Benchmark result of DRI on corporate GTFP
| Variable | GTFP | |
|---|---|---|
| H1 | ||
| (1) | (2) | |
| DRI | 1.144*** (141.639) | 0.620*** (53.328) |
| Size | −0.0002 (−0.727) | |
| Age | 0.014*** (12.366) | |
| ROA | −0.011* (−1.816) | |
| Tobin’s Q | 0.001*** (2.947) | |
| Cash | 0.022*** (4.227) | |
| Growth | 0.002*** (2.644) | |
| GDP | 0.020*** (48.439) | |
| GOVIN | −0.281*** (−7.453) | |
| Constant | 0.447*** (106.090) | 0.556*** (73.857) |
| Industry fixed | Yes | Yes |
| Province fixed | Yes | Yes |
| N | 15,565 | 15,565 |
| R2 | 0.835 | 0.902 |
| Variable | ||
|---|---|---|
| (1) | (2) | |
| 1.144*** (141.639) | 0.620*** (53.328) | |
| Size | −0.0002 (−0.727) | |
| Age | 0.014*** (12.366) | |
| −0.011* (−1.816) | ||
| Tobin’s Q | 0.001*** (2.947) | |
| Cash | 0.022*** (4.227) | |
| Growth | 0.002*** (2.644) | |
| 0.020*** (48.439) | ||
| −0.281*** (−7.453) | ||
| Constant | 0.447*** (106.090) | 0.556*** (73.857) |
| Industry fixed | Yes | Yes |
| Province fixed | Yes | Yes |
| 15,565 | 15,565 | |
| 0.835 | 0.902 | |
***, ** and *are significant at 1, 5 and 10% levels, respectively, with t-values in brackets