Table 4 Robustness test (1) (2) (3) (4)...

Table 4

Robustness test

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
DepVar =	R&D	ΔR&D	R&D	R&D	R&D	R&D2	R&D	R&D	R&D	R&D	R&D
Status	0.002*		0.017***	0.008***	0.009***	0.014***		0.009***	0.009***	0.014***
Status	(1.91)		(5.13)	(5.69)	(3.85)	(2.61)		(3.82)	(3.75)	(3.97)
ΔStatus		0.002**
ΔStatus		(2.01)
Status2							0.005**
Status2							(2.32)
DID											0.001*
DID											(1.90)
Duality	0.000	0.000	0.001**	0.001**	0.001	0.004***	0.001	0.001	0.000	0.001*	−0.000
Duality	(1.00)	(0.36)	(2.32)	(2.34)	(1.45)	(3.13)	(0.92)	(1.04)	(0.32)	(1.69)	(−0.11)
Lev	−0.001	−0.002*	0.003***	0.004***	0.004**	−0.042***	0.003*	0.003*	0.003	0.005**	−0.004
Lev	(−1.30)	(−1.90)	(3.44)	(3.16)	(2.08)	(−9.81)	(1.94)	(1.89)	(1.56)	(2.28)	(−1.49)
ROA	0.006***	0.006***	0.022***	0.016***	0.015***	−0.098***	0.020***	0.021***	0.021***	0.023***	0.007
ROA	(3.84)	(3.48)	(9.70)	(5.75)	(3.71)	(−8.93)	(5.37)	(6.00)	(5.44)	(3.85)	(1.22)
Growth	−0.000	0.000	−0.000	−0.001*	−0.000	−0.001	−0.000	−0.000	−0.000	−0.000	0.000
Growth	(−0.42)	(1.47)	(−0.59)	(−1.84)	(−1.26)	(−1.43)	(−0.79)	(−0.59)	(−0.85)	(−0.04)	(1.03)
Cash	−0.004***	−0.005***	0.011***	0.009***	0.011***	0.039***	0.010***	0.011***	0.011***	0.017***	−0.005**
Cash	(−4.28)	(−5.39)	(9.38)	(6.64)	(4.05)	(5.69)	(3.75)	(4.28)	(4.26)	(5.52)	(−2.21)
Size	−0.003***	−0.005***	−0.000***	−0.001	0.000	0.003***	−0.000	−0.000	−0.000	−0.000	−0.005***
Size	(−11.29)	(−15.78)	(−2.79)	(−1.50)	(0.13)	(3.85)	(−0.77)	(−0.98)	(−0.77)	(−0.67)	(−4.73)
Firsthold	−0.001	−0.002	−0.006***	−0.008***	−0.006***	−0.027***	−0.007***	−0.006***	−0.005**	−0.010***	−0.000
Firsthold	(−0.81)	(−1.42)	(−6.33)	(−6.08)	(−3.11)	(−5.34)	(−3.32)	(−3.05)	(−2.50)	(−3.66)	(−0.02)
Manhold	0.006***	0.004***	0.002**	0.000	0.001	0.009**	0.000	0.001	0.001	0.001	0.001
Manhold	(5.22)	(3.08)	(2.19)	(0.39)	(0.78)	(2.01)	(0.18)	(0.86)	(0.64)	(0.77)	(0.33)
Listage	−0.002***	−0.000	−0.001***	−0.001***	−0.001**	−0.002***	−0.001	−0.001	−0.001*	−0.001*	0.001
Listage	(−5.40)	(−0.52)	(−3.37)	(−2.82)	(−2.02)	(−2.67)	(−1.23)	(−1.63)	(−1.87)	(−1.76)	(0.90)
Boardsize	0.002**	0.003***	0.002***	0.002	0.001	−0.002	0.002	0.002	0.002	0.001	0.001
Boardsize	(2.57)	(3.76)	(2.69)	(0.68)	(0.78)	(−0.40)	(1.08)	(0.90)	(0.89)	(0.38)	(0.80)
IndR	−0.002	0.001	−0.006**	−0.005	−0.005	0.004	−0.001	−0.004	−0.006	−0.002	−0.004
IndR	(−0.83)	(0.52)	(−2.00)	(−0.83)	(−0.80)	(0.24)	(−0.15)	(−0.81)	(−1.13)	(−0.29)	(−0.80)
Bm	−0.007***	−0.003***	−0.016***	−0.019***	−0.018***	−0.036***	−0.018***	−0.016***	−0.016***	−0.018***	−0.002
Bm	(−10.65)	(−5.49)	(−21.17)	(−18.78)	(−11.13)	(−10.41)	(−10.80)	(−10.33)	(−9.39)	(−7.89)	(−1.35)
SOE	0.003**	0.001	0.001***	0.001	0.001	0.001	0.002**	0.001*	0.001	0.002	−0.001
SOE	(2.47)	(1.07)	(3.12)	(1.12)	(1.35)	(0.38)	(2.02)	(1.78)	(1.50)	(1.52)	(−0.16)
IMR				−0.001
IMR				(−0.37)
Constant	0.076***	−0.001	0.011**	0.029***	0.026***	−0.004	0.023***	0.031***	0.031***	0.031***	0.132***
Constant	(14.49)	(−0.80)	(2.02)	(4.02)	(3.12)	(−0.22)	(2.75)	(4.17)	(3.89)	(2.93)	(5.70)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Firm											Yes
N	18,709	15,440	18,709	12,693	18,133	18,709	14,673	18,705	14,100	11,883	4,159
Adj-R²	0.012	0.178	0.280	0.292	0.299	0.274	0.278	0.281	0.280	0.170	0.040

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
DepVar =	R&D	ΔR&D	R&D	R&D	R&D	R&D2	R&D	R&D	R&D	R&D	R&D
Status	0.002*		0.017***	0.008***	0.009***	0.014***		0.009***	0.009***	0.014***
Status	(1.91)		(5.13)	(5.69)	(3.85)	(2.61)		(3.82)	(3.75)	(3.97)
ΔStatus		0.002**
ΔStatus		(2.01)
Status2							0.005**
Status2							(2.32)
DID											0.001*
DID											(1.90)
Duality	0.000	0.000	0.001**	0.001**	0.001	0.004***	0.001	0.001	0.000	0.001*	−0.000
Duality	(1.00)	(0.36)	(2.32)	(2.34)	(1.45)	(3.13)	(0.92)	(1.04)	(0.32)	(1.69)	(−0.11)
Lev	−0.001	−0.002*	0.003***	0.004***	0.004**	−0.042***	0.003*	0.003*	0.003	0.005**	−0.004
Lev	(−1.30)	(−1.90)	(3.44)	(3.16)	(2.08)	(−9.81)	(1.94)	(1.89)	(1.56)	(2.28)	(−1.49)
ROA	0.006***	0.006***	0.022***	0.016***	0.015***	−0.098***	0.020***	0.021***	0.021***	0.023***	0.007
ROA	(3.84)	(3.48)	(9.70)	(5.75)	(3.71)	(−8.93)	(5.37)	(6.00)	(5.44)	(3.85)	(1.22)
Growth	−0.000	0.000	−0.000	−0.001*	−0.000	−0.001	−0.000	−0.000	−0.000	−0.000	0.000
Growth	(−0.42)	(1.47)	(−0.59)	(−1.84)	(−1.26)	(−1.43)	(−0.79)	(−0.59)	(−0.85)	(−0.04)	(1.03)
Cash	−0.004***	−0.005***	0.011***	0.009***	0.011***	0.039***	0.010***	0.011***	0.011***	0.017***	−0.005**
Cash	(−4.28)	(−5.39)	(9.38)	(6.64)	(4.05)	(5.69)	(3.75)	(4.28)	(4.26)	(5.52)	(−2.21)
Size	−0.003***	−0.005***	−0.000***	−0.001	0.000	0.003***	−0.000	−0.000	−0.000	−0.000	−0.005***
Size	(−11.29)	(−15.78)	(−2.79)	(−1.50)	(0.13)	(3.85)	(−0.77)	(−0.98)	(−0.77)	(−0.67)	(−4.73)
Firsthold	−0.001	−0.002	−0.006***	−0.008***	−0.006***	−0.027***	−0.007***	−0.006***	−0.005**	−0.010***	−0.000
Firsthold	(−0.81)	(−1.42)	(−6.33)	(−6.08)	(−3.11)	(−5.34)	(−3.32)	(−3.05)	(−2.50)	(−3.66)	(−0.02)
Manhold	0.006***	0.004***	0.002**	0.000	0.001	0.009**	0.000	0.001	0.001	0.001	0.001
Manhold	(5.22)	(3.08)	(2.19)	(0.39)	(0.78)	(2.01)	(0.18)	(0.86)	(0.64)	(0.77)	(0.33)
Listage	−0.002***	−0.000	−0.001***	−0.001***	−0.001**	−0.002***	−0.001	−0.001	−0.001*	−0.001*	0.001
Listage	(−5.40)	(−0.52)	(−3.37)	(−2.82)	(−2.02)	(−2.67)	(−1.23)	(−1.63)	(−1.87)	(−1.76)	(0.90)
Boardsize	0.002**	0.003***	0.002***	0.002	0.001	−0.002	0.002	0.002	0.002	0.001	0.001
Boardsize	(2.57)	(3.76)	(2.69)	(0.68)	(0.78)	(−0.40)	(1.08)	(0.90)	(0.89)	(0.38)	(0.80)
IndR	−0.002	0.001	−0.006**	−0.005	−0.005	0.004	−0.001	−0.004	−0.006	−0.002	−0.004
IndR	(−0.83)	(0.52)	(−2.00)	(−0.83)	(−0.80)	(0.24)	(−0.15)	(−0.81)	(−1.13)	(−0.29)	(−0.80)
Bm	−0.007***	−0.003***	−0.016***	−0.019***	−0.018***	−0.036***	−0.018***	−0.016***	−0.016***	−0.018***	−0.002
Bm	(−10.65)	(−5.49)	(−21.17)	(−18.78)	(−11.13)	(−10.41)	(−10.80)	(−10.33)	(−9.39)	(−7.89)	(−1.35)
SOE	0.003**	0.001	0.001***	0.001	0.001	0.001	0.002**	0.001*	0.001	0.002	−0.001
SOE	(2.47)	(1.07)	(3.12)	(1.12)	(1.35)	(0.38)	(2.02)	(1.78)	(1.50)	(1.52)	(−0.16)
IMR				−0.001
IMR				(−0.37)
Constant	0.076***	−0.001	0.011**	0.029***	0.026***	−0.004	0.023***	0.031***	0.031***	0.031***	0.132***
Constant	(14.49)	(−0.80)	(2.02)	(4.02)	(3.12)	(−0.22)	(2.75)	(4.17)	(3.89)	(2.93)	(5.70)
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Firm											Yes
N	18,709	15,440	18,709	12,693	18,133	18,709	14,673	18,705	14,100	11,883	4,159
Adj-R²	0.012	0.178	0.280	0.292	0.299	0.274	0.278	0.281	0.280	0.170	0.040

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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