Table 12 Moderation effect: examination...

Table 12

Moderation effect: examination results

Variable	(1)	(2)	(3)	(4)	(5)
	Full sample	Full sample	Full sample	Full sample	Full sample
	Δlnpatent	Δlnpatent	Δlnpatent	ΔTobinQ	ΔTobinQ
Reform	0.5576***	0.5525***	0.5682***	0.2525***	0.2099**
Reform	(7.66)	(7.64)	(7.76)	(2.90)	(2.28)
COC	0.1545**
COC	(2.03)
COC_Reform	0.1478
COC_Reform	(1.05)
Market		−0.5211***
Market		(−3.65)
Market_Reform		0.2529***
Market_Reform		(3.33)
Intervention			0.0743
Intervention			(0.52)
Intervention_Reform			0.0082
Intervention_Reform			(0.10)
Δlnpatent					0.0284*
Δlnpatent					(1.79)
Reform _Δlnpatent					0.0651**
Reform _Δlnpatent					(2.02)
Lnage	−0.0881	−0.0834	−0.0758	0.0667	0.0643
Lnage	(−0.94)	(−0.90)	(−0.81)	(0.60)	(0.57)
Lnsize	−0.0480	−0.0366	−0.0444	−0.3202***	−0.3232***
Lnsize	(−1.04)	(−0.80)	(−0.96)	(−5.80)	(−5.85)
Growth	0.1071**	0.0980**	0.1009**	−0.0686	−0.0608
Growth	(2.19)	(2.03)	(2.06)	(−1.18)	(−1.05)
Power	−0.0442	−0.0419	−0.0426	0.2556***	0.2526***
Power	(−1.14)	(−1.09)	(−1.08)	(5.52)	(5.45)
Roa	2.0578**	1.9410**	2.0353**	4.1498***	4.2821***
Roa	(2.24)	(2.13)	(2.16)	(3.78)	(3.88)
Lev	−0.0195	−0.0032	−0.0220	−0.4439	−0.4520
Lev	(−0.08)	(−0.01)	(−0.08)	(−1.42)	(−1.45)
Indro	1.3852**	1.3262*	1.4442**	−1.6593**	−1.5909*
Indro	(1.98)	(1.91)	(2.05)	(−1.97)	(−1.88)
Lnboard	0.2088	0.1431	0.1916	0.0455	0.0579
Lnboard	(0.95)	(0.66)	(0.87)	(0.17)	(0.22)
Ratio	0.0119	0.0123	0.0116	−0.0018	−0.0011
Ratio	(1.16)	(1.20)	(1.12)	(−0.15)	(−0.09)
Year	Yes	Yes	Yes	Yes	Yes
Ind	Yes	Yes	Yes	Yes	Yes
Constant	0.1512	0.0445	0.1522	9.0203***	9.0375***
Constant	(0.14)	(0.04)	(0.14)	(7.04)	(7.04)
N	654	654	654	654	654
R²_Adj	0.156	0.169	0.145	0.390	0.390
F	3.044	3.253	2.877	8.075	7.840

Variable	(1)	(2)	(3)	(4)	(5)
	Full sample	Full sample	Full sample	Full sample	Full sample
	Δlnpatent	Δlnpatent	Δlnpatent	ΔTobinQ	ΔTobinQ
Reform	0.5576***	0.5525***	0.5682***	0.2525***	0.2099**
Reform	(7.66)	(7.64)	(7.76)	(2.90)	(2.28)
COC	0.1545**
COC	(2.03)
COC_Reform	0.1478
COC_Reform	(1.05)
Market		−0.5211***
Market		(−3.65)
Market_Reform		0.2529***
Market_Reform		(3.33)
Intervention			0.0743
Intervention			(0.52)
Intervention_Reform			0.0082
Intervention_Reform			(0.10)
Δlnpatent					0.0284*
Δlnpatent					(1.79)
Reform _Δlnpatent					0.0651**
Reform _Δlnpatent					(2.02)
Lnage	−0.0881	−0.0834	−0.0758	0.0667	0.0643
Lnage	(−0.94)	(−0.90)	(−0.81)	(0.60)	(0.57)
Lnsize	−0.0480	−0.0366	−0.0444	−0.3202***	−0.3232***
Lnsize	(−1.04)	(−0.80)	(−0.96)	(−5.80)	(−5.85)
Growth	0.1071**	0.0980**	0.1009**	−0.0686	−0.0608
Growth	(2.19)	(2.03)	(2.06)	(−1.18)	(−1.05)
Power	−0.0442	−0.0419	−0.0426	0.2556***	0.2526***
Power	(−1.14)	(−1.09)	(−1.08)	(5.52)	(5.45)
Roa	2.0578**	1.9410**	2.0353**	4.1498***	4.2821***
Roa	(2.24)	(2.13)	(2.16)	(3.78)	(3.88)
Lev	−0.0195	−0.0032	−0.0220	−0.4439	−0.4520
Lev	(−0.08)	(−0.01)	(−0.08)	(−1.42)	(−1.45)
Indro	1.3852**	1.3262*	1.4442**	−1.6593**	−1.5909*
Indro	(1.98)	(1.91)	(2.05)	(−1.97)	(−1.88)
Lnboard	0.2088	0.1431	0.1916	0.0455	0.0579
Lnboard	(0.95)	(0.66)	(0.87)	(0.17)	(0.22)
Ratio	0.0119	0.0123	0.0116	−0.0018	−0.0011
Ratio	(1.16)	(1.20)	(1.12)	(−0.15)	(−0.09)
Year	Yes	Yes	Yes	Yes	Yes
Ind	Yes	Yes	Yes	Yes	Yes
Constant	0.1512	0.0445	0.1522	9.0203***	9.0375***
Constant	(0.14)	(0.04)	(0.14)	(7.04)	(7.04)
N	654	654	654	654	654
R²_Adj	0.156	0.169	0.145	0.390	0.390
F	3.044	3.253	2.877	8.075	7.840

Note(s): Column (1) reports measurement result through $Δ L n p a t e n t = α_{0} + α_{1} R e f o r m + α_{2} C O C + α_{3} C O C_R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ (Equ 0.1). Column (2) reports measurement result through $Δ L n p a t e n t = α 0 + α_{1} R e f o r m + α_{2} M a r k e t + α_{3} M a r k e t_R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ (Equ 0.1). Column (3) reports our measurement result through $Δ L n p a t e n t = α 0 + α_{1} R e f o r m + α_{2} I n t e r v e n t i o n + α_{3} I n t e r v e n t i o n_R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ (Equ 0.1). Column (4) reports measurement result through $Δ T o b i n Q = α 0 + α_{1} R e f o r m + α_{2} Δ l n p a t e n t + α_{3} R e f o r m_Δ l n p a t e n t + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ (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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