Table 15 Market competition,... | Emerald Publishing

Table 15

Market competition, cross-ownership and innovation output

	${A p p l y}_{t + 1}$		${A p p l y_I}_{t + 1}$
	(1)	(2)	(3)	(4)
	Com = 1	Com = 0	Com = 1	Com = 0
Cross	0.265***	0.050	0.357***	0.090
Cross	(0.084)	(0.075)	(0.076)	(0.067)
Growth	−0.053**	−0.113***	−0.016	−0.073***
Growth	(0.024)	(0.023)	(0.020)	(0.020)
IND	−0.091	0.692**	−0.049	0.473*
IND	(0.289)	(0.306)	(0.256)	(0.268)
Lev	0.460***	−0.201*	0.394***	−0.250**
Lev	(0.116)	(0.114)	(0.100)	(0.098)
Cash	−0.042	−0.401**	0.035	−0.302**
Cash	(0.137)	(0.161)	(0.124)	(0.140)
PPE	−1.424***	−0.441***	−1.255***	−0.375***
PPE	(0.114)	(0.114)	(0.098)	(0.098)
ROA	3.558***	3.202***	2.621***	2.424***
ROA	(0.271)	(0.320)	(0.222)	(0.269)
Share	0.098	0.062	−0.180*	−0.141
Share	(0.116)	(0.120)	(0.101)	(0.104)
Separation	−0.449**	0.201	−0.320*	0.295
Separation	(0.225)	(0.217)	(0.191)	(0.192)
SOE	−0.106**	0.049	0.001	0.109***
SOE	(0.044)	(0.040)	(0.037)	(0.034)
Size	0.321***	0.274***	0.332***	0.296***
Size	(0.021)	(0.020)	(0.019)	(0.018)
Tobin_q	−0.023	−0.032*	0.029**	0.011
Tobin_q	(0.014)	(0.017)	(0.012)	(0.014)
Age	−0.287***	−0.309***	−0.195***	−0.234***
Age	(0.050)	(0.051)	(0.042)	(0.044)
Year FEs	Yes	Yes	Yes	Yes
Industry FEs	Yes	Yes	Yes	Yes
Constant	−5.714***	−4.973***	−6.596***	−5.687***
Constant	(0.700)	(0.623)	(0.616)	(0.550)
Chowtest (p-value)	0.000		0.000
Observations	8,520	8,648	8,520	8,648
$R^{2}$	0.273	0.193	0.229	0.162

	${A p p l y}_{t + 1}$		${A p p l y_I}_{t + 1}$
	(1)	(2)	(3)	(4)
	Com = 1	Com = 0	Com = 1	Com = 0
Cross	0.265***	0.050	0.357***	0.090
Cross	(0.084)	(0.075)	(0.076)	(0.067)
Growth	−0.053**	−0.113***	−0.016	−0.073***
Growth	(0.024)	(0.023)	(0.020)	(0.020)
IND	−0.091	0.692**	−0.049	0.473*
IND	(0.289)	(0.306)	(0.256)	(0.268)
Lev	0.460***	−0.201*	0.394***	−0.250**
Lev	(0.116)	(0.114)	(0.100)	(0.098)
Cash	−0.042	−0.401**	0.035	−0.302**
Cash	(0.137)	(0.161)	(0.124)	(0.140)
PPE	−1.424***	−0.441***	−1.255***	−0.375***
PPE	(0.114)	(0.114)	(0.098)	(0.098)
ROA	3.558***	3.202***	2.621***	2.424***
ROA	(0.271)	(0.320)	(0.222)	(0.269)
Share	0.098	0.062	−0.180*	−0.141
Share	(0.116)	(0.120)	(0.101)	(0.104)
Separation	−0.449**	0.201	−0.320*	0.295
Separation	(0.225)	(0.217)	(0.191)	(0.192)
SOE	−0.106**	0.049	0.001	0.109***
SOE	(0.044)	(0.040)	(0.037)	(0.034)
Size	0.321***	0.274***	0.332***	0.296***
Size	(0.021)	(0.020)	(0.019)	(0.018)
Tobin_q	−0.023	−0.032*	0.029**	0.011
Tobin_q	(0.014)	(0.017)	(0.012)	(0.014)
Age	−0.287***	−0.309***	−0.195***	−0.234***
Age	(0.050)	(0.051)	(0.042)	(0.044)
Year FEs	Yes	Yes	Yes	Yes
Industry FEs	Yes	Yes	Yes	Yes
Constant	−5.714***	−4.973***	−6.596***	−5.687***
Constant	(0.700)	(0.623)	(0.616)	(0.550)
Chowtest (p-value)	0.000		0.000
Observations	8,520	8,648	8,520	8,648
$R^{2}$	0.273	0.193	0.229	0.162

Note(s): ***, ** and * denote signiﬁcance at the 1%, 5% and 10% level, respectively

Source(s): Authors' own work