Table 7 Subsample analysis Dependent...

Table 7

Subsample analysis

Dependent variable	Status
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	SOE	Non-SOE	High R&D	Low R&D	High relationship	Low relationship	Growth	Non-growth
Hierarchy	−0.0220**	−0.0085	−0.0017	−0.0213***	−0.0178**	−0.0089	−0.0021	−0.0238***
Hierarchy	(0.0100)	(0.0061)	(0.0092)	(0.0065)	(0.0076)	(0.0075)	(0.0105)	(0.0070)
Size	0.0866***	0.0541***	0.0350**	0.0723***	0.0726***	0.0550***	0.0889***	0.0481***
Size	(0.0133)	(0.0080)	(0.0152)	(0.0082)	(0.0103)	(0.0123)	(0.0142)	(0.0095)
Lev	−0.1101**	0.1758***	0.1444***	0.1079***	0.1469***	0.0797**	0.1180**	0.1182***
Lev	(0.0473)	(0.0295)	(0.0513)	(0.0294)	(0.0337)	(0.0405)	(0.0520)	(0.0318)
Grossprofit	−0.1430***	0.0100	−0.0536	−0.0560	0.0183	−0.1647***	0.0540	−0.0734*
Grossprofit	(0.0483)	(0.0365)	(0.0571)	(0.0400)	(0.0391)	(0.0575)	(0.0641)	(0.0396)
Tobinq	0.0008	0.0287***	0.0327***	0.0236***	0.0304***	0.0219***	0.0206***	0.0122**
Tobinq	(0.0094)	(0.0047)	(0.0067)	(0.0056)	(0.0058)	(0.0064)	(0.0078)	(0.0061)
Top1	−0.1733**	−0.1092*	−0.0132	−0.2607***	−0.0990	−0.2266***	−0.1351	−0.3153***
Top1	(0.0780)	(0.0605)	(0.1194)	(0.0533)	(0.0674)	(0.0741)	(0.0920)	(0.0607)
FirmAge	−0.0843	0.0533	0.0497	0.0900*	0.0480	0.3561***	0.0011	−0.0521
FirmAge	(0.0701)	(0.0496)	(0.0929)	(0.0476)	(0.0525)	(0.0871)	(0.0840)	(0.0664)
Female	−0.3436***	−0.1418***	−0.1249*	−0.1806***	−0.1653***	−0.1071*	−0.1522*	−0.1637***
Female	(0.0794)	(0.0456)	(0.0743)	(0.0475)	(0.0570)	(0.0618)	(0.0860)	(0.0515)
Tenure_CEO	−0.0257***	−0.0142***	−0.0053	−0.0220***	−0.0086**	−0.0218***	−0.0177***	−0.0162***
Tenure_CEO	(0.0044)	(0.0034)	(0.0054)	(0.0032)	(0.0039)	(0.0039)	(0.0058)	(0.0034)
Dual	0.0773***	0.0680***	0.0658***	0.0562***	0.0667***	0.0575***	0.0845***	0.0533***
Dual	(0.0180)	(0.0091)	(0.0143)	(0.0101)	(0.0112)	(0.0131)	(0.0176)	(0.0107)
Indep_per	−0.4078***	−0.3077***	−0.3752***	−0.3497***	−0.3507***	−0.3550***	−0.5227***	−0.3740***
Indep_per	(0.1006)	(0.0583)	(0.0902)	(0.0630)	(0.0742)	(0.0778)	(0.1104)	(0.0680)
Indep_age	−0.1306*	0.3654***	0.4759***	0.1529***	0.2974***	0.1046*	0.2604***	0.2044***
Indep_age	(0.0699)	(0.0405)	(0.0686)	(0.0420)	(0.0497)	(0.0548)	(0.0748)	(0.0460)
Constant	0.7328*	−1.5051***	−1.6138***	−0.8852***	−1.5034***	−1.1713***	−1.5053***	−0.1284
Constant	(0.4360)	(0.2631)	(0.4718)	(0.2713)	(0.3265)	(0.4077)	(0.4761)	(0.3359)
Firm FE	YES	YES	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES	YES	YES
R²	0.6355	0.6500	0.6949	0.6443	0.7048	0.6866	0.7187	0.6513
Observations	13,933	29,110	11,924	30,045	22,410	19,992	12,358	26,098

Dependent variable	Status
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	SOE	Non-SOE	High R&D	Low R&D	High relationship	Low relationship	Growth	Non-growth
Hierarchy	−0.0220**	−0.0085	−0.0017	−0.0213***	−0.0178**	−0.0089	−0.0021	−0.0238***
Hierarchy	(0.0100)	(0.0061)	(0.0092)	(0.0065)	(0.0076)	(0.0075)	(0.0105)	(0.0070)
Size	0.0866***	0.0541***	0.0350**	0.0723***	0.0726***	0.0550***	0.0889***	0.0481***
Size	(0.0133)	(0.0080)	(0.0152)	(0.0082)	(0.0103)	(0.0123)	(0.0142)	(0.0095)
Lev	−0.1101**	0.1758***	0.1444***	0.1079***	0.1469***	0.0797**	0.1180**	0.1182***
Lev	(0.0473)	(0.0295)	(0.0513)	(0.0294)	(0.0337)	(0.0405)	(0.0520)	(0.0318)
Grossprofit	−0.1430***	0.0100	−0.0536	−0.0560	0.0183	−0.1647***	0.0540	−0.0734*
Grossprofit	(0.0483)	(0.0365)	(0.0571)	(0.0400)	(0.0391)	(0.0575)	(0.0641)	(0.0396)
Tobinq	0.0008	0.0287***	0.0327***	0.0236***	0.0304***	0.0219***	0.0206***	0.0122**
Tobinq	(0.0094)	(0.0047)	(0.0067)	(0.0056)	(0.0058)	(0.0064)	(0.0078)	(0.0061)
Top1	−0.1733**	−0.1092*	−0.0132	−0.2607***	−0.0990	−0.2266***	−0.1351	−0.3153***
Top1	(0.0780)	(0.0605)	(0.1194)	(0.0533)	(0.0674)	(0.0741)	(0.0920)	(0.0607)
FirmAge	−0.0843	0.0533	0.0497	0.0900*	0.0480	0.3561***	0.0011	−0.0521
FirmAge	(0.0701)	(0.0496)	(0.0929)	(0.0476)	(0.0525)	(0.0871)	(0.0840)	(0.0664)
Female	−0.3436***	−0.1418***	−0.1249*	−0.1806***	−0.1653***	−0.1071*	−0.1522*	−0.1637***
Female	(0.0794)	(0.0456)	(0.0743)	(0.0475)	(0.0570)	(0.0618)	(0.0860)	(0.0515)
Tenure_CEO	−0.0257***	−0.0142***	−0.0053	−0.0220***	−0.0086**	−0.0218***	−0.0177***	−0.0162***
Tenure_CEO	(0.0044)	(0.0034)	(0.0054)	(0.0032)	(0.0039)	(0.0039)	(0.0058)	(0.0034)
Dual	0.0773***	0.0680***	0.0658***	0.0562***	0.0667***	0.0575***	0.0845***	0.0533***
Dual	(0.0180)	(0.0091)	(0.0143)	(0.0101)	(0.0112)	(0.0131)	(0.0176)	(0.0107)
Indep_per	−0.4078***	−0.3077***	−0.3752***	−0.3497***	−0.3507***	−0.3550***	−0.5227***	−0.3740***
Indep_per	(0.1006)	(0.0583)	(0.0902)	(0.0630)	(0.0742)	(0.0778)	(0.1104)	(0.0680)
Indep_age	−0.1306*	0.3654***	0.4759***	0.1529***	0.2974***	0.1046*	0.2604***	0.2044***
Indep_age	(0.0699)	(0.0405)	(0.0686)	(0.0420)	(0.0497)	(0.0548)	(0.0748)	(0.0460)
Constant	0.7328*	−1.5051***	−1.6138***	−0.8852***	−1.5034***	−1.1713***	−1.5053***	−0.1284
Constant	(0.4360)	(0.2631)	(0.4718)	(0.2713)	(0.3265)	(0.4077)	(0.4761)	(0.3359)
Firm FE	YES	YES	YES	YES	YES	YES	YES	YES
Year FE	YES	YES	YES	YES	YES	YES	YES	YES
R²	0.6355	0.6500	0.6949	0.6443	0.7048	0.6866	0.7187	0.6513
Observations	13,933	29,110	11,924	30,045	22,410	19,992	12,358	26,098

Note(s): This table reports the heterogeneity analysis. Column (1) restricts the sample to state-owned enterprises, and Column (2) to non–state-owned enterprises. Columns (3) and (4) present the subsample analysis for firms with high and low R&D intensity, respectively. Columns (5) and (6) examine firms with high and low levels of relationship-based expenditures. Columns (7) and (8) report the results for firms in the growth stage and non-growth stage. ***, **, and * indicate significance at the 1%, 5%, and 10% levels and standard errors are reported in parentheses

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