Table 16 Cross-ownership and... | Emerald Publishing

Table 16

Cross-ownership and high-quality innovation: long-term effects

	(1)	(2)	(3)	(4)	(5)	(6)
	${A p p l y_I}_{t + 1}$	${A p p l y_I}_{t + 2}$	${A p p l y_I}_{t + 3}$	${A p p l y_U D}_{t + 1}$	${A p p l y_U D}_{t + 2}$	${A p p l y_U D}_{t + 3}$
Cross	0.197***	0.216***	0.186***	0.070	0.071	0.059
Cross	(0.051)	(0.057)	(0.065)	(0.051)	(0.052)	(0.058)
Growth	−0.043***	−0.050***	−0.055***	−0.087***	−0.096***	−0.108***
Growth	(0.014)	(0.016)	(0.018)	(0.014)	(0.017)	(0.019)
IND	0.255	0.316	0.382	0.476**	0.497**	0.660***
IND	(0.186)	(0.207)	(0.233)	(0.190)	(0.210)	(0.235)
Lev	−0.008	−0.045	−0.025	0.121*	0.026	0.147
Lev	(0.070)	(0.079)	(0.091)	(0.072)	(0.083)	(0.094)
Cash	−0.015	−0.100	0.012	0.058	−0.018	0.105
Cash	(0.093)	(0.103)	(0.113)	(0.096)	(0.109)	(0.119)
PPE	−0.796***	−0.834***	−0.737***	−0.678***	−0.701***	−0.527***
PPE	(0.069)	(0.078)	(0.090)	(0.071)	(0.079)	(0.090)
ROA	2.453***	2.883***	3.948***	2.575***	2.950***	4.320***
ROA	(0.172)	(0.222)	(0.299)	(0.183)	(0.232)	(0.300)
Share	−0.222***	−0.249***	−0.340***	0.251***	0.226***	0.156*
Share	(0.073)	(0.082)	(0.092)	(0.076)	(0.083)	(0.093)
Separation	0.027	0.111	0.157	−0.275*	−0.215	−0.289*
Separation	(0.137)	(0.153)	(0.171)	(0.143)	(0.155)	(0.172)
SOE	0.026	0.053*	0.096***	−0.119***	−0.110***	−0.074**
SOE	(0.025)	(0.029)	(0.033)	(0.027)	(0.029)	(0.033)
Size	0.307***	0.315***	0.329***	0.224***	0.239***	0.252***
Size	(0.013)	(0.015)	(0.017)	(0.013)	(0.013)	(0.015)
Tobin_q	0.025***	0.016	0.005	−0.042***	−0.060***	−0.061***
Tobin_q	(0.009)	(0.010)	(0.011)	(0.010)	(0.011)	(0.012)
Age	−0.211***	−0.159***	−0.149***	−0.205***	−0.139***	−0.137***
Age	(0.031)	(0.033)	(0.037)	(0.033)	(0.035)	(0.038)
Year FEs	Yes	Yes	Yes	Yes	Yes	Yes
Industry FEs	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−5.863***	−5.130***	−5.792***	−4.206***	−3.349***	−4.249***
Constant	(0.412)	(0.457)	(0.499)	(0.413)	(0.458)	(0.505)
Observations	17,168	14,136	11,409	17,168	14,136	11,409
$R^{2}$	0.179	0.173	0.174	0.242	0.242	0.245

	(1)	(2)	(3)	(4)	(5)	(6)
Cross	0.197***	0.216***	0.186***	0.070	0.071	0.059
(0.051)	(0.057)	(0.065)	(0.051)	(0.052)	(0.058)
Growth	−0.043***	−0.050***	−0.055***	−0.087***	−0.096***	−0.108***
(0.014)	(0.016)	(0.018)	(0.014)	(0.017)	(0.019)
IND	0.255	0.316	0.382	0.476**	0.497**	0.660***
(0.186)	(0.207)	(0.233)	(0.190)	(0.210)	(0.235)
Lev	−0.008	−0.045	−0.025	0.121*	0.026	0.147
(0.070)	(0.079)	(0.091)	(0.072)	(0.083)	(0.094)
Cash	−0.015	−0.100	0.012	0.058	−0.018	0.105
(0.093)	(0.103)	(0.113)	(0.096)	(0.109)	(0.119)
PPE	−0.796***	−0.834***	−0.737***	−0.678***	−0.701***	−0.527***
(0.069)	(0.078)	(0.090)	(0.071)	(0.079)	(0.090)
ROA	2.453***	2.883***	3.948***	2.575***	2.950***	4.320***
(0.172)	(0.222)	(0.299)	(0.183)	(0.232)	(0.300)
Share	−0.222***	−0.249***	−0.340***	0.251***	0.226***	0.156*
(0.073)	(0.082)	(0.092)	(0.076)	(0.083)	(0.093)
Separation	0.027	0.111	0.157	−0.275*	−0.215	−0.289*
(0.137)	(0.153)	(0.171)	(0.143)	(0.155)	(0.172)
SOE	0.026	0.053*	0.096***	−0.119***	−0.110***	−0.074**
(0.025)	(0.029)	(0.033)	(0.027)	(0.029)	(0.033)
Size	0.307***	0.315***	0.329***	0.224***	0.239***	0.252***
(0.013)	(0.015)	(0.017)	(0.013)	(0.013)	(0.015)
Tobin_q	0.025***	0.016	0.005	−0.042***	−0.060***	−0.061***
(0.009)	(0.010)	(0.011)	(0.010)	(0.011)	(0.012)
Age	−0.211***	−0.159***	−0.149***	−0.205***	−0.139***	−0.137***
(0.031)	(0.033)	(0.037)	(0.033)	(0.035)	(0.038)
Year FEs	Yes	Yes	Yes	Yes	Yes	Yes
Industry FEs	Yes	Yes	Yes	Yes	Yes	Yes
Constant	−5.863***	−5.130***	−5.792***	−4.206***	−3.349***	−4.249***
(0.412)	(0.457)	(0.499)	(0.413)	(0.458)	(0.505)
Observations	17,168	14,136	11,409	17,168	14,136	11,409
$R^{2}$	0.179	0.173	0.174	0.242	0.242	0.245

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

Source(s): Authors' own work

[ViewLarge]