Disaggregating the effect: technological application versus business innovation
| (1) | (2) | |
|---|---|---|
| Variable | FTShare_Tech | FTShare_Business |
| BoardOverseaRatio | 0.095** (2.58) | 0.013 (1.44) |
| lnSize | −0.011 (−0.71) | −0.004 (−1.08) |
| Leverage | −0.062 (−0.90) | −0.015 (−1.00) |
| ROE | 0.071* (1.71) | 0.003 (0.25) |
| lnFirmAge | 0.027 (0.46) | 0.008 (0.45) |
| SOE | −0.019 (−1.33) | −0.004 (−0.62) |
| IndDirRatio | −0.047 (−0.52) | 0.028 (1.26) |
| lnBoardAgeAvg | −0.054 (−0.62) | −0.039** (−2.15) |
| lnMtgFreq | 0.004 (0.51) | −0.001 (−0.58) |
| Duality | 0.008 (1.06) | −0.000 (−0.05) |
| TopTenHoldersRate | 0.002*** (4.52) | 0.000*** (3.68) |
| Constant | 0.437 (0.88) | 0.223* (1.93) |
| Year fixed | Yes | Yes |
| Firm fixed | Yes | Yes |
| Observations | 1149 | 1149 |
| Within R2 | 0.122 | 0.056 |
| Adjusted R2 | 0.705 | 0.729 |
| (1) | (2) | |
|---|---|---|
| Variable | FTShare_Tech | FTShare_Business |
| BoardOverseaRatio | 0.095 | 0.013 (1.44) |
| lnSize | −0.011 (−0.71) | −0.004 (−1.08) |
| Leverage | −0.062 (−0.90) | −0.015 (−1.00) |
| 0.071 | 0.003 (0.25) | |
| lnFirmAge | 0.027 (0.46) | 0.008 (0.45) |
| −0.019 (−1.33) | −0.004 (−0.62) | |
| IndDirRatio | −0.047 (−0.52) | 0.028 (1.26) |
| lnBoardAgeAvg | −0.054 (−0.62) | −0.039 |
| lnMtgFreq | 0.004 (0.51) | −0.001 (−0.58) |
| Duality | 0.008 (1.06) | −0.000 (−0.05) |
| TopTenHoldersRate | 0.002 | 0.000 |
| Constant | 0.437 (0.88) | 0.223 |
| Year fixed | Yes | Yes |
| Firm fixed | Yes | Yes |
| Observations | 1149 | 1149 |
| Within R2 | 0.122 | 0.056 |
| Adjusted R2 | 0.705 | 0.729 |
Appendix 2 provides variables definitions. t-statistics (in brackets) use firm-level clustered errors. Significance: *p < 0.10, **p < 0.05, ***p < 0.01
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.