Table 8 Sample bias test results...

Table 8

Sample bias test results

Variable	(1)	(2)	(3)	(4)	(5)
	Full sample	Political connections	Non-political connections	Bank connections	Non-bank connections
	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent
Reform	0.5774***	0.4015**	0.7348***	0.4331**	0.7539***
Reform	(7.70)	(2.33)	(8.67)	(2.59)	(8.78)
Controls	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes
Ind.	Yes	Yes	Yes	Yes	Yes
Constant	0.4954	5.3859**	−0.8599	5.3443**	−1.0137
Constant	(0.45)	(2.23)	(−0.71)	(2.29)	(−0.83)
N	654	204	450	214	440
R²_Adj	0.155	0.0864	0.256	0.0691	0.261
F	3.013	2.371	3.581	2.298	3.594
Chow test		0.026		0.061

Variable	(1)	(2)	(3)	(4)	(5)
	Full sample	Political connections	Non-political connections	Bank connections	Non-bank connections
	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent	Δlnpatent
Reform	0.5774***	0.4015**	0.7348***	0.4331**	0.7539***
Reform	(7.70)	(2.33)	(8.67)	(2.59)	(8.78)
Controls	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes
Ind.	Yes	Yes	Yes	Yes	Yes
Constant	0.4954	5.3859**	−0.8599	5.3443**	−1.0137
Constant	(0.45)	(2.23)	(−0.71)	(2.29)	(−0.83)
N	654	204	450	214	440
R²_Adj	0.155	0.0864	0.256	0.0691	0.261
F	3.013	2.371	3.581	2.298	3.594
Chow test		0.026		0.061

Note(s): Table 8 reports our measurement results through ΔLnpatent = α₀ + α₁Reform + ΣControls + ΣYear + ΣInd + 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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