Table 8

Information environment differences

(1)(2)
DepVar = R&DR&D
Status0.008***0.013***
(3.15)(4.23)
Status×Lowtrans10.001** 
(2.30) 
Lowtrans1−0.001*** 
(−2.58) 
Status×Lowtrans2 0.003**
 (2.24)
Lowtrans2 −0.001
 (−1.47)
Duality0.0010.001
(1.04)(1.04)
Lev0.003*0.003**
(1.89)(1.97)
ROA0.021***0.023***
(6.01)(6.34)
Growth−0.000−0.000
(−0.55)(−0.19)
Cash0.011***0.011***
(4.27)(4.24)
Size−0.000−0.000
(−0.97)(−1.17)
Firsthold−0.006***−0.006***
(−3.06)(−3.05)
Manhold0.0010.001
(0.86)(0.70)
Listage−0.001−0.001
(−1.64)(−1.43)
Boardsize0.0020.002
(0.90)(0.94)
IndR−0.004−0.004
(−0.81)(−0.84)
Bm−0.016***−0.016***
(−10.36)(−10.31)
SOE0.001*0.002*
(1.79)(1.89)
Constant0.021***0.020**
(2.71)(2.53)
IndustryYesYes
YearYesYes
N18,70918,709
Adj-R20.2810.282

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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