Moderating effect
| Variable | ER | R&D | GF | |||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| DRI | 0.597*** (58.437) | 0.670*** (68.443) | 0.620*** (52.770) | 0.621*** (53.563) | 0.603*** (53.697) | 0.698*** (88.468) |
| ER | −0.083*** (−22.189) | 0.016*** (4.591) | ||||
| DRI × ER | 0.491*** (12.865) | |||||
| R&D | 0.00003 (0.691) | 0.0003*** (4.011) | ||||
| DRI × R&D | −0.002*** (−5.539) | |||||
| GF | 0.140*** (20.100) | 0.077*** (13.226) | ||||
| DRI × GF | −0.982*** (−44.999) | |||||
| Constant | 0.572*** (90.273) | 0.525*** (86.528) | 0.555*** (73.134) | 0.552*** (72.595) | 0.517*** (64.224) | 0.501*** (80.683) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| Province fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 15,565 | 15,565 | 14,902 | 14,902 | 15,564 | 15,564 |
| R2 | 0.911 | 0.920 | 0.903 | 0.904 | 0.906 | 0.934 |
| Variable | ||||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| 0.597*** (58.437) | 0.670*** (68.443) | 0.620*** (52.770) | 0.621*** (53.563) | 0.603*** (53.697) | 0.698*** (88.468) | |
| −0.083*** (−22.189) | 0.016*** (4.591) | |||||
| DRI × ER | 0.491*** (12.865) | |||||
| R&D | 0.00003 (0.691) | 0.0003*** (4.011) | ||||
| DRI × R&D | −0.002*** (−5.539) | |||||
| 0.140*** (20.100) | 0.077*** (13.226) | |||||
| DRI × GF | −0.982*** (−44.999) | |||||
| Constant | 0.572*** (90.273) | 0.525*** (86.528) | 0.555*** (73.134) | 0.552*** (72.595) | 0.517*** (64.224) | 0.501*** (80.683) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| Province fixed | Yes | Yes | Yes | Yes | Yes | Yes |
| 15,565 | 15,565 | 14,902 | 14,902 | 15,564 | 15,564 | |
| 0.911 | 0.920 | 0.903 | 0.904 | 0.906 | 0.934 | |
***, ** and *are significant at 1, 5 and 10% levels, respectively, with t-values in brackets