Table 9

Robustness tests: firm fixed effects

Variables(1)(2)(3)(4)
ApplyApplyApply_IApply_I
Cross0.517***0.266**0.622***0.294***
(0.126)(0.122)(0.117)(0.111)
Growth −0.073*** −0.038*
 (0.026) (0.021)
IND 0.275 0.181
 (0.392) (0.348)
Lev 0.052 0.040
 (0.152) (0.131)
Cash −0.053 −0.014
 (0.186) (0.166)
PPE −0.968*** −0.827***
 (0.161) (0.142)
ROA 3.272*** 2.447***
 (0.296) (0.246)
Share 0.021 −0.211
 (0.173) (0.151)
Separation −0.021 0.100
 (0.323) (0.282)
SOE −0.046 0.046
 (0.064) (0.056)
Size 0.285*** 0.302***
 (0.031) (0.028)
Tobin_q −0.020 0.025
 (0.018) (0.015)
Age −0.302*** −0.221***
 (0.078) (0.066)
Constant1.933***−3.257***1.345***−4.499***
(0.026)(0.697)(0.022)(0.628)
Observations16,74016,74016,74016,740
Firm FEsYESYESYESYES
Year FEsYESYESYESYES
Industry FEsYESYESYESYES
R-squared0.1610.2220.1100.183
Adj. R-squared0.1600.2200.1090.180

Note(s): This table reports regression analysis of the relation between the cross-ownership and innovation at the firm level. The numbers in parentheses are t-statistics based on standard errors that are clustered at the firm level. ***, ** and * represent significance at the 1%, 5% and 10% levels, respectively

Source(s): Authors' own work

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