Economic consequences
| Variable | (1) Employee | (2) R&D Expense | (3) Higher education | (4) Employee | (5) R&D Expense | (6) Higher education |
|---|---|---|---|---|---|---|
| IPO | 0.4814*** (16.3851) | 0.0227*** (17.7471) | −0.0011 (−0.3570) | 0.2964*** (6.9718) | 0.0181*** (9.2338) | 0.0153*** (2.9040) |
| Leverage | −0.1036 (−0.8161) | −0.0072 (−1.2035) | 0.0216 (1.4089) | |||
| Size | 0.4163*** (9.6356) | 0.0037** (2.3784) | −0.0231*** (−3.2719) | |||
| Age | 0.0484 (0.7141) | −0.0028 (−1.1618) | 0.0011 (0.1443) | |||
| Current ratio | −0.0067 (−1.3653) | 0.0001 (0.4998) | −0.0004 (−0.6441) | |||
| ROA | 0.3186 (1.2922) | −0.0386 (−1.5695) | 0.0514 (1.5308) | |||
| Fixed assets | 0.2006 (1.4270) | 0.0086 (1.5156) | −0.0337** (−2.0867) | |||
| SOE | 0.1762 (1.5924) | −0.0263 (−1.1733) | 0.0215 (0.9883) | |||
| Constant | 6.5531*** (74.7564) | 0.0155*** (10.0658) | 0.1475*** (18.2539) | −1.6932** (−1.9792) | −0.0470 (−1.4037) | 0.5861*** (4.1038) |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 4712 | 4279 | 4750 | 4712 | 4279 | 4750 |
| Adjusted R2 | 0.3525 | 0.4297 | 0.0352 | 0.4110 | 0.4440 | 0.0548 |
| Variable | (1) Employee | (2) R&D Expense | (3) Higher education | (4) Employee | (5) R&D Expense | (6) Higher education |
|---|---|---|---|---|---|---|
| 0.4814 | 0.0227 | −0.0011 (−0.3570) | 0.2964 | 0.0181 | 0.0153 | |
| Leverage | −0.1036 (−0.8161) | −0.0072 (−1.2035) | 0.0216 (1.4089) | |||
| Size | 0.4163 | 0.0037 | −0.0231 | |||
| Age | 0.0484 (0.7141) | −0.0028 (−1.1618) | 0.0011 (0.1443) | |||
| Current ratio | −0.0067 (−1.3653) | 0.0001 (0.4998) | −0.0004 (−0.6441) | |||
| 0.3186 (1.2922) | −0.0386 (−1.5695) | 0.0514 (1.5308) | ||||
| Fixed assets | 0.2006 (1.4270) | 0.0086 (1.5156) | −0.0337 | |||
| 0.1762 (1.5924) | −0.0263 (−1.1733) | 0.0215 (0.9883) | ||||
| Constant | 6.5531 | 0.0155 | 0.1475 | −1.6932 | −0.0470 (−1.4037) | 0.5861 |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm | Yes | Yes | Yes | Yes | Yes | Yes |
| 4712 | 4279 | 4750 | 4712 | 4279 | 4750 | |
| Adjusted | 0.3525 | 0.4297 | 0.0352 | 0.4110 | 0.4440 | 0.0548 |
Note(s): This table reports the regression results of six OLS models, with Employee, R&D Expense and Higher Education as the dependent variables in Columns (1) and (4), Columns (2) and (5) and Columns (3) and (6), respectively. The variable definitions are provided in AppendixTable A1. Continuous variables are winsorized at the 1st and 99th percentiles. Standard errors are clustered at the firm level, and associated t-statistics are reported in parentheses. *** and ** represent significance at the 1 and 5% levels, respectively
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