Regression results of additional research
| Tfp | ||||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Variable | AC = 1 | AC = 0 | High_tech = 1 | High_tech = 0 | IP = 1 | IP = 0 |
| Interact | 0.040*** (3.63) | 0.015 (1.42) | 0.003 (0.29) | 0.040*** (3.62) | 0.008 (0.63) | 0.050*** (4.50) |
| Constant | −0.942** (−2.09) | 1.426*** (3.45) | −0.166 (−0.32) | −0.667* (−1.70) | −1.962*** (−3.54) | 0.127 (0.30) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Year and Ind | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 8,325 | 8,340 | 7,420 | 9,245 | 5,798 | 8,745 |
| Adj·R2 | 0.283 | 0.351 | 0.291 | 0.354 | 0.261 | 0.370 |
| F-test | 48.20*** | 69.52*** | 46.56*** | 80.95*** | 57.57*** | 88.53*** |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variable | ||||||
| 0.040*** (3.63) | 0.015 (1.42) | 0.003 (0.29) | 0.040*** (3.62) | 0.008 (0.63) | 0.050*** (4.50) | |
| Constant | −0.942** (−2.09) | 1.426*** (3.45) | −0.166 (−0.32) | −0.667* (−1.70) | −1.962*** (−3.54) | 0.127 (0.30) |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| 8,325 | 8,340 | 7,420 | 9,245 | 5,798 | 8,745 | |
| Adj· | 0.283 | 0.351 | 0.291 | 0.354 | 0.261 | 0.370 |
| 48.20*** | 69.52*** | 46.56*** | 80.95*** | 57.57*** | 88.53*** | |
Note(s): This table reports the regression results of additional tests. See Table 1 for detailed descriptions of all variables. All specifications include year and industry fixed effects. Standard errors after robust adjustment are clustered at the firm-year level. The t-value is in parentheses. ***, ** and * indicate statistical significance at the 0.01, 0.05 and 0.10 levels, respectively (two-tailed tests)
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