Table 7 Robustness test results Variable...

Table 7

Robustness test results

Variable	Panel A					Panel B
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Full sample	Political connections	Non-political connections	Bank connections	Non-bank connections	Full sample	Political connections	Non-political connections	Bank connections	Non-bank connections
	ΔRD	ΔRD	ΔRD	ΔRD	ΔRD	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent
Reform	0.5886**	0.4562	1.0046*	0.4508	0.8716*	0.5507***	0.4171**	0.6992***	0.2135**	0.7227***
Reform	(2.44)	(1.53)	(1.83)	(1.48)	(1.68)	(7.58)	(2.48)	(8.51)	(2.57)	(8.67)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Ind.	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−1.7159	−2.9694	−0.0490	−2.9594	−0.6907	0.1766	5.3239**	−1.1082	5.1602**	−1.2221
Constant	(−0.50)	(−0.71)	(−0.01)	(−0.70)	(−0.09)	(0.17)	(2.30)	(−0.94)	(2.31)	(−1.03)
N	580	394	186	386	194	654	204	450	214	440
R²_Adj	0.0123	0.0128	0.0415	0.00964	0.0497	0.163	0.121	0.252	0.101	0.259
F	2.129	2.091	2.163	2.067	2.202	3.187	2.548	3.607	2.463	3.645
Chow test		0.062		0.056			0.027		0.016

Variable	Panel A					Panel B
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Full sample	Political connections	Non-political connections	Bank connections	Non-bank connections	Full sample	Political connections	Non-political connections	Bank connections	Non-bank connections
	ΔRD	ΔRD	ΔRD	ΔRD	ΔRD	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent
Reform	0.5886**	0.4562	1.0046*	0.4508	0.8716*	0.5507***	0.4171**	0.6992***	0.2135**	0.7227***
Reform	(2.44)	(1.53)	(1.83)	(1.48)	(1.68)	(7.58)	(2.48)	(8.51)	(2.57)	(8.67)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Ind.	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−1.7159	−2.9694	−0.0490	−2.9594	−0.6907	0.1766	5.3239**	−1.1082	5.1602**	−1.2221
Constant	(−0.50)	(−0.71)	(−0.01)	(−0.70)	(−0.09)	(0.17)	(2.30)	(−0.94)	(2.31)	(−1.03)
N	580	394	186	386	194	654	204	450	214	440
R²_Adj	0.0123	0.0128	0.0415	0.00964	0.0497	0.163	0.121	0.252	0.101	0.259
F	2.129	2.091	2.163	2.067	2.202	3.187	2.548	3.607	2.463	3.645
Chow test		0.062		0.056			0.027		0.016

Note(s): Panel A reports our measurement results through $Δ R & D = α_(0) + α_(1) R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. Panel B 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

[ViewLarge]

Sharing Unavailable