Table 3 Independent directors’ status...

Table 3

Independent directors’ status and corporate R&D investment

	(1)	(2)	(3)	(4)
DepVar =	R&D	R&D_t+1	R&D_t+2	R&D_t+3
Status	0.009***	0.009***	0.010***	0.009***
Status	(3.82)	(3.49)	(3.18)	(2.68)
Duality	0.001	0.000	0.000	0.001
Duality	(1.04)	(0.83)	(0.53)	(0.81)
Lev	0.003*	0.003	0.002	0.001
Lev	(1.90)	(1.53)	(0.85)	(0.41)
ROA	0.021***	0.026***	0.027***	0.030***
ROA	(6.00)	(6.13)	(4.85)	(4.50)
Growth	−0.000	0.000	−0.000	−0.000
Growth	(−0.60)	(0.67)	(−0.19)	(−0.83)
Cash	0.011***	0.013***	0.013***	0.012***
Cash	(4.28)	(4.82)	(4.64)	(4.03)
Size	−0.000	−0.000	−0.001	−0.001
Size	(−0.98)	(−1.01)	(−1.24)	(−1.41)
Firsthold	−0.006***	−0.006***	−0.005**	−0.005*
Firsthold	(−3.05)	(−2.83)	(−2.28)	(−1.88)
Manhold	0.001	0.001	0.000	0.000
Manhold	(0.86)	(0.55)	(0.17)	(0.23)
Listage	−0.001	−0.000	0.000	0.000
Listage	(−1.64)	(−0.80)	(0.51)	(0.93)
Boardsize	0.002	0.002	0.002	0.002
Boardsize	(0.90)	(1.09)	(0.96)	(0.75)
IndR	−0.004	−0.002	0.000	0.001
IndR	(−0.81)	(−0.29)	(0.01)	(0.21)
Bm	−0.016***	−0.013***	−0.011***	−0.009***
Bm	(−10.33)	(−7.46)	(−5.63)	(−4.44)
SOE	0.001*	0.001	0.001	0.001
SOE	(1.79)	(1.55)	(1.21)	(1.28)
Constant	0.031***	0.026***	0.029***	0.031***
Constant	(4.16)	(3.22)	(3.26)	(3.11)
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
N	18,709	15,440	12,742	10,276
Adj-R²	0.281	0.272	0.257	0.248

	(1)	(2)	(3)	(4)
DepVar =	R&D	R&D_t+1	R&D_t+2	R&D_t+3
Status	0.009***	0.009***	0.010***	0.009***
Status	(3.82)	(3.49)	(3.18)	(2.68)
Duality	0.001	0.000	0.000	0.001
Duality	(1.04)	(0.83)	(0.53)	(0.81)
Lev	0.003*	0.003	0.002	0.001
Lev	(1.90)	(1.53)	(0.85)	(0.41)
ROA	0.021***	0.026***	0.027***	0.030***
ROA	(6.00)	(6.13)	(4.85)	(4.50)
Growth	−0.000	0.000	−0.000	−0.000
Growth	(−0.60)	(0.67)	(−0.19)	(−0.83)
Cash	0.011***	0.013***	0.013***	0.012***
Cash	(4.28)	(4.82)	(4.64)	(4.03)
Size	−0.000	−0.000	−0.001	−0.001
Size	(−0.98)	(−1.01)	(−1.24)	(−1.41)
Firsthold	−0.006***	−0.006***	−0.005**	−0.005*
Firsthold	(−3.05)	(−2.83)	(−2.28)	(−1.88)
Manhold	0.001	0.001	0.000	0.000
Manhold	(0.86)	(0.55)	(0.17)	(0.23)
Listage	−0.001	−0.000	0.000	0.000
Listage	(−1.64)	(−0.80)	(0.51)	(0.93)
Boardsize	0.002	0.002	0.002	0.002
Boardsize	(0.90)	(1.09)	(0.96)	(0.75)
IndR	−0.004	−0.002	0.000	0.001
IndR	(−0.81)	(−0.29)	(0.01)	(0.21)
Bm	−0.016***	−0.013***	−0.011***	−0.009***
Bm	(−10.33)	(−7.46)	(−5.63)	(−4.44)
SOE	0.001*	0.001	0.001	0.001
SOE	(1.79)	(1.55)	(1.21)	(1.28)
Constant	0.031***	0.026***	0.029***	0.031***
Constant	(4.16)	(3.22)	(3.26)	(3.11)
Industry	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
N	18,709	15,440	12,742	10,276
Adj-R²	0.281	0.272	0.257	0.248

Note(s): T-statistics in parentheses are based on standard errors adjusted for firm-level clustering; *, ** and *** indicate significance at the 10, 5, and 1% levels, respectively

Source(s): Table by authors

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