Two-stage least squares regression results of managerial ability (MAbility) and IPR-A effect on R&D (RDIntensity)
| Panel A: All firms | Panel B: Mature firms | Panel C: Young firms | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| IPR-A | RDIntensity | RDIntensity | IPR-A | RDIntensity | RDIntensity | IPR-A | RDIntensity | RDIntensity | |
| Variables | First stage | Second stage | First stage | Second stage | First stage | Second stage | |||
| IQ | 0.0786*** (0.000) | 0.0864*** (0.000) | 0.0731*** (0.000) | ||||||
| MAbility | −0.773 (0.594) | −3.678 (0.056) | −0.674 (0.626) | −1.161 (0.514) | −2.551 (0.288) | −7.397* (0.025) | |||
| IPR-A | −0.687* (0.014) | −1.406** (0.003) | −0.200 (0.518) | −0.325 (0.492) | −1.120* (0.015) | −2.293** (0.007) | |||
| MAbility × IPR-A | 0.531* (0.019) | 0.0930 (0.655) | 0.860* (0.038) | ||||||
| TobinQ | −0.00213 (0.096) | 0.0198 (0.496) | 0.0171 (0.556) | −0.0122*** (0.000) | 0.260*** (0.000) | 0.259*** (0.000) | −0.00174 (0.225) | −0.0232 (0.533) | −0.0262 (0.482) |
| Tangibility | −0.143** (0.001) | 0.340 (0.736) | 0.495 (0.623) | −0.166** (0.006) | 0.346 (0.743) | 0.376 (0.721) | −0.0896 (0.149) | 0.537 (0.742) | 0.698 (0.668) |
| AdvIntensity | −0.00264* (0.014) | 1.189*** (0.000) | 1.188*** (0.000) | −0.00399 (0.073) | 1.743*** (0.000) | 1.742*** (0.000) | −0.00224 (0.070) | 1.057*** (0.000) | 1.057*** (0.000) |
| Leverage | 0.102** (0.005) | −2.724*** (0.001) | −2.777*** (0.001) | 0.204*** (0.000) | 0.159 (0.866) | 0.150 (0.873) | 0.00980 (0.837) | −3.738** (0.003) | −3.815** (0.002) |
| ROA | 0.0491*** (0.000) | −1.166*** (0.000) | −1.181*** (0.000) | 0.0943*** (0.000) | 0.972** (0.005) | 0.968** (0.005) | 0.0240 (0.094) | −1.983*** (0.000) | −2.009*** (0.000) |
| Age | 0.103*** (0.000) | 0.157 (0.748) | 0.0991 (0.839) | ||||||
| GDP | −0.0414*** (0.000) | −0.321* (0.036) | −0.300* (0.049) | −0.0816*** (0.000) | −0.0876 (0.662) | −0.0780 (0.693) | −0.0179* (0.032) | −0.483* (0.027) | −0.473* (0.030) |
| Inflation | 0.0154* (0.019) | −0.0394 (0.791) | −0.0941 (0.529) | 0.0677*** (0.000) | −0.130 (0.418) | −0.145 (0.369) | −0.00690 (0.462) | −0.0940 (0.699) | −0.151 (0.532) |
| Constant | −0.745*** (0.000) | 5.810* (0.019) | 9.824** (0.004) | −0.948*** (0.000) | 1.219 (0.649) | 1.858 (0.580) | −0.346** (0.007) | 10.68** (0.002) | 17.32** (0.001) |
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2,660 | 2,660 | 2,660 | 1,329 | 1,329 | 1,329 | 1,331 | 1,331 | 1,331 |
| R-sq | 0.826 | 0.508 | 0.507 | 0.862 | 0.633 | 0.633 | 0.804 | 0.490 | 0.489 |
| adj. R-sq | 0.825 | 0.504 | 0.503 | 0.860 | 0.628 | 0.628 | 0.802 | 0.483 | 0.482 |
| F/Wald Chi2 | 698.9*** | 2,749.19*** | 2,749.66*** | 482.0*** | 2,295.47*** | 2,295.43*** | 317.6*** | 1,287.8*** | 1,286.87*** |
| Panel A: All firms | Panel B: Mature firms | Panel C: Young firms | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| IPR-A | RDIntensity | RDIntensity | IPR-A | RDIntensity | RDIntensity | IPR-A | RDIntensity | RDIntensity | |
| Variables | First stage | Second stage | First stage | Second stage | First stage | Second stage | |||
| IQ | 0.0786 | 0.0864 | 0.0731 | ||||||
| MAbility | −0.773 (0.594) | −3.678 (0.056) | −0.674 (0.626) | −1.161 (0.514) | −2.551 (0.288) | −7.397 | |||
| IPR-A | −0.687 | −1.406 | −0.200 (0.518) | −0.325 (0.492) | −1.120 | −2.293 | |||
| MAbility × IPR-A | 0.531 | 0.0930 (0.655) | 0.860 | ||||||
| TobinQ | −0.00213 (0.096) | 0.0198 (0.496) | 0.0171 (0.556) | −0.0122 | 0.260 | 0.259 | −0.00174 (0.225) | −0.0232 (0.533) | −0.0262 (0.482) |
| Tangibility | −0.143 | 0.340 (0.736) | 0.495 (0.623) | −0.166 | 0.346 (0.743) | 0.376 (0.721) | −0.0896 (0.149) | 0.537 (0.742) | 0.698 (0.668) |
| AdvIntensity | −0.00264 | 1.189 | 1.188 | −0.00399 (0.073) | 1.743 | 1.742 | −0.00224 (0.070) | 1.057 | 1.057 |
| Leverage | 0.102 | −2.724 | −2.777 | 0.204 | 0.159 (0.866) | 0.150 (0.873) | 0.00980 (0.837) | −3.738 | −3.815 |
| ROA | 0.0491 | −1.166 | −1.181 | 0.0943 | 0.972 | 0.968 | 0.0240 (0.094) | −1.983 | −2.009 |
| Age | 0.103 | 0.157 (0.748) | 0.0991 (0.839) | ||||||
| GDP | −0.0414 | −0.321 | −0.300 | −0.0816 | −0.0876 (0.662) | −0.0780 (0.693) | −0.0179 | −0.483 | −0.473 |
| Inflation | 0.0154 | −0.0394 (0.791) | −0.0941 (0.529) | 0.0677 | −0.130 (0.418) | −0.145 (0.369) | −0.00690 (0.462) | −0.0940 (0.699) | −0.151 (0.532) |
| Constant | −0.745 | 5.810 | 9.824 | −0.948 | 1.219 (0.649) | 1.858 (0.580) | −0.346 | 10.68 | 17.32 |
| Year effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Country effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 2,660 | 2,660 | 2,660 | 1,329 | 1,329 | 1,329 | 1,331 | 1,331 | 1,331 |
| 0.826 | 0.508 | 0.507 | 0.862 | 0.633 | 0.633 | 0.804 | 0.490 | 0.489 | |
| adj. | 0.825 | 0.504 | 0.503 | 0.860 | 0.628 | 0.628 | 0.802 | 0.483 | 0.482 |
| F/Wald Chi2 | 698.9 | 2,749.19 | 2,749.66 | 482.0 | 2,295.47 | 2,295.43 | 317.6 | 1,287.8 | 1,286.87 |
Notes:
This table presents the 2SLS/IV results of MAbility, IPR-A, the interaction between MAbility and IPR-A, and control variables on RDIntensity for 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
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