Table 5

Independent director status, R&D synchronicity, and corporate R&D investment

(1)(2)(3)(4)
DepVar = HerdRD1R&DHerdRD2R&D
Status0.006***0.003***0.004**0.005***
(2.92)(3.00)(2.19)(3.10)
HerdRD1 0.990***  
 (140.15)  
HerdRD2   0.843***
   (39.62)
Duality0.0000.0000.0000.000
(0.69)(1.06)(0.71)(0.33)
Lev0.005***−0.002**0.003***0.000
(4.08)(−2.39)(2.70)(0.20)
ROA0.010***0.011***−0.0010.021***
(3.34)(6.11)(−0.53)(7.30)
Growth−0.0000.0000.000−0.000
(−1.46)(0.96)(0.17)(−0.94)
Cash0.008***0.003***0.005***0.007***
(3.85)(2.66)(2.79)(3.71)
Size0.000−0.000**0.000*−0.001**
(0.76)(−2.13)(1.92)(−2.04)
Firsthold−0.004**−0.002**−0.003*−0.004**
(−2.26)(−2.53)(−1.84)(−2.45)
Manhold−0.0000.002**−0.0010.003***
(−0.30)(2.38)(−1.01)(2.76)
Listage−0.000−0.001***0.000−0.001*
(−0.33)(−2.71)(0.46)(−1.86)
Boardsize0.001−0.0000.0010.001
(1.05)(−0.02)(1.09)(0.72)
IndR−0.002−0.0030.001−0.003
(−0.35)(−1.12)(0.33)(−0.70)
Bm−0.014***−0.002***−0.011***−0.008***
(−11.47)(−2.98)(−9.21)(−6.94)
SOE0.0010.0010.0010.001
(1.40)(1.39)(1.07)(1.50)
Constant−0.0010.012***−0.0060.016**
(−0.10)(2.84)(−1.04)(2.49)
IndustryYesYesYesYes
YearYesYesYesYes
N18,01718,01715,44015,440
Adj-R20.2110.7600.1650.540

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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