Table 7

Traditional cultural differences

(1)(2)(3)(4)
DepVar = R&DR&DR&DR&D
Status0.013***0.013***0.010***0.005
(4.75)(4.83)(4.15)(1.64)
Status×Overseas1−0.028**   
(−2.36)   
Overseas10.016***   
(2.63)   
Status×Overseas2 −0.028**  
 (−2.36)  
Overseas2 0.017***  
 (2.64)  
Status×Overseas3  −0.015* 
  (−1.91) 
Overseas3  0.009** 
  (2.15) 
Status×Area   0.008*
   (1.83)
Area   −0.006**
   (−2.58)
Duality0.0010.0010.0010.001
(1.03)(1.02)(1.04)(1.02)
Lev0.003*0.003*0.003*0.003*
(1.83)(1.85)(1.90)(1.88)
ROA0.021***0.021***0.021***0.021***
(5.97)(5.97)(6.03)(5.95)
Growth−0.000−0.000−0.000−0.000
(−0.59)(−0.57)(−0.63)(−0.54)
Cash0.010***0.011***0.011***0.011***
(4.18)(4.20)(4.25)(4.31)
Size−0.000−0.000−0.000−0.000
(−1.06)(−1.09)(−1.01)(−0.95)
Firsthold−0.006***−0.006***−0.006***−0.006***
(−3.04)(−3.01)(−3.09)(−3.03)
Manhold0.0010.0010.0010.001
(0.90)(0.87)(0.86)(0.87)
Listage−0.001−0.001−0.001−0.001
(−1.63)(−1.59)(−1.63)(−1.64)
Boardsize0.0020.0020.0020.001
(0.90)(0.93)(0.91)(0.88)
IndR−0.004−0.004−0.004−0.004
(−0.81)(−0.78)(−0.78)(−0.83)
Bm−0.016***−0.016***−0.016***−0.016***
(−10.29)(−10.30)(−10.32)(−10.33)
SOE0.002*0.002*0.002*0.001*
(1.90)(1.83)(1.84)(1.78)
Constant0.018**0.019**0.020**0.033***
(2.36)(2.41)(2.54)(4.41)
IndustryYesYesYesYes
YearYesYesYesYes
N18,70918,70918,70918,709
Adj-R20.2820.2820.2820.282

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

[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close subscription notice
Close access options