Table 9

Operating environment differences

(1)(2)
DepVar = R&DR&D
Status0.009***0.009***
(3.82)(3.82)
Status×Highvol10.006** 
(2.30) 
Highvol1−0.004*** 
(−2.84) 
Status×Highvol2 0.002**
 (2.30)
Highvol2 −0.001***
 (−2.65)
Duality0.0010.001
(1.04)(1.04)
Lev0.003*0.003*
(1.90)(1.91)
ROA0.022***0.022***
(6.04)(6.02)
Growth−0.000−0.000
(−0.59)(−0.59)
Cash0.011***0.011***
(4.28)(4.28)
Size−0.000−0.000
(−0.98)(−0.99)
Firsthold−0.006***−0.006***
(−3.05)(−3.05)
Manhold0.0010.001
(0.86)(0.86)
Listage−0.001−0.001
(−1.64)(−1.64)
Boardsize0.0010.002
(0.89)(0.91)
IndR−0.004−0.004
(−0.82)(−0.81)
Bm−0.016***−0.016***
(−10.32)(−10.33)
SOE0.001*0.001*
(1.78)(1.79)
Constant0.020***0.020***
(2.62)(2.62)
IndustryYesYes
YearYesYes
N18,70918,709
Adj-R20.2810.281

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