	Intra	-4.37E-07	-3.38E-07
Inter	( 1.62E-07 )***	( 1.39E-07 )**
Inter	5.69E-08	2.20E-08
Spillover 3	Intra	( 5.26E-08 )	( 4.54E-08 )
Inter	( 5.26E-08 )	1.18E-12
Inter	( 6.32E-13 )***	( 5.12E-13 )**
Inter	4.38E-13	5.64E-13
Inter	( 9.93E-14 )***	( 8.32E-14 )***
Spillover 4	Intra	( 5.03E-05 )	3.74E-05
Inter	( 1.54E-05 )***	( 1.25E-05 )***
Inter	1.03E-05	1.26E-05
Inter	( 1.94E-06 )***	( 1.61E-06 )***
Constant	-0.011	-0.010	-0.021	-0.024	-0.049	-0.001	-0.059	-0.138
( 0.013 )	( 0.013 )	( 0.013 )	( 0.013 )*	( 0.016 )***	( 0.012 )	( 0.016 )***	( 0.012 )***
Year dummy	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of Observations	7188	7188	7188	7188	7188	7188	7188	7188
Number of ID	2013	2013	2013	2013	2013	2013	2013	2013
R-squared within	0.117	0.107	0.112	0.113	0.116	0.106	0.110	0.112
R-squared between	0.054	0.054	0.066	0.073	0.061	0.061	0.077	0.083
R-squared overall	0.103	0.095	0.102	0.105	0.104	0.096	0.104	0.106

注：***は有意水準1%(*は5%、*は10%)で有意であることを示す。括弧内は標準誤差。
付表 11：回帰分析の推定結果(フローベース・GMM による推定)

System GMM	<1>	<3>	<4>	<5>	<6>
TFP growth_1	0.229	0.189	0.202	0.262	0.204
( 0.078 )***	( 0.068 )***	( 0.062 )***	( 0.068 )***	( 0.061 )***
R&D flow	0.711	0.754	0.763	0.756
( 0.142 )***	( 0.137 )***	( 0.132 )***	( 0.132 )***
Spillover 1	1.85E-05
( 1.07E-05 )*
Spillover 2	6.17E-08
( 5.61E-08 )
Spillover 3	2.13E-15
( 1.94E-13 )
Spillover 4	3.61E-06
( 3.06E-06 )
Constant	-0.053	-0.059	-0.066	0.018	-0.069
( 0.015 )***	( 0.015 )***	( 0.018 )***	( 0.012 )	( 0.019 )***
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	15971	15971	15971	15971	15971
Number of ID	2805	2805	2805	2805	2805
Wald chi2(11)	1107.4	1109.46	1110.87	856.73	1112.56
Prob > chi2	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )
Arellano-Bond test for AR(2): z	0.76	0.49	0.66	1.03	0.70
Prob > z	( 0.447 )	( 0.621 )	( 0.510 )	( 0.304 )	( 0.485 )
Sargan over-identification test: chi2(63)	249.91	321.37	341.36	333.46	341.71
Prob > chi2	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )
Hansen over-identification test: chi2(63)	103.48	128.99	158.13	156.93	159.61
Prob > chi2	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )

注1：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。

注2：<1>式および<5>式におけるWald chi2の自由度は10であり、過剰識別検定のchi2の自由度は<1>が41、<5>が64である。なお、<5>式は共線性の存在で研究開発フローの項が落ちている。

注3：操作変数は、説明変数の2期、3期ラグおよび年次ダミーである。

付表 12：回帰分析の推定結果(ストックベース・GMM による推定)

System GMM	<1>	<3>	<4>	<5>	<6>
TFP growth_1	0.214	0.202	0.221	0.199	0.176
( 0.100 )**	( 0.089 )**	( 0.097 )**	( 0.085 )**	( 0.077 )**
R&D stock	0.199	0.196	0.192	0.196	0.195
( 0.030 )***	( 0.027 )***	( 0.025 )***	( 0.027 )***	( 0.025 )***
Spillover 1	2.60E-06
( 9.78E-08 )***
Spillover 2	-2.93E-07
( 2.05E-07 )
Spillover 3	7.21E-13
( 1.46E-13 )***
Spillover 4	2.09E-05
( 5.82E-06 )***
Constant	-0.007	-0.006	-0.015	-0.023	-0.031
( 0.015 )	( 0.015 )	( 0.017 )	( 0.015 )	( 0.016 )*
Year dummy	Yes	Yes	Yes	Yes	Yes
Number of Observations	7065	7065	7065	7065	7065
Number of ID	1978	1978	1978	1978	1978
Wald chi2(11)	597.49	1277.4	595.71	610.17	605.18
Prob > chi2	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )
Arellano-Bond test for AR(2): z	0.34	0.34	0.41	0.33	0.35
Prob > z	( 0.731 )	( 0.733 )	( 0.684 )	( 0.743 )	( 0.723 )
Sargan over-identification test: chi2(57)	222.81	228.77	272.23	258.09	258.84
Prob > chi2	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )	( 0.000 )
Hansen over-identification test: chi2(57)	55.39	69.61	84.00	89.75	87.98
Prob > chi2	( 0.034 )	( 0.122 )	( 0.012 )	( 0.004 )	( 0.005 )

注1：***は有意水準1%(**は5%、*は10%)で有意であることを示す。括弧内は標準誤差。

注2：<1>式におけるWald chi2の自由度は10、過剰識別検定のchi2のそれは38である。

注3：操作変数は、説明変数の2期、3期ラグおよび年次ダミーである。
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