Regression analysis of managerial ability and IPRI on R&D [equations (2) and (3)]
| All firms | Mature firms | Young firms | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Variables | LogRD | LogRD | LogRD | LogRD | LogRD | LogRD |
| MARank | −0.823*** (0.000) | −0.476 (0.196) | −0.729*** (0.000) | −1.852*** (0.001) | −0.710*** (0.000) | 0.340 (0.553) |
| IPRI | −0.0218 (0.286) | 0.00457 (0.893) | −0.0184 (0.514) | −0.0917* (0.040) | −0.0322 (0.281) | 0.0645 (0.282) |
| MARank × IPRI | −0.0488 (0.333) | 0.162* (0.034) | −0.148 (0.063) | |||
| TobinQ | −0.00183 (0.349) | −0.00179 (0.361) | 0.00511 (0.407) | 0.00432 (0.483) | −0.00112 (0.603) | −0.000884 (0.681) |
| Tangibility | 0.319*** (0.001) | 0.319*** (0.001) | 0.401** (0.009) | 0.408** (0.008) | 0.191 (0.136) | 0.188 (0.142) |
| AdvIntensity | 0.0000359 (0.981) | 0.00000946 (0.995) | −0.00275 (0.425) | −0.00293 (0.394) | 0.000341 (0.850) | 0.000276 (0.878) |
| Leverage | −0.291*** (0.000) | −0.293*** (0.000) | −0.122 (0.318) | −0.124 (0.308) | −0.344*** (0.000) | −0.350*** (0.000) |
| ROA | −0.0540** (0.002) | −0.0551** (0.002) | −0.0244 (0.457) | −0.0242 (0.460) | −0.0609** (0.006) | −0.0637** (0.004) |
| Age | 0.418* (0.024) | 0.453* (0.016) | ||||
| Constant | 0.302 (0.312) | 0.0697 (0.856) | 0.874*** (0.000) | 1.386*** (0.000) | 0.750** (0.002) | 0.0666 (0.879) |
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2,660 | 2,660 | 1,329 | 1,329 | 1,331 | 1,331 |
| R-sq | 0.213 | 0.213 | 0.181 | 0.184 | 0.227 | 0.229 |
| adj. R-sq | 0.120 | 0.120 | 0.062 | 0.065 | 0.122 | 0.124 |
| F-statistics | 37.84*** | 35.79*** | 16.04*** | 15.40*** | 21.46*** | 20.45*** |
| All firms | Mature firms | Young firms | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Variables | LogRD | LogRD | LogRD | LogRD | LogRD | LogRD |
| MARank | −0.823 | −0.476 (0.196) | −0.729 | −1.852 | −0.710 | 0.340 (0.553) |
| IPRI | −0.0218 (0.286) | 0.00457 (0.893) | −0.0184 (0.514) | −0.0917 | −0.0322 (0.281) | 0.0645 (0.282) |
| MARank × IPRI | −0.0488 (0.333) | 0.162 | −0.148 (0.063) | |||
| TobinQ | −0.00183 (0.349) | −0.00179 (0.361) | 0.00511 (0.407) | 0.00432 (0.483) | −0.00112 (0.603) | −0.000884 (0.681) |
| Tangibility | 0.319 | 0.319 | 0.401 | 0.408 | 0.191 (0.136) | 0.188 (0.142) |
| AdvIntensity | 0.0000359 (0.981) | 0.00000946 (0.995) | −0.00275 (0.425) | −0.00293 (0.394) | 0.000341 (0.850) | 0.000276 (0.878) |
| Leverage | −0.291 | −0.293 | −0.122 (0.318) | −0.124 (0.308) | −0.344 | −0.350 |
| ROA | −0.0540 | −0.0551 | −0.0244 (0.457) | −0.0242 (0.460) | −0.0609 | −0.0637 |
| Age | 0.418 | 0.453 | ||||
| Constant | 0.302 (0.312) | 0.0697 (0.856) | 0.874 | 1.386 | 0.750 | 0.0666 (0.879) |
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2,660 | 2,660 | 1,329 | 1,329 | 1,331 | 1,331 |
| 0.213 | 0.213 | 0.181 | 0.184 | 0.227 | 0.229 | |
| adj. | 0.120 | 0.120 | 0.062 | 0.065 | 0.122 | 0.124 |
| 37.84 | 35.79 | 16.04 | 15.40 | 21.46 | 20.45 | |
Notes: This table presents the 2SLS/IV results of MARank, IPRI, the interaction between MARank and IPRI and control variables on LogRD from 2011 to 2020. Year dummies are not reported for brevity. P-values are reported in parentheses. The statistical significance is denoted as *p < 0.05; **p < 0.01 and ***p < 0.001, respectively. Refer Table 2 for variable definitions
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.