Table 6

Independent director status, information asymmetry, and corporate R&D investment

(1)(2)(3)(4)
DepVar = AbsDA1R&DAbsDA2R&D
Status−0.013**0.009***−0.011*0.009***
(−2.03)(3.75)(−1.81)(3.76)
AbsDA1 −0.003**  
 (−2.19)  
AbsDA2   −0.003**
   (−2.01)
Duality−0.0010.001−0.0000.001
(−0.36)(0.95)(−0.18)(0.94)
Lev0.034***0.003*0.035***0.003*
(5.78)(1.80)(5.90)(1.85)
ROA−0.214***0.021***−0.211***0.021***
(−10.60)(5.72)(−10.51)(5.71)
Growth0.035***−0.0000.033***−0.000
(7.31)(−0.17)(7.71)(−0.22)
Cash−0.0040.011***−0.0050.011***
(−0.67)(4.41)(−0.82)(4.57)
Size0.004***−0.0000.004***−0.000
(3.43)(−0.86)(3.44)(−0.93)
Firsthold−0.004−0.006***−0.002−0.006***
(−0.70)(−3.15)(−0.50)(−3.08)
Manhold0.0040.0010.0020.001
(0.90)(0.75)(0.48)(0.70)
Listage0.002−0.001*0.001−0.001*
(1.29)(−1.76)(1.03)(−1.65)
Boardsize−0.017***0.002−0.016***0.002
(−3.45)(0.98)(−3.28)(1.04)
IndR−0.005−0.004−0.008−0.004
(−0.26)(−0.67)(−0.46)(−0.64)
Bm−0.060***−0.016***−0.059***−0.016***
(−11.11)(−10.34)(−11.37)(−10.37)
SOE−0.004**0.001*−0.005**0.001*
(−1.98)(1.79)(−2.14)(1.74)
Constant0.053*0.019**0.051*0.020**
(1.88)(2.49)(1.82)(2.51)
IndustryYesYesYesYes
YearYesYesYesYes
N18,49018,49018,46418,464
Adj-R20.0900.2810.0930.282

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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