Table 6 Primary test results Variable...

Table 6

Primary test results

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	Full sample	Full sample	Full sample	Full sample	Full sample	Political connections	Without political connections	Bank- connections	Without bank connections
	Δlnpatent	Δlnpatent	Δlnpatent1	Δlnpatent2	Δlnpatent3	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent
Reform	0.5552***	0.5681***	0.2235**	0.3352***	0.0843	0.4083**	0.7124***	0.2656**	0.7357***
Reform	(7.53)	(7.77)	(2.40)	(3.23)	(1.02)	(2.41)	(8.69)	(2.48)	(8.86)
Lnage		−0.0797	−0.0770	−0.1290	0.0249	0.1103	−0.0722	0.0695	−0.0931
Lnage		(−0.85)	(−0.65)	(−0.97)	(0.24)	(0.55)	(−0.68)	(0.39)	(−0.86)
Lnsize		−0.0443	−0.1599***	0.0051	0.0255	−0.2191**	−0.0118	−0.2264**	−0.0087
Lnsize		(−0.96)	(−2.72)	(0.08)	(0.49)	(−2.14)	(−0.24)	(−2.27)	(−0.17)
Growth		0.1010**	0.1388**	0.1710**	0.0980*	0.2125	0.0970**	0.0798	0.0827
Growth		(2.06)	(2.23)	(2.46)	(1.78)	(1.36)	(1.98)	(0.65)	(1.60)
Power		−0.0434	0.0044	−0.0311	0.0503	0.0074	−0.0573	0.0273	−0.0553
Power		(−1.11)	(0.09)	(−0.56)	(1.14)	(0.09)	(−1.35)	(0.34)	(−1.29)
RoA		2.0607**	2.4338**	3.1009**	2.1013**	1.3817	2.2325**	1.8744	2.3329**
RoA		(2.23)	(2.07)	(2.37)	(2.02)	(0.64)	(2.30)	(0.91)	(2.37)
Lev		−0.0267	−0.3074	−0.6016	−0.4341	0.3949	−0.0953	0.5875	−0.0632
Lev		(−0.10)	(−0.92)	(−1.62)	(−1.47)	(0.71)	(−0.33)	(1.11)	(−0.22)
Indro		1.4453**	1.3369	1.2998	1.0628	1.6736	1.1575	1.9101	1.0648
Indro		(2.05)	(1.49)	(1.30)	(1.34)	(1.21)	(1.46)	(1.41)	(1.33)
Lnboard		0.1926	0.1852	0.0448	0.2398	−0.3725	0.3643	−0.3449	0.3879
Lnboard		(0.88)	(0.66)	(0.14)	(0.97)	(−0.84)	(1.47)	(−0.82)	(1.53)
Ratio		0.0114	0.0028	0.0250*	0.0096	0.0416*	−0.0061	0.0510**	−0.0091
Ratio		(1.10)	(0.21)	(1.70)	(0.82)	(1.79)	(−0.53)	(2.29)	(−0.78)
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Ind	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	0.1131	0.1659	3.4762**	0.3030	−1.8037	5.4186**	−1.1643	5.1397**	−1.2654
Constant	(0.41)	(0.15)	(2.55)	(0.20)	(−1.49)	(2.32)	(−0.99)	(2.27)	(−1.06)
N	654	654	654	654	654	204	450	214	440
R²_Adj	0.126	0.147	0.350	0.263	0.101	0.101	0.249	0.0744	0.257
F	2.960	2.979	7.177	5.095	2.282	2.457	3.610	2.336	3.661
Chow test						0.032		0.014

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	Full sample	Full sample	Full sample	Full sample	Full sample	Political connections	Without political connections	Bank- connections	Without bank connections
	Δlnpatent	Δlnpatent	Δlnpatent1	Δlnpatent2	Δlnpatent3	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent
Reform	0.5552***	0.5681***	0.2235**	0.3352***	0.0843	0.4083**	0.7124***	0.2656**	0.7357***
Reform	(7.53)	(7.77)	(2.40)	(3.23)	(1.02)	(2.41)	(8.69)	(2.48)	(8.86)
Lnage		−0.0797	−0.0770	−0.1290	0.0249	0.1103	−0.0722	0.0695	−0.0931
Lnage		(−0.85)	(−0.65)	(−0.97)	(0.24)	(0.55)	(−0.68)	(0.39)	(−0.86)
Lnsize		−0.0443	−0.1599***	0.0051	0.0255	−0.2191**	−0.0118	−0.2264**	−0.0087
Lnsize		(−0.96)	(−2.72)	(0.08)	(0.49)	(−2.14)	(−0.24)	(−2.27)	(−0.17)
Growth		0.1010**	0.1388**	0.1710**	0.0980*	0.2125	0.0970**	0.0798	0.0827
Growth		(2.06)	(2.23)	(2.46)	(1.78)	(1.36)	(1.98)	(0.65)	(1.60)
Power		−0.0434	0.0044	−0.0311	0.0503	0.0074	−0.0573	0.0273	−0.0553
Power		(−1.11)	(0.09)	(−0.56)	(1.14)	(0.09)	(−1.35)	(0.34)	(−1.29)
RoA		2.0607**	2.4338**	3.1009**	2.1013**	1.3817	2.2325**	1.8744	2.3329**
RoA		(2.23)	(2.07)	(2.37)	(2.02)	(0.64)	(2.30)	(0.91)	(2.37)
Lev		−0.0267	−0.3074	−0.6016	−0.4341	0.3949	−0.0953	0.5875	−0.0632
Lev		(−0.10)	(−0.92)	(−1.62)	(−1.47)	(0.71)	(−0.33)	(1.11)	(−0.22)
Indro		1.4453**	1.3369	1.2998	1.0628	1.6736	1.1575	1.9101	1.0648
Indro		(2.05)	(1.49)	(1.30)	(1.34)	(1.21)	(1.46)	(1.41)	(1.33)
Lnboard		0.1926	0.1852	0.0448	0.2398	−0.3725	0.3643	−0.3449	0.3879
Lnboard		(0.88)	(0.66)	(0.14)	(0.97)	(−0.84)	(1.47)	(−0.82)	(1.53)
Ratio		0.0114	0.0028	0.0250*	0.0096	0.0416*	−0.0061	0.0510**	−0.0091
Ratio		(1.10)	(0.21)	(1.70)	(0.82)	(1.79)	(−0.53)	(2.29)	(−0.78)
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Ind	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	0.1131	0.1659	3.4762**	0.3030	−1.8037	5.4186**	−1.1643	5.1397**	−1.2654
Constant	(0.41)	(0.15)	(2.55)	(0.20)	(−1.49)	(2.32)	(−0.99)	(2.27)	(−1.06)
N	654	654	654	654	654	204	450	214	440
R²_Adj	0.126	0.147	0.350	0.263	0.101	0.101	0.249	0.0744	0.257
F	2.960	2.979	7.177	5.095	2.282	2.457	3.610	2.336	3.661
Chow test						0.032		0.014

Note(s): This table reports our measurement results through $Δ L n p a t e n t = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ (Equ 0.1). Variables are as defined in Table 2. ***, **, and *respectively indicate significance level at 1, 5, and 10%

Source(s): Table by authors

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