Table 10 Mechanism test results Variable...

Table 10

Mechanism test results

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Full sample	Full sample	Full sample	Full sample	Full sample	Full sample	Full sample	Full sample
	ΔKZ	Δlnpatent	ΔCost	Δlnpatent	ΔTax	Δlnpatent	ΔGS	Δlnpatent
Reform	−1.8227*	0.5814***	−0.0533*	0.5672***	−0.0646**	0.5709***	0.0062***	0.5655***
Reform	(1.74)	(7.74)	(−1.79)	(7.75)	(−2.01)	(7.78)	(3.28)	(7.80)
ΔKZ		−0.1224**
ΔKZ		(−2.17)
ΔCost				−0.5153**
ΔCost				(−2.15)
ΔTax						−0.1446*
ΔTax						(−1.78)
ΔGS								1.2057*
ΔGS								(1.76)
Lnage	7.7634**	−0.0927	−0.0404	−0.0803	−0.0272	−0.0809	−0.0028	−0.0830
Lnage	(2.41)	(−0.94)	(−0.65)	(−0.86)	(−0.66)	(−0.87)	(−1.16)	(−0.89)
Lnsize	−3.1811**	−0.0465	−0.0656**	−0.0453	−0.0413**	−0.0462	0.0103***	−0.0319
Lnsize	(−2.06)	(−0.99)	(−2.13)	(−0.98)	(−2.03)	(−1.00)	(8.70)	(−0.65)
Growth	−1.5844	0.0933*	0.0432	0.1017**	−0.0055	0.1008**	−0.0017	0.0990**
Growth	(−0.97)	(1.88)	(1.32)	(2.07)	(−0.26)	(2.06)	(−1.34)	(2.02)
Power	1.9906	−0.0384	−0.0587**	−0.0443	−0.0058	−0.0436	0.0016	−0.0414
Power	(1.53)	(−0.97)	(−2.25)	(−1.13)	(−0.34)	(−1.12)	(1.61)	(−1.06)
RoA	−42.1112	1.8595**	0.4432	2.0674**	0.1908	2.0692**	0.0394*	2.1081**
RoA	(−1.36)	(1.98)	(0.72)	(2.24)	(0.47)	(2.24)	(1.66)	(2.28)
Lev	2.8950	−0.1008	1.8780***	0.0020	0.2728**	−0.0145	−0.0017	−0.0287
Lev	(0.33)	(−0.38)	(10.76)	(0.01)	(2.37)	(−0.06)	(−0.25)	(−0.11)
Indro	−12.2824	1.5142**	−0.3482	1.4399**	−0.1265	1.4396**	−0.0200	1.4212**
Indro	(−0.52)	(2.11)	(−0.74)	(2.04)	(−0.41)	(2.04)	(−1.10)	(2.02)
Lnboard	2.1916	0.1848	−0.1957	0.1897	−0.0328	0.1912	0.0019	0.1949
Lnboard	(0.30)	(0.82)	(−1.34)	(0.86)	(−0.34)	(0.87)	(0.33)	(0.89)
Ratio	0.1753	0.0127	−0.0069	0.0113	0.0040	0.0116	0.0001	0.0115
Ratio	(0.50)	(1.19)	(−1.00)	(1.09)	(0.88)	(1.12)	(0.39)	(1.11)
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Ind.	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	54.2632	0.3513	1.3772*	0.1869	0.8432*	0.2036	−0.2094***	−0.0866
Constant	(1.51)	(0.32)	(1.93)	(0.17)	(1.79)	(0.19)	(−7.60)	(−0.08)
N	654	654	654	654	654	654	654	654
R²_Adj	0.0310	0.152	0.310	0.146	0.0143	0.146	0.249	0.147
F	2.357	2.967	6.148	2.924	2.166	2.928	4.791	2.936

Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Full sample	Full sample	Full sample	Full sample	Full sample	Full sample	Full sample	Full sample
	ΔKZ	Δlnpatent	ΔCost	Δlnpatent	ΔTax	Δlnpatent	ΔGS	Δlnpatent
Reform	−1.8227*	0.5814***	−0.0533*	0.5672***	−0.0646**	0.5709***	0.0062***	0.5655***
Reform	(1.74)	(7.74)	(−1.79)	(7.75)	(−2.01)	(7.78)	(3.28)	(7.80)
ΔKZ		−0.1224**
ΔKZ		(−2.17)
ΔCost				−0.5153**
ΔCost				(−2.15)
ΔTax						−0.1446*
ΔTax						(−1.78)
ΔGS								1.2057*
ΔGS								(1.76)
Lnage	7.7634**	−0.0927	−0.0404	−0.0803	−0.0272	−0.0809	−0.0028	−0.0830
Lnage	(2.41)	(−0.94)	(−0.65)	(−0.86)	(−0.66)	(−0.87)	(−1.16)	(−0.89)
Lnsize	−3.1811**	−0.0465	−0.0656**	−0.0453	−0.0413**	−0.0462	0.0103***	−0.0319
Lnsize	(−2.06)	(−0.99)	(−2.13)	(−0.98)	(−2.03)	(−1.00)	(8.70)	(−0.65)
Growth	−1.5844	0.0933*	0.0432	0.1017**	−0.0055	0.1008**	−0.0017	0.0990**
Growth	(−0.97)	(1.88)	(1.32)	(2.07)	(−0.26)	(2.06)	(−1.34)	(2.02)
Power	1.9906	−0.0384	−0.0587**	−0.0443	−0.0058	−0.0436	0.0016	−0.0414
Power	(1.53)	(−0.97)	(−2.25)	(−1.13)	(−0.34)	(−1.12)	(1.61)	(−1.06)
RoA	−42.1112	1.8595**	0.4432	2.0674**	0.1908	2.0692**	0.0394*	2.1081**
RoA	(−1.36)	(1.98)	(0.72)	(2.24)	(0.47)	(2.24)	(1.66)	(2.28)
Lev	2.8950	−0.1008	1.8780***	0.0020	0.2728**	−0.0145	−0.0017	−0.0287
Lev	(0.33)	(−0.38)	(10.76)	(0.01)	(2.37)	(−0.06)	(−0.25)	(−0.11)
Indro	−12.2824	1.5142**	−0.3482	1.4399**	−0.1265	1.4396**	−0.0200	1.4212**
Indro	(−0.52)	(2.11)	(−0.74)	(2.04)	(−0.41)	(2.04)	(−1.10)	(2.02)
Lnboard	2.1916	0.1848	−0.1957	0.1897	−0.0328	0.1912	0.0019	0.1949
Lnboard	(0.30)	(0.82)	(−1.34)	(0.86)	(−0.34)	(0.87)	(0.33)	(0.89)
Ratio	0.1753	0.0127	−0.0069	0.0113	0.0040	0.0116	0.0001	0.0115
Ratio	(0.50)	(1.19)	(−1.00)	(1.09)	(0.88)	(1.12)	(0.39)	(1.11)
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Ind.	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Constant	54.2632	0.3513	1.3772*	0.1869	0.8432*	0.2036	−0.2094***	−0.0866
Constant	(1.51)	(0.32)	(1.93)	(0.17)	(1.79)	(0.19)	(−7.60)	(−0.08)
N	654	654	654	654	654	654	654	654
R²_Adj	0.0310	0.152	0.310	0.146	0.0143	0.146	0.249	0.147
F	2.357	2.967	6.148	2.924	2.166	2.928	4.791	2.936

Note(s): Column (1) reports measurement results through $Δ K Z = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. ΔKZ is measured as (the KZ in the year following the acquisition of state ownership – KZ in the year prior to the acquisition of state ownership). Column (2) reports measurement results through $Δ L n p a t e n t = α_{0} + α_{1} R e f o r m + α_{2} Δ K Z + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. Column (3) reports measurement results through $Δ C o s t = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. ΔCost is measured as (the debt financing costs in the year following the acquisition of state ownership – debt financing costs in the year prior to the acquisition of state ownership. Column (4) reports measurement results through $Δ L n p a t e n t = α_{0} + α_{1} R e f o r m + α_{2} Δ C o s t + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. Column (5) reports measurement results through $Δ T a x = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. ΔTax is measured as (tax burden in the year following the acquisition of state ownership – tax burden in the year prior to the acquisition of state ownership), where tax burden = (income tax – deferred income tax)/[(pretax profit – deferred tax)/tax rate] (Shevlin, 1987). Column (6) reports measurement results through ΔLnpatent = α₀ + α₁Reform +α₂ΔTax + ΣControls + ΣYear + ΣInd + ε. Column (7) reports our measurement results through $Δ G S = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. Variables except ΔGS are as defined in Table 2. ΔGS is measured as (government subsidies in the year after the acquisition of state ownership – government subsidies in the year prior to the acquisition of state ownership). Column (8) reports measurement results through $Δ L n p a t e n t = α_{0} + α_{1} R e f o r m + α_{2} Δ G S + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. Variables except ΔGS 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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